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Chevron unit, partners invest $16M in carbon capture technology provider

Chevron Corp.'s venture capital arm Chevron Technology Ventures LLC, private equity firm WAVE Equity Partners LLC and Japanese conglomerate Marubeni Corp. completed a $16 million equity investment in carbon capture technology provider Carbon Clean Solutions Pvt. Ltd.

The investment will be used to deliver an existing pipeline of unspecified global projects to lower emissions from industry, according to a Feb. 17 news release from Carbon Clean Solutions. The company said it will also invest in developing containerized solutions to achieve a cost of $30 per tonne of CO2 capture by 2021.

"We can now grow our company to a size that can help deliver projects to make a 'net zero' emissions world possible and expand our modularized CO2 capture technology to heavy industry," Carbon Clean Solutions CEO Aniruddha Sharma said.