- Chevron (NYSE:CVX +2.7%) says it is investing in Blue Planet Systems, a California startup that manufactures and develops carbon capture technology to help reduce the carbon intensity of industrial operations.
- Chevron's Series C investment includes collaboration on pilot projects and commercial development in key geographies, the company says, without disclosing the size or duration of its financial commitment.
- Blue Planet creates carbonate-based building aggregate made from flue gas-captured carbon dioxide through a process that does not require purification or enrichment prior to use, which can cut production costs, Chevron says.
- Chevron recently was upgraded to Overweight at Piper Sandler, citing a meaningfully improved free cash flow outlook in light of the company's latest capital spending guidance.