Oil major Chevron Corp. said Aug. 12 it is investing in Zap Energy Inc., joining Italy's Eni SpA and Norwegian state oil company Equinor ASA 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.
Jay Graham is back after the successful sale of WildHorse Resource Development to Chesapeake Energy with a new venture—this time in the Permian Basin.
Permian production continues its market domination.
Second-half 2019 results show glimmer of hope for a promising 2020. This section profiles 43 major U.S. shale players operating in the Permian, Eagle Ford, Rockies, Midcontinent and Appalachia and covers their latest 2019 production results and 2020 forecasts.