Oil Major Chevron Invests in Nuclear Fusion Startup Zap Energy
(Reuters) - Oil major Chevron Corp <CVX.N> said on Wednesday it is investing in Zap Energy Inc, joining Italy's ENI <ENI.MI> and Norwegian state oil company Equinor <EQNR.OL> 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 infusion 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://bit.ly/30OBnx0)