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Chevron Invests in Offshore Wind Energy for First Time

  • The deal doesn’t mark a pivot to renewable energy for Chevron
  • Moreld Ocean Wind also invested in the floating turbines
Ocergy's OCG-Wind & OCG-Data platforms
Ocergy's OCG-Wind & OCG-Data platforms

Source: PR Newswire

Updated on

Chevron Corp.’s venture capital arm and Moreld Ocean Wind agreed to invest in Ocergy Inc.’s development and commercialization of floating offshore wind turbines.

The investment by Chevron Technology Ventures is its first in offshore wind. The size of the investments weren’t disclosed. Floating turbines would be useful in ocean areas that are too deep for fixed turbines.