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Oil major Chevron invests in nuclear fusion startup Zap Energy

Oil major Chevron Corp lt;CVX.N gt; said on Wednesday it is investing in Zap Energy Inc, joining Italy s ENI lt;ENI.MI gt; and Norwegian state oil company Equinor lt;EQNR.OL gt; 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) REUTERS


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