Copenhagen cluster trond unneland_oct2011

© 2011 Chevron U.S.A. Inc.

Bright Ideas Who Will be The Champions of the

Cleantech Revolution?

Trond Unneland

Vice President & Managing Executive

Chevron Technology Ventures, San Ramon, CA


Chevron by the Numbers

2

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


0

2000

4000

6000

8000

10000

12000

1990 1995 2000 2005 2010 2015 2020 2025 2030

Global Energy Supply/Demand to 2030

3

Non-OECD

OECD

Million tonnes of oil equivalent (Mtoe) per year

Source: IEA, 2010 World Energy Outlook


Where Will the Supply Come From?

4

2008 12,271 Mtoe

2030 16,941 Mtoe

IEA World Energy Outlook 2010 - Reference Case

Coal

29%

Oil

28%

Biomass &

Waste 10%

2% Other Renewables

Gas

22%

Hydro 2%

Nuclear 6% Coal

27%

Oil

33%

Gas

21%

1% Other

Renewables Biomass &

Waste 10%

Hydro 2%

Nuclear 6%


We Need It All

5

Conventional and

unconventionals Oil, gas, coal and nuclear

…and alternatives

and renewables Geothermal, solar, wind and biofuels

…and energy

efficiency The easiest, most cost effective and

reliable form of “new” energy available

It’s an

“and” world


Major Business Strategies

6

Upstream Gas and

Midstream

Renewables

and Efficiency

Downstream

and Chemicals Technology Grow profitably

in core areas

and build new

legacy positions

Commercialize

gas resource

base while

growing high

impact business

Improve returns

and grow

earnings across

the value chain

Differentiate

performance

through

technology

Invest in profitable

renewable energy

and energy

efficiency

solutions


Active Across the Renewable Space

7

Solar Wind Geothermal Biofuels Efficiency


Bakersfield, CA - Brightfield

8

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


Questa, New Mexico Solar Installation

9

Solar demonstration on the

tailings facility at Questa Mine in

Northern New Mexico


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


Coalinga, CA - Solar to Steam

10

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


Casper, Wyoming Wind Farm

11

Located on the site of a former

refinery near Casper, Wyoming


Capacity to produce 16.5 MW

from 11-turbine facility

Power goes to local grid


Geothermal Energy

Chevron operates the world’s largest geothermal energy portfolio.

0

200

400

600

800

1,000

1,200

1,400

Chevron PNOC-EDC CFE ENEL Calpine CalEnergy Ormat Contact Energy

Pertamina NCPA

Currently Operable Capacity (MW)

Chevron Other Private Company Government

Current Operation

1,273 MW

12


Chevron Energy Solutions: Efficiency, Reliability,

Renewable Power

Energy

Controls

Lighting

& HVAC

Cogeneration

Fuel Cells

Solar

Biomass

A unit of Chevron that develops, engineers and

constructs holistic energy efficiency, conservation

and power system projects for institutions and

businesses, including Chevron

CES has helped its clients reduce

energy use at their facilities by nearly

30% on average

13


Major Focus of Biofuels

Catchlight Energy JV

Scalable forest-based feedstock

and conversion routes

Commercial production of bio-oil

and advanced biofuels from

biomass

Refining and blending at Chevron

facility

Non-Forestry Biofuels

Preferred feedstock and conversion

pathways

Demonstration projects to produce

bio-oil and advanced biofuels from

biomass

Feasibility of refining and blending

at Chevron facility

14


The Chevron Way

Ingenuity

15

We seek new

opportunities and

out-of-the-ordinary

solutions.

We use our creativity to find unexpected

and practical ways to solve problems.

Our experience, technology and

perseverance enable us to overcome

challenges and deliver value.


Venture Capital

16

Venture Capital (VC) is one

of several tools we have

available as an energy

company to access

technology.

Internal development

R&D support to entrepreneurs

JIP funding R&D

Consortiums

Alliances with academia or

national laboratories

Joint ventures

Venture capital


The Chevron Venture Capital Program ‒

History

17

Technology got us where

we are today. World-class technology matters as

we move toward more

complex environments.

1998: VC program

conceptualized

Operates like a VC firm

Closed-end fund model

Nine employees located in

California and Texas


A Conduit for Early Adoption of New and

Emerging Technology

18

We invest in these technology

companies directly and

Facilitate early adoption of

emerging technology

Look for superior financial returns

Take a 5-10% equity ownership

and a board observer role

We use a world-class

VC model to spot companies

with advances that could

strengthen our core

operations or lead to new growth opportunities.


Venture Capital Program

Some Key Numbers After 10 Years

Internal funds

launched

4 61 Companies

invested in to date

3,500 Startup companies

assessed

35 Companies

in current portfolio

120 Technology

transfers

Million in

cash proceeds

>$100

19


The Chevron VC Portfolio –

Clean Tech Investments

20

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: World's 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


Attributes of a Successful Clean Tech Effort

21

Identify venture

Validate technology

Invest in technology

Technology adopted in

business units

Evaluate technology

impact

Wider adoption of technology

© 2011 Chevron U.S.A. Inc. 22

Research to Markets:

Frequently a Capital Intensive Process

Pilot Plant Field Demonstration

at Scale

Full-scale

Production

Infrastructure

10+ years

Laboratory

Bench

$Billions $ Millions

R&D

$10’s Millions

Validate systems

integration

$100’s Millions

Validate scale-up and

continuous operations


Who Will be The CleanTech Champions?

23

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


Who Will be The CleanTech Champions?

24

We need to focus on

renewables that are scalable

and can compete without

subsidies.

Key words are:

Profitable

Scalable

Sustainable

Partnerships


Conclusions

Venture Capital

Access to

early-stage

companies

Energy

We need it all

Technology

Key Enabler

25


Questions

26

Trond Unneland

[email protected]


Today Wind and Solar under 2%

of Global Power Generation

27 Confidential – Restricted Access

2010 Global Power Generation

21,491 TWh (~109 MMBOED)

Coal 41.2%

Oil 4.9%

Gas 21.3%

Nuclear 13.3%

Hydro 15.7%

Biomass & Waste 1.4%

Wind 1.7%

Solar 0.2%

Other Renewables 0.3%

IEA World Energy Outlook 2010 - Reference Case


Energy Fuels Human Progress

28


Chevron Technology Ventures Business Units

29

Emerging Energy Biofuels Venture Capital


Conclusions

30

A win for the daring

entrepreneurs whose

work we champion

A win for all who fund

the emerging enterprise

A win for the Chevron

operations that embrace

the new technology

We aim for a triple win with every investment

we make.

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