Chevron Becomes First Major U.S. Oil Company To Invest In Offshore Wind Project

Chevron Becomes First Major U.S. Oil Company To Invest In Offshore Wind Project

Share to Linkedin Chevron is the first U. S. oil major to invest in offshore wind power after signing a deal with Norway's Moreld to help develop the turbine technology of tech firm Ocergy, while European oil giants Shell, Equinor and Total have already waded deeply into offshore wind projects. Chevron Technology Ventures (CTV), the venture capital arm of Chevron, and Moreld Ocean Wind, a unit of Norwegian industrial firm Moreld AS, agreed to invest in the floating offshore wind turbine technology of Oakland, Calif.-based tech firm Ocergy Inc. Having secured this funding, Ocergy said it will seek to compete for "gigawatt-scale" commercial energy projects around the world. The terms of the investment were not disclosed. The transaction marks the "first investment by a U. S. oil major in offshore wind," according to Anthony Logan, a senior analyst at energy research firm Wood Mackenzie. But Chevron does not currently have plans to develop a large-scale wind power business. Forbes has reached out to Chevron for further details. "Offshore wind power is undergoing a period of rapid innovation in an effort to provide lower carbon energy at a substantial scale," Barbara Burger, president of technology ventures at Chevron, said in a