Nov 21, 2024 - Business

Nuclear fusion startup Tokamak Energy raises $125 million

Dan Primack

Illustration of a man pushing a nuclear symbol. — Illustration: Lazaro Gamio/Axios

Tokamak Energy, a British fusion energy developer, raised $125 million jn new funding.

Why it matters: The AI revolution needs more power, and one of its second-order impacts is driving venture investment into nuclear fusion, which remains the holy grail for energy.

Zoom in: Tokamak was spun out of the U.K. Atomic Energy Authority in 2009, and is developing an egg-shaped reactor rather than the doughnut shape being pursued by many others.

East X Ventures and Lingotto Investment Management co-led the new round, and were joined by Furukawa Electric, BW Group, Sabanci Climate Ventures, and British Patient Capital.

The bottom line: Tokamak believes its pilot power plant is still a decade away, and says it will generate interim revenue by launching a division focused on high-temp, superconducting magnets.

Some other nuclear fusion startups are filling the commercial void by producing medical radioisotopes and other cancer treatments.

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Nuclear fusion startup Tokamak Energy raises $125 million

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