Oil giants Chevron and BP participated in the round, along with BDC Capital and two Singapore-based investors: Temasek Holdings and Vickers Venture Partners. (The Logic)

Talking point: The funding is meant to help Eavor power the equivalent of 10 million homes with geothermal energy by 2030. The technology, which involves harvesting low-carbon energy from heat below the earth’s surface, could be used to replace fossil fuels and nuclear power as a source of electricity. Chevron and BP’s involvement in the round reflects a shift among oil companies toward investing in clean energy, as shareholders and regulators pressure firms to cut emissions and demonstrate ways their businesses can thrive in a low-carbon economy. Pivoting to geothermal—or at least diversifying to include it—may be fitting for oil companies, given extracting the energy requires a lot of the same equipment and processes as oil drilling.