PRINCETON, NJ, Nov. 19, 2024 /PRNewswire/ — Tokamak Energy has raised $125 million to accelerate ambitious plans to commercialize fusion energy and grow its transformative high temperature superconducting (HTS) technology solution, TE Magnetics.
The round was co-led by East X Ventures and Lingotto Investment Management with participation from new investors including Furukawa Electric Company, British Patient Capital, global maritime company BW Group and U.S.-based Sabanci Climate Ventures.
The investment from new strategic partners alongside existing shareholders is recognition of the world-class talent and expertise at Tokamak Energy, the only private fusion company with more than 10 years’ experience designing, building and operating tokamaks.
It brings the total raised since forming as a spin-out from UK Atomic Energy Authority in 2009 to $335m, comprising $275m from private investors and $60m funded from the UK and U.S. governments.
The investment round will support the rapid growth of TE Magnetics to address demand from the fusion energy market and open new fields of performance in other industries including science, mobility, renewable energy and security.
It will also advance the company’s leading fusion pilot plant design program, as well as develop, test and validate new fusion technologies using its record-breaking high field spherical tokamak ST40 for ground-breaking experiments near Oxford. This pioneering research is key to driving the innovation needed to achieve fusion and deliver clean, limitless, affordable energy all over the world.
Warrick Matthews, Tokamak Energy CEO, said: “In addition to the ongoing support of our existing shareholders, we are delighted to welcome new strategic investors to collectively accelerate our ambitious plans. Tokamak Energy’s mission is to make fusion energy a reality, and we believe the only way to achieve that is through strong, global partnerships.
“This raise provides us with added experience and capability to drive through this critical and exciting phase of fusion development, addressing the twin challenges of climate change and energy security. Simultaneously, we are focused on commercializing our transformative HTS technology as TE Magnetics. Launching this new business division allows us to focus on our core mission of delivering clean, secure and affordable fusion energy, while supporting our strategy for rapid growth across complementary markets.”
Dr. Geri Richmond, Under Secretary for Science and Innovation, Department of Energy, said: “This accomplishment highlights Tokamak Energy’s commitment to advancing fusion energy — a critical step towards realizing a future of clean, sustainable power. As an awardee of the Department of Energy’s Milestone-Based Fusion Development Program, Tokamak Energy is helping to lead the way in fusion innovation, positioning the United States and our global partners at the forefront of this transformative energy technology. The DOE is proud to support Tokamak Energy in its journey to achieve commercial fusion energy, which is essential to securing our clean energy future and strengthening our energy independence.”
Hideya Moridaira, President of Furukawa Electric, owners of leading HTS tape supplier SuperPower Inc, said: “We are pleased to become a shareholder in Tokamak Energy through a strategic investment. Many opportunities are emergent for both of us.”
Murat Oğuz Arcan, Managing Director of Sabanci Climate Ventures, said: “Energy transition and sustainability require solutions that not only address today’s challenges but also meet the needs of the future. Tokamak Energy’s work in fusion energy and TE Magnetics’ leadership in high temperature superconducting technology could become the cornerstone of this transformation. At Sabanci Climate Ventures, we invest in leading startup companies and venture capital funds within the energy transition and climate technology sectors. This investment represents a strategic step towards clean energy’s future and will significantly impact energy technologies in various industries.”
Tokamak Energy is the first private company to reach a fusion-threshold plasma ion temperature of 100 million degrees Celsius in a spherical tokamak, ST40.
The company recently presented the first details of its fusion energy pilot plant being designed as part of the U.S. Department of Energy Milestone-Based Fusion Development Program, established for private companies to bring fusion towards technical and commercial viability.
Born from Tokamak Energy’s fusion mission, TE Magnetics is leading the deployment of HTS magnet technology for clean and affordable energy as well as other exciting new industrial applications, including scientific research, medicine, and land, water, air and space propulsion.
The new generation technology enables the efficient operation of fusion energy devices by confining the extremely hot plasma of fuels. Fusion, the power of the stars, will play a vital role in a complete transition to a clean and secure energy future and TE Magnetics aims to become the market-leading designer and supplier of HTS magnets to the fusion industry.
What is fusion energy?
Fusion is the original source of all energy. When a mix of two forms of hydrogen (deuterium and tritium) are heated to form a controlled plasma at high temperatures – hotter than the core of the Sun – they fuse to create helium and release energy which can be harnessed to produce electricity and heat.
This hot plasma of fuels is confined using strong magnets in a device called a ‘tokamak’. The energy created from fusion can be used to generate electricity and heat in the same way as existing power stations. Fusion is extremely efficient, creating many million times more energy, per kilogram of fuel, than burning coal, oil, or gas with no harmful emissions.
About Tokamak Energy | tokamakenergy.com | temagnetics.com
Tokamak Energy is a leading global commercial fusion energy company. We are a world leader in two transformative technologies: the compact spherical tokamak and High Temperature Superconducting (HTS) magnets. One company, with licensable technology for commercializing clean, secure and affordable fusion energy and enabling new levels of performance in HTS applications that change the world in which we live today.
Our U.S. subsidiary, Tokamak Energy Inc, was established in 2019 and is one of eight companies selected by the Department of Energy for an award as part of its Milestone Program, a key aspect of the bold decadal vision for delivering commercial fusion.
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SOURCE Tokamak Energy
