Copenhagen cluster trond unneland_oct2011

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  • 1. Bright Ideas Who Will be The Champions of the Cleantech Revolution? Trond Unneland Vice President & Managing Executive Chevron Technology Ventures, San Ramon, CA© 2011 Chevron U.S.A. Inc.
  • 2. Chevron by the Numbers 60,000 employees 2.7 million BOE daily net production 16 refineries 2.0 million BPD refining capacity 3 world-class consumer brands: Chevron, Texaco and Caltex 20,000+ service stations© 2011 Chevron U.S.A. Inc. 2
  • 3. Global Energy Supply/Demand to 2030 Million tonnes of oil equivalent (Mtoe) per year 12000 Non-OECD 10000 8000 OECD 6000 4000 2000 0 1990 1995 2000 2005 2010 2015 2020 2025 2030© 2011 Chevron U.S.A. Inc. Source: IEA, 2010 World Energy Outlook 3
  • 4. Where Will the Supply Come From? 2008 2030 12,271 Mtoe 16,941 Mtoe 1% Other Biomass & 2% Other Renewables Biomass & Renewables Waste 10% Waste 10% Hydro 2% Hydro 2% Nuclear 6% Nuclear 6% Coal Coal 27% 29% Gas 21% Gas Oil 22% 33% Oil 28%© 2011 Chevron U.S.A. Inc. IEA World Energy Outlook 2010 - Reference Case 4
  • 5. We Need It All It’s an “and”world Conventional and unconventionals Oil, gas, coal and nuclear …and alternatives and renewables Geothermal, solar, wind and biofuels© 2011 Chevron U.S.A. Inc. 5
  • 6. Major Business Strategies Gas and Downstream Renewables Upstream Midstream and Chemicals Technology and Efficiency Grow profitably Commercialize Improve returns Differentiate Invest in profitable in core areas gas resource and grow performance renewable energy and build new base while earnings across through and energy legacy positions growing high the value chain technology efficiency impact business solutions© 2011 Chevron U.S.A. Inc. 6
  • 7. Active Across the Renewable Space Solar Wind Geothermal Biofuels Efficiency© 2011 Chevron U.S.A. Inc. 7
  • 8. Bakersfield, CA - Brightfield  Demonstrating beneficial reuse  Located on the site of a former refinery near Bakersfield, California  Capacity to produce 740 KW. Power goes to nearby oilfield operations and into the local grid  Demonstrating seven emerging thin film photovoltaic technologies against one benchmark technology© 2011 Chevron U.S.A. Inc. 8
  • 9. Questa, New Mexico Solar Installation Solar demonstration on the tailings facility at Questa Mine in Northern New Mexico  Demonstrating beneficial reuse  Concentrating photovoltaic solar technology  172 trackers, each 18 x 21 ft (about 5 x 8 meters)  Covers about 20 acres  Generating about 1 MW that is sold to the local grid© 2011 Chevron U.S.A. Inc. 9
  • 10. Coalinga, CA - Solar to Steam  Coalinga, California near Kern River operations  Using solar technology to produce steam for enhanced oil recovery - 29MWth  65 acres site  3822 heliostats  330 ft tower (90 meters)  Demonstration scale  Grand opening last week© 2011 Chevron U.S.A. Inc. 10
  • 11. Casper, Wyoming Wind Farm Located on the site of a former refinery near Casper, Wyoming  Demonstrating beneficial reuse  Capacity to produce 16.5 MW from 11-turbine facility  Power goes to local grid© 2011 Chevron U.S.A. Inc. 11
  • 12. Geothermal Energy Chevron operates the world’s largest geothermal energy portfolio. Currently Operable Capacity (MW) Current Operation 1,400 1,273 MW 1,200 1,000 800 600 400 200 0 Chevron PNOC-EDC CFE ENEL Calpine CalEnergy Ormat Contact Pertamina NCPA Energy Chevron Other Private Company Government© 2011 Chevron U.S.A. Inc. 12
  • 13. Chevron Energy Solutions: Efficiency, Reliability, Renewable Power A unit of Chevron that develops, engineers and constructs holistic energy efficiency, conservation and power system projects for institutions and businesses, including Chevron Lighting & HVAC Energy Controls Solar Fuel Cells CES has helped its clients reduce Biomass energy use at their facilities by nearly 30% on average Cogeneration© 2011 Chevron U.S.A. Inc. 13
  • 14. Major Focus of Biofuels Catchlight Energy JV Non-Forestry Biofuels  Scalable forest-based feedstock  Preferred feedstock and conversion and conversion routes pathways  Commercial production of bio-oil  Demonstration projects to produce and advanced biofuels from bio-oil and advanced biofuels from biomass biomass  Refining and blending at Chevron  Feasibility of refining and blending facility at Chevron facility© 2011 Chevron U.S.A. Inc. 14
