Focused Energy, an Austin, TX and Darmstadt, Germany-based laser-based fusion startup, raised additional $11M in Series A funding.
The round, which brought the total amount to $82M, was led by Prime Movers Lab, and previous investors VCP Capital and Tony Florence.
The company intends to use the funds to further research and commercialize nuclear fusion as a safe, climate-neutral and virtually inexhaustible energy source.
Led by Chief Science Officer Markus Roth and CEO Thomas Forner, Focused Energy is a company spun off from the Technical University of Darmstadt in 2021 that aims to enable clean energy production through laser-based nuclear fusion in a few years. Its approach to fusion energy is based on the method developed at the Lawrence Livermore National Laboratory, where in December, it produced the first net energy gain from nuclear fusion.
In May, the Department of Energy awarded a $3M Milestone-Based Fusion Development Program grant to Focused Energy. The company also earned a $50M German Federal Agency for Disruptive Innovation SPRIN-D award for the development of laser fusion infrastructure over the next five years. In addition, they will receive $3M from the German state of Hesse.
FinSMEs
22/06/2023