The APPG on Fusion Energy welcomes last week’s news that Tokamak Energy has raised $125 million to accelerate its ambitious plans to commercialise fusion and grow its transformative high temperature superconducting (HTS) technology solution, TE Magnetics.
The round was co-led by East X Ventures and Lingotto Investment Management with participation from new investors including Furukawa Electric Company, British Patient Capital, global maritime company BW Group and U.S.-based Sabanci Climate Ventures. The investment round 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.
Kerry McCarthy, Climate Minister, UK Department for Energy Security & 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.”
This announcement signals increasing support for fusion from private investors and illustrates the huge potential of fusion to deliver economic growth and support the energy transition.
The full press release can be found here.