Tokamak Energy, a Princeton NJ-based commercial fusion energy company, raised $125M in funding.
The round was 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. 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 company intends to use the funds to accelerate plans to grow its high temperature superconducting (HTS) technology solution, TE Magnetics, to advance its fusion pilot plant design program, as well as to develop, test and validate new fusion technologies using its high field spherical tokamak ST40 for experiments near Oxford.
Led by CEO Warrick Matthews, Tokamak Energy is a global commercial fusion energy company that specializes in two technologies: the compact spherical tokamak and High Temperature Superconducting (HTS) magnets. It 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.
FinSMEs
20/11/2024