Technology Ventures Team Identifies Zap
Energy
Chevron Corporation (NYSE: CVX) today announced a Series A
investment in Zap Energy Inc., a Seattle-based start-up company
developing a next-generation modular nuclear reactor with an
innovative approach to advancing cost-effective, flexible, and
commercially scalable fusion.
Chevron Technology Ventures’ investment in fusion is an
opportunity to enhance the company’s focus on a diverse portfolio
of low-carbon energy resources with the capacity to provide
communities across the globe access to affordable, reliable, and
ever-cleaner energy.
Conventional nuclear power uses nuclear fission which involves
the splitting of a large unstable nucleus into smaller elements and
generates long-lived radioactive waste. Nuclear fusion occurs when
nuclei of lightweight elements (typically hydrogen) collide with
enough force to fuse and form a heavier element – a process that
releases substantial amounts of energy with no greenhouse gas
emissions and limited long-lived radioactive waste.
Founded in 2018, Zap Energy’s technology stabilizes plasma using
sheared flows to confine and compress the plasma.
“We see fusion technology as a promising low-carbon future
energy source,” said Barbara Burger, president of Chevron
Technology Ventures. “Our Future Energy Fund investment in Zap
Energy adds to Chevron’s portfolio of companies we believe are
likely to have a role in the energy transition.”
This investment marks the 10th investment by Chevron’s Future
Energy Fund, which was launched in 2018 to explore breakthrough
technologies that enable macro decarbonization, the mobility-energy
nexus, and energy decentralization.
“Our Future Energy Fund investments provide us with strategic
insight into power generation markets and potentially disruptive
impacts of innovative approaches, like fusion, geothermal, wind,
and solar, on the conventional power value chain,” said Burger.
Zap Energy will use the funds raised in this round to continue
technology development and grow their development team.
About Chevron Technology Ventures
Chevron Technology Ventures (CTV) pursues externally developed
technologies and new business solutions that have the potential to
enhance the way Chevron produces and delivers affordable, reliable,
and ever-cleaner energy. CTV leverages innovative companies and
technologies to strengthen Chevron’s core operations and identifies
new opportunities to shape the future of energy. For more
information, visit
www.chevron.com/technology/technology-ventures.
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version on businesswire.com: https://www.businesswire.com/news/home/20200812005676/en/
Mary Murrin, mmurrin@chevron.com, +1
713-372-0105
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