Tech

General Fusion gets $130 million from Bezos and others as fusion energy continues to heat up


Artist’s drawing of the Fusion Demonstration Plant that General Fusion is planning to build at the UK Atomic Energy Agency’s Culham Facility near London. (synthetic image)

News: The fusion energy field continues to heat up. British Columbia’s synthetic on Tuesday said it had raised $130 million in funding to develop its ambitious clean energy technology.

And the announcement made the promise of more cash, saying it was just “a prelude to a major funding round being prepared for 2022.” The latest round brings the total funding to about $300 million.

Amazon founder and former CEO Jeff Bezos is a longtime supporter of General Fusion, and his VC arm Bezos Expeditions participated in the round.

This funding will help General Fusion develop its technology at its new headquarters in Vancouver, build a power plant-scale Fusion Demonstration Plant near London, and conduct research at the newly opened facility near the Laboratory. Oak Ridge National Experience in Tennessee.

Gist: The company, which was born nearly 20 years ago, is pursuing a futile dream for decades to develop a financially viable source of fusion energy. The researchers said that the vision could eventually become a reality, pointing to advances in computer processing, groundbreaking magnetic technology, and new materials that have the potential to bring unification within reach.

That said, there are still skeptics who question how soon this technology can emerge on the scale that makes a difference in the world’s pursuit of clean energy, and the promise holds a level. expensive price.

Competition: Everett, based on Wash. Helion earlier this month announced a $500 million investment round. California’s TAE Technologies, has raised two rounds this year with an estimated total of $410 million. Seattle’s Zap Energy, one of the newer companies, raised $27.5 million in May.

There are at least 42 fusion energy companies worldwide, with many located in the US

The investors: General Fusion’s Series E round was led by Temasek and included several new investors: Jameel Investment Management, a large US state pension plan, and hedge fund company Segra Capital.

Other investors previously participating in the round were Singapore’s GIC, Corporate Development Bank of Canada, Tobias Lutke’s Thistledown Capital and Kam Ghaffarian (IBX).

Carried away: Consolidated companies are toying to lead the field, and Tuesday’s announcement shows some of that.

“General Fusion’s unique global presence, with facilities in three countries, allows us to be even more ambitious in driving commercialization,” said CEO Christofer Mowry.

Adam Rodman, founder of Segra Capital, said: “Segra Capital believes that General Fusion is best positioned among its peer-to-peer corporations to provide aggregating services at commercial scale in the near term.

Follow all of GeekWire’s in-depth launch coverage: Weekly Subscriptions Kick-off email newsletter; check GeekWire . Sponsorship Tracker and venture capital directory; and Follow our startup news headlines.





Source link

news7h

News7h: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button