Tokamak Energy awarded £10m government funding from BEIS
Tokamak Energy, the business accelerating the development of commercial fusion power, is pleased to announce that it has been awarded £10m from the Department for Business, Energy and Industrial Strategy (“BEIS”), as part of the UK Government’s Advanced Modular Reactor project.
The award follows an extensive due diligence process where Tokamak Energy successfully demonstrated the commercial viability, safety systems and regulatory compliance of its technology. Three companies were selected for funding, with Tokamak Energy the only successful company working on fusion.
Tokamak Energy’s success to date shows that the UK has an opportunity to be a world leader in commercially deployable fusion energy. The funds will contribute to core development work on high temperature superconducting magnets and divertor technologies [the divertor is the exhaust system of the tokamak device, which must handle high levels of heat and particle bombardment whilst removing impurities and waste from the system]. These two components are critical for fusion energy and the provision of clean, safe and reliable power on a commercial basis.
This is the largest award of Government funding to Tokamak Energy to date. Tokamak Energy welcomes the Government’s commitment to fusion announced in the March 2020 Budget and looks forward to rapid progress to enhance the UKs leading position in the delivery of fusion as a commercial energy source.
Tokamak has now received public and private investment of £130m, most recently announcing a £67m fundraise from existing and new private investors in January 2020. Each raise is based on the company successfully meeting strategic and technical milestones, the next of which is to attain fusion temperatures of 100 million degrees. This will be a notable achievement for a private company with a compact device.
Jonathan Carling, CEO of Tokamak Energy, said:
“Tokamak Energy has an outstanding track record of validating the potential of compact spherical tokamaks to meet energy demand in a safe, clean, cost effective and reliable way.
“I am pleased that our hard work to demonstrate that fusion energy can be delivered at scale in a cost effective and regulatory-compliant way has been recognised by BEIS. Their funding will allow us to continue to innovate faster than anyone else in the field, accelerating the development of fusion energy and delivering a cleaner environment.”
Local MP, David Johnston, said:
“This is great news for Tokamak Energy, for the Wantage and Didcot constituency and for the UK as this is an exciting new technology to reduce carbon emissions. I opened the new offices of Tokamak Energy earlier this year and toured their impressive facilities, so I have seen first-hand the huge potential their technology has.”
– Ends –
Tulchan Communications LLP
0207 353 4200
About Tokamak Energy
Established in 2009, Tokamak Energy is a private company working to develop compact fusion power. Uniquely it has a working prototype device that routinely produces high temperature plasma
Fusion is the process that drives the Sun and researchers at Tokamak Energy are working to replicate this process on Earth. Fusion energy from tokamaks will be clean and safe, without any emission of carbon from combustion, radioactive waste or risk of meltdown or proliferation. Moreover, this carbon-free energy is from plentiful materials and the energy density of the fuel is 10 million times greater than coal or oil.
Tokamak Energy’s approach 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. This advanced technology, with a strong focus on efficiency, has the potential to achieve impressive results. To date, Tokamak Energy has made important progress towards its target of fusion power generation by 2025 and a commercial power plant by 2030. It has built a tokamak with exclusively high temperature superconducting magnets, created the highest ever magnetic field in a spherical tokamak and is working towards reaching fusion temperatures of 100 million degrees in 2020.
The company is a spin-out from Culham Laboratory, the world-leading centre for magnetic fusion energy research. It is addressing the enormous long-term global potential of fusion research, where the UK has a distinct global lead, and is seizing the moment when private investment in fusion energy is beginning to accelerate. The company has raised over £118m to date from private investors including Dr. Hans-Peter Wild, L&G Capital and David Harding, CEO of Winton.