Engine No. 1

Engine No. 1 is an investment firm that builds and invests in companies that are powering innovation and driving the reindustrialization of the United States. Engine No. 1 has partnered with Chevron Corporation to build a company that provides scalable and reliable power generation solutions on an accelerated timeline. The joint development will build 4GW+ of power initially behind the meter with future interconnect capability, be co-located with AI data centers, and be underpinned by GE Vernova’s 7HA turbine technology. Our 2021 campaign to elect three independent directors to the Board of ExxonMobil materially reshaped the corporate governance and capital allocation functions at the company. We sold our XOM position four years after investing in the company, realizing a 350% return on our initial 2020 investment. The company has outperformed its peers in the oil and gas industry by 2.5x in those four years.