Trond Unneland, who joined Chevron Technology Ventures in August as managing executive, has wrapped his arms around his first fund. Chevron Corp. (NYSE: CVX) has committed $75 million to the fourth fund raised by its venture arm, as reported by Dow Jones here.
It is the energy company’s largest investment to date in its corporate venturing division. In 2002, Chevron committed $50 million for the previous fund of the San Ramon, Calif.-based investor.
When I first read this, I thought: “Well, of course Chevron would commit more.” You’d have to have your head in the sand not to know that there’s been rising interest from venture investors in cleantech. Plus, Chevron is getting rich from me and everyone else who still drives gas guzzlers.
But not everyone is happy with the Big Oil company, which still garners its share of critics:
“Chevron and the oil industry are not doing enough to encourage the development of clean energy and fight global warming,” said Josh Dorner, an official with the Sierra Club, in a Contra Costa Times article in August. “Chevron has done no more than dip the tip of its pinkie toe.”