Chevron ventures beyond oil

– Windmills in backyards. Solar energy for the masses. Software to combat outbreaks of computer viruses and spam. Systems to thwart hackers. A medical-imaging device to bolster the chances of discovering new drugs. Biofuels for vehicles.

Acting like a Silicon Valley venture firm, Chevron Corp. has invested in these and other technologies. Many of the products have little to do with oil and gasoline, yet Chevron hopes they can help itself and its industry.
San Ramon-based Chevron, in effect, is presiding over a marriage of Silicon Valley and Big Oil. The Chevron that seeks crude oil and sells gasoline is the same Chevron that networks with venture capitalists to identify and nurture emerging technologies.

Through a unit called Chevron Technology Ventures, the oil giant has undertaken an intensive quest to scout for startup firms that have invented a broad array of products and services.

“We are an onramp for new technologies into Chevron,” said Jim Gable, who until recently was a long-time vice president with Chevron’s venture capital group. Gable has just taken a position with Chevron outside the venture operation.

Plenty is at stake here, for energy users, motorists and Chevron. The venture unit wants to find companies with the next great idea to enhance the energy future. Chevron also hopes to harvest profits from its venture gambits.

“We want the venture arm to identify, commercialize and integrate emerging technologies and business models

into Chevron,” said Don Paul, Chevron Corp.’s chief technology officer.

Contra Costa Times