Oil major Chevron invests in nuclear fusion startup Zap Energy

·1-min read
Chevron (CVX)'s logo is seen in Los Angeles

(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 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://bit.ly/30OBnx0)

(Reporting by Arunima Kumar in Bengaluru; Editing by Devika Syamnath)