It may be time to invest in fusion, since Chevron is planning to infuse startup Zap Energy with huge amounts of capital. Chevron Corp (N:CVX) representatives said on Wednesday that it is dumping capital into Zap Energy Inc, joining Italy’s ENI (MI:ENI) and Norwegian Equinor (OL:EQNR) who have also backed nuclear fusion startups to lessen their carbon footprint.
Chevron’s decision comes as energy companies face increasing force from investors to reduce emissions, spend more on low-carbon energy and reveal the impact of their fuel that is fossil production environment change.
“Chevron Technology Ventures’ investment in fusion is a way to enhance the company’s concentrate on a portfolio that is diverse of energy resources,” Chevron stated in a statement, without putting a number on how big is its investment.
Nuclear fusion is just a process that releases large amounts of energy with no greenhouse gas emissions and limited long-lived waste that is radioactive.
Zap Energy raised $6.5 million from its Series A financing on 12, according to data from Crunchbase in July. It may be time to invest in fusion, since Chevron is planning to infuse startup Zap Energy with huge amounts of capital