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Chevron invests in nuclear fusion technology
The American corporation Chevron became one of the investors in the startup TAE Technologies, which is engaged in developments in the field of nuclear fusion. In addition to the energy company, the technology giant Google and the Japanese Sumitom Corporation invested in the project. A total of $250 million was allocated for TAE development.
These investments confirm the interest of major market players in energy technologies and their potential. Such solutions ensure energy production with minimal emissions, which is extremely important for the implementation of the environmental strategy.
TAE plans to use the funds to test its fusion research reactor. It is a sixth-generation development and is located in California.
It should be noted that scientists have been involved in the process of combining atomic nuclei to produce energy for more than 60 years. However, successes in this direction have become noticeable only in the last 10 years, and the volume of investments has increased significantly. In addition, a good impetus for the development of nuclear technology was given by the problem of global warming and the search for its solutions. Atomic fusion produces no harmful emissions and is safe if all the rules are followed.
The Fusion Industry Association released a report showing that fusion companies received a total of $2.8 billion in investments over the past 12 months. The total investment in the private sector was $4.8 billion.
According to the director of TAE, the interest of major investors such as Chevron and Google is proof that the company is developing and moving in the right direction. The startup was founded in 1998 with the goal of being able to generate electricity by fusing hydrogen protons with boron. According to the company, this way of generating energy is safer than using hydrogen isotopes with deuterium and tritium.
We should pay attention to the interest of Chevron, the largest energy corporation in the United States. Despite a large number of oil and gas fields, the company is actively developing clean energy. In this way, Chevron wants to maintain its position in the market and at the same time follow the climate strategy. Trends in the global market are gradually reducing the use of renewable sources such as oil, gas, and coal. More and more companies are moving away from carbon-based raw materials and focusing on renewables.
The history of the Chevron Corporation begins in 1879, when the founder of its predecessor Pacific Coast Oil Company, Frederick Tyler, found oil near the town where he lived. Since then, the company has expanded its operations throughout the world. The corporation is not limited to the fields, it owns refineries and petrochemical plants.