Baseload Capital, a Swedish company specialized in funding the deployment of heat power worldwide, closed a $25m funding round.
Chevron Technology Ventures acted as a new strategic investor.
The company intends to use the funds to accelerate deployment in its key markets.
Led by Capital CEO Alexander Helling, Baseload Capital acts as a catalyst for green baseload electricity by funding renewable energy projects throughout the world.
The company currently has subsidiaries in Iceland, Japan and Taiwan, which work with local communities and power companies to permit, build and commission heat power plants.
As an initial outcome of the new partnership, Chevron Technical Center and the company have already signed a letter of intent to investigate a potential pilot project in California. The potential pilot projects and commercial projects with Chevron Technical Center are designed to advance lower-carbon energy production. As Baseload Capital continues to develop heat power plants worldwide, the two companies will look for commercial heat power opportunities in common geographies where Chevron operates.