In a statement Chevron Corp said, it is in the process of investing in nuclear fusion startup Zap Energy Inc, joining its peers Norway’s Equinor and Italy’s ENI, who have also backed the startup in order to reduce their carbon footprints.
Chevron’s decision comes in the wake of energy companies facing increasing pressure from investors to slash their carbon emissions, disclose the impact of their fossil fuel production on climate change and boost their spending on low-carbon energy.
“Chevron Technology Ventures’ investment in fusion is an opportunity to enhance the company’s focus on a diverse portfolio of low-carbon energy resources,” said Chevron in a statement.
Chevron did not disclose the quantum 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.
According to data from Crunchbase, Zap Energy raised $6.5 million in its series A funding round on June 12.