(Bloomberg) -- Chevron Corp. is investing in a California startup that captures carbon dioxide from factories and converts the greenhouse gas into gravel and other building materials.
Chevron's Series C investment in Blue Planet Systems Corp. entails collaboration on pilot projects and “commercial development in key geographies,” the oil giant said in a statement on Thursday. The size and duration of Chevron's financial commitment weren't disclosed.
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Blue Planet makes construction aggregate from CO2 from industrial sources. The process doesn't require purification or enrichment, reducing production costs, Chevron said.
“Carbon capture, utilization, and storage, or CCUS, is viewed to be essential to advancing progress toward the global net zero ambition of the Paris Agreement,” Barbara Burger, Chevron's vice president of innovation and president of the company's tech ventures unit, said in the statement.
To see Bloomberg Intelligence's database of carbon-emission estimates, click here.
Chevron rival Occidental Petroleum Corp. is pursuing different carbon-capture technology that aims to draw CO2 from the atmosphere and bury it underground.
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