SOURCE: Cleantech Open

Cleantech Open

November 17, 2009 09:00 ET

Chevron Partners With Cleantech Open to Support Energy Innovation, Entrepreneurship and Job Creation

Leading Energy Company Links Up With World's Largest Clean Technology Business Startup Competition

SAN FRANCISCO, CA--(Marketwire - November 17, 2009) - The Cleantech Open, the world's largest business competition, created to find, fund and foster startup clean technology companies, announced a new partnership with Chevron U.S.A. Inc., a wholly owned subsidiary of Chevron Corporation (NYSE: CVX).

Chevron, which manages $240 million of venture capital investments in early-stage technology companies through its subsidiary Chevron Technology Ventures, will become the Cleantech Open's inaugural Global Partner in 2010. The Cleantech Open was established as a nonprofit organization in 2006 to aid the development of technology startups focused on addressing energy, environmental and economic challenges.

"Through our collaboration with Chevron, we look forward to drawing upon their 130 years of energy industry experience to support entrepreneurs and promising new technologies," said Rex Northen, executive director of the Cleantech Open. "As an industry leader and an investor in emerging energy technologies, Chevron's support of the Cleantech Open can help us reach our goals."

The Cleantech Open helps create jobs by connecting inventors with entrepreneurs, by training and mentoring and by helping entrants and previous participants connect with potential funding sources and customers. A major new Cleantech Open initiative, the 100K Jobs Challenge, was launched in 2009 with a goal of generating 100,000 clean technology jobs by 2015.

"We are supporting the Cleantech Open because it has a strong track record of helping startup companies grow by accelerating the development of new technologies," said John McDonald, Chevron Corp. vice president and chief technology officer. "The Cleantech Open helps lay the foundation for new beginnings, new jobs, and, ultimately, commercially sustainable outcomes."

Participants in the Cleantech Open receive mentoring, business school-class training, and the opportunity to win funding and services to develop their business. In its first three years, the competition has awarded more than $2.7 million to participating organizations, and 84 percent of alumni start-up companies are still operating. The program, which counts success stories like Aurora Biofuels, GreenVolts and NiLA among its alumni companies, operates three regional competitions covering nine U.S. states and a growing number of countries worldwide.

Relevant Web resources

Journalists are encouraged to visit http://www.cleantechopenmedia.com/ for news and updates on the Cleantech Open Grand Expo and Awards Gala.

Cleantech Open blog: www.cleantechopen.com/app.cgi/blog/

Cleantech Open on Facebook: www.facebook.com/group.php?gid=21709779424

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Cleantech Open on Twitter: www.twitter.com/cleantechopen -- @cleantechopen

About Chevron

Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of approximately 62,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.

About the Cleantech Open

The Cleantech Open is the world's largest cleantech business competition. Our mission is to find, fund and foster entrepreneurs with big ideas that address today's most urgent energy, environmental and economic challenges. The program provides the infrastructure, expertise and strategic relationships to turn ideas into successful global cleantech companies. Since 2006, through its one-of-a-kind annual business competition and mentorship program, the Cleantech Open has enabled hundreds of clean-technology startups to bring their breakthrough ideas to fruition, helping alumni contestants raise over $125 million and making thousands of green collar jobs possible. Fueled by a network of more than 400 volunteers and sponsors, the Cleantech Open unites the public and private sectors in a shared vision to transform America's cleantech sector into a thriving economic engine. For more information, visit www.cleantechopen.com, and follow @cleantechopen on Twitter.

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