Nuclear startup Tokamak raises £67m in funding round
Tokamak Energy, the nuclear startup who are aiming to produce grid connected fusion power by 2030, have raised £67m in a funding round.
The raise, which was the Oxfordshire-based company’s largest to date, involved both long-time backers such as Legal & General and new ones like Dr Hans-Peter Wild.
Wild is best known as the owner and chairman of family business Rudolf Wild & Co, which manufactures products including Capri Sun juice drinks.
The money will fund Tokamak’s efforts to reach fusion temperature of roughly 100m degrees – or six times hotter than the core of the sun.
The raise, which was first reported by the Telegraph, 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.
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Tokamak’s chief executive Jonathan Carling 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.”
Legal & General’s head of clean energy, John Bromley, 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. ”