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The Global Energy Prize annually honors outstanding achievements in energy research and technology from around the world that are helping address the world’s various and pressing energy challenges.

Chevron will invest in nuclear energy

The U.S. oil company Chevron plans to invest in a company - a startup from Zap Energy, which is developing a new generation of modular nuclear reactors, Chevron said in a statement.

Zap Energy, founded in 2018, intends to use the method of plasma stabilisation using transverse flows for its retention and compression.

According to Chevron, this investment, on the one hand, provides an opportunity to diversify its portfolio of low-carbon energy resources and, on the other hand, to provide access to affordable, reliable and clean energy worldwide.
Conventional nuclear power uses nuclear fission, which involves splitting a sizeable unstable nucleus into smaller elements and producing long-lived radioactive waste.

Nuclear fusion occurs when the nuclei of light elements (e.g. hydrogen) collide with sufficient force to merge and form a heavier element. This process releases significant amounts of energy without emitting greenhouse gases or a limited amount of long-lived radioactive waste.

"We see thermonuclear technology as a promising low-carbon energy source," says Barbara Burger, President of Chevron Technology Ventures.

Chevron is the second-largest US oil and gas company after ExxonMobil. It produces 3 million barrels of oil equivalent per day.

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