Oil major Chevron invests in nuclear fusion startup Zap Energy
Stock Markets6 hours ago (Aug 12, 2020 07:25PM ET)
(C) Reuters. Chevron (CVX)’s logo is seen in Los Angeles
(Reuters) – Oil major Chevron Corp (N:CVX) said on Wednesday it is investing in Zap Energy Inc, joining Italy’s ENI (MI:ENI) and Norwegian state oil company Equinor (OL:EQNR) who have also backed nuclear fusion startups to reduce their carbon footprint.
Chevron’s decision comes as energy companies face increasing pressure from investors to reduce emissions, spend more on low-carbon energy and disclose the impact of their fossil fuel production on climate change.
“Chevron Technology Ventures’ investment in fusion is an opportunity to enhance the company’s focus on a diverse portfolio of low-carbon energy resources,” Chevron said in a statement, without putting a number on the size of its investment.
Nuclear fusion is a process that releases large amounts of energy with no greenhouse gas emissions and limited long-lived radioactive waste.
Zap Energy raised $6.5 million from its Series A financing on July 12, according to data from Crunchbase. (https://
Oil major Chevron invests in nuclear fusion startup Zap Energy
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