Chevron invests in nuclear fusion startup Zap Energy

14 August, 2020 12:00 AM printer

NEW YORK: Oil major Chevron said on Wednesday it is investing in Zap Energy, joining Italy’s ENI and Norwegian state oil company Equinor 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, report agencies.

“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.