CFG| 02-01-25 PM: Engine No. 1 Partners with Chevron

Engine No. 1, a hedge fund known for its environmental activism against ExxonMobil, has announced a joint venture with Chevron and GE Vernova to develop natural gas power plants. This collaboration aims to meet the increasing power demands driven by artificial intelligence (AI) data centers. Despite its past activism focusing on Exxon's reliance on fossil fuels, Engine No. 1 maintains that this partnership aligns with its mission to create shareholder value through strategic capital allocation.

The planned power plants, expected to generate up to four gigawatts of electricity by 2027, will potentially integrate carbon capture and storage technology. This initiative reflects a strategic shift for Chevron into the electricity business and highlights the growing energy demands associated with AI developments. Investors should monitor how traditional energy companies and activist investors collaborate to balance environmental concerns with the rising energy needs of technological advancements.

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Tip Of The Day

When evaluating energy investments, consider companies that are proactively addressing environmental concerns while meeting increasing energy demands, as they may be better positioned for sustainable growth.