Tokamak Energy raises £67m from new and existing investors
Landmark raise to fund further development of commercial fusion power solution
Tokamak Energy, the business accelerating the development of commercial fusion power is pleased to announce that it has met its target of raising £67m to fund the next phase of its strategy to produce grid connected fusion power by 2030:
• Largest raise to date
• Follows delivery of important milestones towards commercial fusion
• Funds will be used to generate 100m degrees in its latest prototype and develop the next generation tokamak
• Significant investment from new investors including Dr. Hans-Peter Wild and existing backers including Legal & General and David Harding
Tokamak Energy is pioneering the combination of compact spherical tokamaks and high temperature superconductors (HTS) to generate fusion energy on a commercial basis. Spherical tokamaks are powerful, efficient and cost-effective while HTS allow them to operate continuously.
The funds will support Tokamak’s work towards reaching fusion temperatures of 100m degrees, which will represent a significant advance in energy generation. This is over six times hotter than the core of the sun and in the temperature realm required for fusion energy generation on Earth. The raise will also support the development of a next generation tokamak which will approach fusion energy gain conditions (generating more energy than consumed).
In 2019 Tokamak Energy made important progress towards its target of fusion power generation by 2025 and a grid connected power plant by 2030. This includes significant developments in the magnet technology that is required to hold the hot fusion fuel in place. In April, Tokamak Energy created the highest ever magnetic field in a spherical tokamak.
Dr Hans-Peter Wild led the fundraise with participation from existing investors including Legal & General and David Harding. It is the largest raise to date and more than the previous combined total of £50m. This support reflects progress during the year and a growing recognition of the potential of Tokamak Energy’s fusion energy solution to fundamentally transform the way energy is generated, reducing reliance on fossil fuels.
Jonathan Carling, CEO of Tokamak Energy, said:
“The world needs to change the way energy is supplied. Fusion is safe, clean and can generate reliable energy at scale from an abundant fuel supply.
“Since 2009 we have met every development milestone on budget, and in some cases ahead of schedule. This funding enables us to continue development towards our target of fusion power demonstration by 2025 and grid connected power by 2030.
“I am grateful for the ongoing support of our existing investors and very pleased to welcome our new ones. Together we will deliver a safe and clean energy source for future generations.”
John Bromley, Head of Clean Energy at Legal & General Capital, said:
“Avoiding climate catastrophe is our greatest global challenge and must be our greatest global priority. As we approach COP26, Legal & General is continuing to take action by investing in technologies to generate clean energy and solutions to decarbonise our homes and cities. Tokamak’s fusion energy plants could be deployed globally, to provide clean energy that is safe and does not depend on the sun, wind or waves. We congratulate the Tokamak team on securing the latest round of funding, based on the progress made to date and exciting prospects for the business in 2020.”
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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 investors including Dr. Hans-Peter Wild, L&G Capital and David Harding, CEO of Winton.