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Chevron (CVX) Forays Into Offshore Wind Via Deal With Ocergy
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Chevron Corporation (CVX - Free Report) through its subsidiary Chevron Technology Ventures LLC along with Norway’s Moreld Ocean Wind recently decided to invest in Oakland-based Ocergy Inc.'s floating offshore wind turbine technology. With this deal, Chevron Technology Ventures is making its maiden investment in offshore wind.
As the electrical grid in the United States becomes more reliant on offshore wind power, floating wind turbines will become increasingly necessary. Also, floating turbines will be beneficial in the ocean areas where fixed turbines will be too deep. The funds will also go into developing an environmental-monitoring platform that will collect data and help preserve biodiversity.
Chevron Technology Ventures unit president Barbara Burger states, "Offshore wind power is undergoing a period of rapid innovation in an effort to provide lower carbon energy at a substantial scale. Ocergy has developed technology that could be part of the solution to enable more affordable, reliable, and ever-cleaner energy in a marine environment."
The company’s deal with Ocergy is part of its $300-million Future Energy Fund, which is formed to develop low-carbon technologies for a sustainable future.
Chevron Technology Ventures seeks externally-developed technologies and advanced business solutions to enhance Chevron’s strategies to manufacture and deliver affordable, more reliable and ever-cleaner energy.
Notably, this is the second Future Energy Fund launched by Chevron’s investment arm, which intends to uphold innovations in industrial decarbonization, newer mobility technologies, energy decentralization and the rising circular carbon economy.
Brief on the Company
Chevron is one of the largest publicly-traded oil and gas companies in the world with operations spread to almost every corner of the globe. A component of the Dow Jones Industrial Average, this energy player is a fully-integrated company, participating in every energy-related process, ranging from oil production to refining and marketing. Chevron recently announced capital spending and investment plans for the 2021-2025 forecast period.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
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Chevron (CVX) Forays Into Offshore Wind Via Deal With Ocergy
Chevron Corporation (CVX - Free Report) through its subsidiary Chevron Technology Ventures LLC along with Norway’s Moreld Ocean Wind recently decided to invest in Oakland-based Ocergy Inc.'s floating offshore wind turbine technology. With this deal, Chevron Technology Ventures is making its maiden investment in offshore wind.
As the electrical grid in the United States becomes more reliant on offshore wind power, floating wind turbines will become increasingly necessary. Also, floating turbines will be beneficial in the ocean areas where fixed turbines will be too deep. The funds will also go into developing an environmental-monitoring platform that will collect data and help preserve biodiversity.
Chevron Technology Ventures unit president Barbara Burger states, "Offshore wind power is undergoing a period of rapid innovation in an effort to provide lower carbon energy at a substantial scale. Ocergy has developed technology that could be part of the solution to enable more affordable, reliable, and ever-cleaner energy in a marine environment."
The company’s deal with Ocergy is part of its $300-million Future Energy Fund, which is formed to develop low-carbon technologies for a sustainable future.
Chevron Technology Ventures seeks externally-developed technologies and advanced business solutions to enhance Chevron’s strategies to manufacture and deliver affordable, more reliable and ever-cleaner energy.
Notably, this is the second Future Energy Fund launched by Chevron’s investment arm, which intends to uphold innovations in industrial decarbonization, newer mobility technologies, energy decentralization and the rising circular carbon economy.
Brief on the Company
Chevron is one of the largest publicly-traded oil and gas companies in the world with operations spread to almost every corner of the globe. A component of the Dow Jones Industrial Average, this energy player is a fully-integrated company, participating in every energy-related process, ranging from oil production to refining and marketing. Chevron recently announced capital spending and investment plans for the 2021-2025 forecast period.
Zacks Rank & Other Key Picks
Chevron currently sports a Zacks Rank #1 (Strong Buy). Other top-ranked stocks in the energy space include Matador Resources Company (MTDR - Free Report) , Diamondback Energy, Inc. (FANG - Free Report) and Devon Energy Corporation (DVN - Free Report) , each presently flaunting a Zacks Rank of 1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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