  • 15. The Chevron Way Ingenuity We seek new We use our creativity to find unexpected opportunities and and practical ways to solve problems. out-of-the-ordinary Our experience, technology and solutions. perseverance enable us to overcome challenges and deliver value.© 2011 Chevron U.S.A. Inc. 15
  • 16. Venture Capital Venture Capital (VC) is one  Internal development of several tools we have  R&D support to entrepreneurs available as an energy  JIP funding R&D company to access  Consortiums technology.  Alliances with academia or national laboratories  Joint ventures  Venture capital© 2011 Chevron U.S.A. Inc. 16
  • 17. The Chevron Venture Capital Program ‒ History Technology got us where 1998: VC program we are today. World-class conceptualized technology matters as Operates like a VC firm we move toward more Closed-end fund model complex environments. Nine employees located in California and Texas© 2011 Chevron U.S.A. Inc. 17
  • 18. A Conduit for Early Adoption of New and Emerging Technology We use a world-class We invest in these technology VC model to spot companies companies directly and with advances that could Facilitate early adoption of emerging technology strengthen our core Look for superior financial returns operations or lead to new Take a 5-10% equity ownership growth opportunities. and a board observer role© 2011 Chevron U.S.A. Inc. 18
  • 19. Venture Capital Program Some Key Numbers After 10 Years 4 3,500 61 Internal funds Startup companies Companies launched assessed invested in to date 35 >$100 120 Companies Million in Technology in current portfolio cash proceeds transfers© 2011 Chevron U.S.A. Inc. 19
  • 20. The Chevron VC Portfolio – Clean Tech Investments Brightsource Energy: Designs and builds large scale solar plants that produce low-cost steam and/or electricity Konarka: Leading developer of polymer photovoltaic products Southwest Windpower: Worlds leading manufacturer of small wind turbines. Soane Energy: Develops and applies innovative chemical solutions based on polymers and surface science Biofuel Portfolio: Codexis, LS9, Ensyn, Solazyme© 2011 Chevron U.S.A. Inc. 20
  • 21. Attributes of a Successful Clean Tech Effort Wider adoption of technology Evaluate technology impact Technology adopted in business units Invest in technology Validate technology Identify venture© 2011 Chevron U.S.A. Inc. 21
  • 22. Research to Markets: Frequently a Capital Intensive Process 10+ years Laboratory Pilot Plant Field Demonstration Full-scale Bench at Scale Production Infrastructure $ Millions $10’s Millions $100’s Millions $Billions R&D Validate systems Validate scale-up and integration continuous operations© 2011 Chevron U.S.A. Inc. 22
  • 23. Who Will be The CleanTech Champions? Companies that landed big deals:  Capital Light  Strong partnership portfolio  Flexible end product Companies that missed funding rounds:  High capital costs  Weak partners  Limited to one product© 2011 Chevron U.S.A. Inc. 23
  • 24. Who Will be The CleanTech Champions? We need to focus on renewables that are scalable and can compete without subsidies. Key words are:  Profitable  Scalable  Sustainable  Partnerships© 2011 Chevron U.S.A. Inc. 24
  • 25. Conclusions Energy Technology Venture Capital We need it all Key Enabler Access to early-stage companies© 2011 Chevron U.S.A. Inc. 25
  • 26. Questions Trond Unneland trond@chevron.com© 2011 Chevron U.S.A. Inc. 26
  • 27. Today Wind and Solar under 2% of Global Power Generation Nuclear 13.3% Gas Hydro 21.3% 15.7% 2010 Global Power Generation Biomass & Waste 1.4% 21,491 TWh (~109 MMBOED) Wind 1.7% Solar 0.2% Oil Other Renewables 0.3% 4.9% Coal 41.2% © 2011 Chevron U.S.A. Inc. IEA World Energy Outlook 2010 - Reference Case 27Confidential – Restricted Access
  • 28. Energy Fuels Human Progress© 2011 Chevron U.S.A. Inc. 28
  • 29. Chevron Technology Ventures Business Units Emerging Energy Biofuels Venture Capital© 2011 Chevron U.S.A. Inc. 29
  • 30. Conclusions We aim for a triple win A win for the daring with every investment entrepreneurs whose we make. work we champion A win for all who fund the emerging enterprise A win for the Chevron operations that embrace the new technology© 2011 Chevron U.S.A. Inc. 30