Former Chair of Ofgem joins Tokamak Energy as a non-executive Director
Tokamak Energy is delighted to announce the appointment of David Gray to its board of directors as a non-executive Director.
David has 45 years’ experience in the energy and financial sectors. He was Chairman of the Gas and Electricity Market Authority (the board of Ofgem) from 2013 – 2018 and was an executive director of Ofgem from 2003 – 2007. Before joining Ofgem in 2003 he held several senior leadership positions at HSBC including Global Head of Energy & Utilities Investment Banking.
He is currently Chairman of Mutual Energy. Mutual is an energy infrastructure company based in Northern Ireland. David is also a non-executive Director for the Civil Aviation Authority (CAA), a position he has held since 2009.
David has previously held non-executive roles for various organisations including Pitkin Petroleum plc and Halite Energy plc.
He was a member of the Panel of Experts which advised the Department for Transport on its review of airport regulation in 2008-09 and, in 2010-11, led a review of the water regulator Ofwat on behalf of DEFRA and the Welsh government.
David Gray, said:
“I am delighted to be joining the board of Tokamak Energy at such an important stage in its development. Tokamak has a very impressive team and is clearly a leader in the field of commercial fusion energy, a technology which has the potential to transform the shape of the future energy sector.”
Dr. Chris Martin, Chairman at Tokamak Energy, said:
“David’s appointment to the board is a milestone in Tokamak Energy’s development. His background as a leader in banking, energy, utilities and government regulation will be invaluable in our drive to commercial fusion energy.”
About Tokamak Energy
Tokamak Energy Ltd is a private company that aims to accelerate the development and deployment of fusion energy. The company is a spin-out from Culham Laboratory near Oxford which is currently the world-leading centre for magnetic fusion energy research. Fusion research is one of the very few areas today with enormous long term global economic potential where the UK has a distinctive global lead. We are seizing the moment when private investment in fusion energy is beginning to accelerate. The company has raised over £50m to date from investors including L&G Capital and David Harding, CEO of Winton.
Our approach at Tokamak Energy is to combine the new technology of high field strength, high temperature superconducting magnets with the efficiency advantages of the spherical tokamak as pioneered at Culham and Princeton Laboratories. The result is a better, stronger, smaller magnetic “bottle” to confine a plasma at high density and pressure for a long time with no energy dissipation in the magnets. The technology has strong scientific foundations and the company is now tackling a series of engineering challenges to deliver fusion energy.
Fusion energy from tokamaks will be clean and safe. There is no emission of carbon from combustion, no long-lived radioactive waste and no risk of meltdown or proliferation. There is plentiful fuel for mankind’s total needs for millennia (deuterium is abundant in sea-water; tritium can be bred in situ from lithium) and the energy density of the fuel is 10 million times greater than coal or oil.