The Classy Investors

  /  Stock   /  Oil major Chevron invests in nuclear fusion startup Zap Energy

Oil major Chevron invests in nuclear fusion startup Zap Energy

imageStock 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

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.