Benzinga - The U.S. Department of Energy (DOE) and its National Nuclear Security Administration (NNSA) unveiled "a landmark achievement" Tuesday when it confirmed that a fusion ignition breakthrough at a California lab essentially proves that an unlimited clean energy source is indeed feasible.
The successful experiment, conducted at the Lawrence Livermore National Laboratory and considered "a triumph of science" by the DOE and NNSA, also bodes well for various companies that are currently innovating in the field of clean fusion energy.
Read on for insight on five stocks that may benefit on the heels of the announcement.
- Chevron (NYSE: NYSE:CVX): This may sound like a strange one, but it turns out that this San Ramon, California-based oil giant is a backer of nuclear fusion technology. In 2020, Chevron joined a Series A investment round in Zap Energy Inc., a Seattle-based startup developing a "next-generation modular nuclear reactor" that's "cost-effective, flexible, and commercially scalable."
- Amazon.com Inc. (NASDAQ: NASDAQ:AMZN): Back when Jeff Bezos was CEO, he joined an investor group that committed $19.5 million to General Fusion Inc., a startup that specializes in nuclear fusion. As of last November, Bezos — now executive chairman — was still backing the Canada-based company when it closed an oversubscribed $130 million Series E funding round led by Singapore-based asset manager Temasek.
- Alphabet (NASDAQ:GOOGL) Inc. (NASDAQ: GOOGL): In July, Google, along with Chevron, joined a $250 million funding round for TAE Technologies, a nuclear fusion startup. The effort is expected to help build its next research reactor, dubbed "Copernicus." So far, TAE has raised $1.2 billion.
- Sumitomo (OTC: SSUMY): The Tokyo-based investment company is also a backer of TAE, and hopes to introduce fusion technology as a clean energy source to the Asia-Pacific region.
- Cenovus Energy Inc. (NYSE: CVE): This Calgary, Alberta-based company was originally focused on oil sands assets when it launched in 2009. Two years later, it backed the Series B round for General Fusion.
Photo by NASA on Unsplash
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