Tokamak Energy has raised almost £100 million to accelerate ambitious plans to commercialise fusion energy and grow its high temperature superconducting technology solution TE Magnetics.
A spinout from the UK Atomic Energy Authority in 2009, Tokamak has now raised $335m total funding, comprising $275m from private investors and $60m from the UK and US governments.
The latest round was co-led by East X Ventures and Lingotto Investment Management with participation from new investors including Furukawa Electric Company, global maritime company BW Group and US-based Sabanci Climate Ventures.
British Patient Capital’s £8m investment was made through the £425m Future Fund: Breakthrough programme, which co-invests with private sector investors in innovative, R&D-intensive UK companies.
The investment 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 programme, 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.
The firm says this pioneering research is key to driving the innovation needed to achieve fusion and deliver clean, limitless, affordable energy all over the world.
“In addition to the ongoing support of our existing shareholders, we are delighted to welcome new strategic investors to collectively accelerate our ambitious plans,” said Warrick Matthews, Tokamak Energy CEO.
“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.”
Kerry McCarthy, Climate Minister, Department for Energy Security and Net Zero, said: “We are leading the world in fusion energy, working closely with industry to ensure we remain at the forefront of this innovative, emerging market to create good clean jobs.
“This multi-million-pound investment is a clear signal of Tokamak Energy’s confidence in the UK economy, bringing jobs and kickstarting economic growth as part of our mission to deliver clean power and greater energy independence to Britain.”