Europe’s most funded fusion startup Tokamak Energy raises $75 million
Tokamak Energy has announced that it has raised $75 million in new capital, aiming to commercialize its fusion technology. The new funding brings the company’s total funding to $335 million, more than three times the $110 million raised by the next most funded fusion company in Europe, Germany’s Marvel Fusion.
The startup was formed in 2009 as a spin-off from the UK Atomic Energy Authority and is working to create a commercial fusion technology using high-temperature superconducting (HTS) magnets. This technology creates fusion reactions in devices called “tokamaks.” Tokamaks trap plasma in a ring and use a magnetic field and an electric current to drive the fusion reaction.
The tokamak says that the spherical fusion reactor is more efficient than the traditional tokamak form, and that the technology can be operated on a smaller scale with lower capital and operating costs.
Fusion is a theoretical process in which hydrogen isotopes collide to create large amounts of energy, and it is much more efficient than fossil fuels and renewable energy, and it also does not produce long-lasting nuclear waste. But so far, no one has been able to solve this technical problem in practice.
Tokamak Energy plans to generate revenue from fusion energy in the 2030s. The company expects to commercialize some of its technology in 2024, but has said that the main revenue will come after 2025.
In addition, Tokamak aims to generate revenue by commercializing its HTS magnet technology. The technology can be used to create high-efficiency electrical systems in areas such as renewable energy, industrial applications, scientific research, medicine, and propulsion systems in air, water, and space.
