Latest news with #CommonwealthFusionSystems
TechCrunch
2 days ago
- Business
- TechCrunch
Every fusion startup that has raised over $100M
Over the last several years, fusion power has gone from the butt of jokes — always a decade away! — to an increasingly tangible and tantalizing technology that has drawn investors off the sidelines. The technology may be challenging to master and expensive to build today, but fusion promises to harness the nuclear reaction that powers the sun to generate nearly limitless energy here on Earth. If startups are able to complete commercially viable fusion power plants, then they have the potential to upend trillion-dollar markets. The bullish wave buoying the fusion industry has been driven by three advances: more powerful computer chips, more sophisticated AI, and powerful high-temperature superconducting magnets. Together, they have helped deliver more sophisticated reactor designs, better simulations, and more complex control schemes. It doesn't hurt that, at the end of 2022, a U.S. Department of Energy lab announced that it had produced a controlled fusion reaction that produced more power than the lasers had imparted to the fuel pellet. The experiment had crossed what's known as scientific breakeven, and while it's still a long ways from commercial breakeven, where the reaction produces more than the entire facility consumes, it was a long-awaited step that proved the underlying science was sound. Founders have built on that momentum in recent years, pushing the private fusion industry forward at a rapid pace. Commonwealth Fusion Systems With a $1.8 billion Series B, Commonwealth Fusion Systems catapulted itself into the pole position in 2021. Since then, the company has been quiet on the fundraising front (no surprise), but it has been hard at work in Massachusetts building Sparc, its first-of-a-kind power plant intended to produce power at what it calls 'commercially relevant' levels. Sparc's reactor uses a tokamak design, which resembles a doughnut. The D-shaped cross section is wound with high-temperature superconducting tape, which when energized, generates a powerful magnetic field that will contain and compress the superheated plasma. In Sparc's successor, the commercial-scale Arc, heat generated from the reaction is converted to steam to power a turbine. CFS designed its magnets in collaboration with MIT, where co-founder and CEO Bob Mumgaard worked as a researcher on fusion reactor designs and high-temperature superconductors. Techcrunch event Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW Backed by Breakthrough Energy Ventures, The Engine, Bill Gates, and others, Devens, Massachusetts-based CFS expects to have Arc operational in the early 2030s. The company has raised a total of $2 billion, according to PitchBook. TAE Founded in 1998, TAE Technologies (formerly known as Tri Alpha Energy) was spun out of the University of California, Irvine by Norman Rostoker. It uses a field-reversed configuration, but with a twist: after the two plasma shots collide in the middle of the reactor, the company bombards the plasma with particle beams to keep it spinning in a cigar shape. That improves the stability of the plasma, allowing more time for fusion to occur and for more heat to be extracted to spin a turbine. The company raised $150 million in June from existing investors, including Google, Chevron, and New Enterprise. TAE has raised $1.79 billion in total, according to PitchBook. Helion Of all fusion startups, Helion has the most aggressive timeline. The company plans to produce electricity from its reactor in 2028. Its first customer? Microsoft. Helion, based in Everett, Washington, uses a type of reactor called a field-reversed configuration, where magnets surround a reaction chamber that looks like an hourglass with a bulge at the point where the two sides come together. At each end of the hourglass, they spin the plasma into doughnut shapes that are shot toward each other at more than 1 million mph. When they collide in the middle, additional magnets help induce fusion. When fusion occurs, it boosts the plasma's own magnetic field, which induces an electrical current inside the reactor's magnetic coils. That electricity is then harvested directly from the machine. The company raised $425 million in January 2025, around the same time that it turned on Polaris, a prototype reactor. Helion has raised $1.03 billion, according to PitchBook. Investors include Sam Altman, Reid Hoffman, KKR, BlackRock, Peter Thiel's Mithril Capital Management, and Capricorn Investment Group. Pacific Fusion Pacific Fusion burst out of the gate with a $900 million Series A, a whopping sum even among well-funded fusion startups. The company will use inertial confinement to achieve fusion, but instead of lasers compressing the fuel, it will use coordinated electromagnetic pulses. The trick is in the timing: All 156 impedance-matched Marx generators need to produce 2 terawatts for 100 nanoseconds, and those pulses need to simultaneously converge on the target. The company is led by CEO Eric Lander, the scientist who led the Human Genome Project, and president Will Regan. Pacific Fusion's funding might be massive, but the startup hasn't gotten it all at once. Rather, its investors will pay out in tranches when the company achieves specified milestones, an approach that's common in biotech. Shine Technologies Shine Technologies is taking a cautious — and possibly pragmatic — approach to generating fusion power. Selling electrons from a fusion power plant is years off, so instead, it's starting by selling neutron testing and medical isotopes. More recently, it has been developing a way to recycle radioactive waste. Shine hasn't picked an approach for a future fusion reactor, instead saying that it's developing necessary skills for when that time comes. The company has raised a total of $778 million, according to PitchBook. Investors include Energy Ventures Group, Koch Disruptive Technologies, Nucleation Capital, and the Wisconsin Alumni Research Foundation. General Fusion Now its third-decade, General Fusion has raised $440.53 million, according to PitchBook. The Richmond, British Columbia-based company was founded in 2002 by physicist Michel Laberge, who wanted to prove a different approach to fusion known as magnetized target fusion (MTF). Investors include Jeff Bezos, Temasek, BDC Capital, and Chrysalix Venture Capital. In an General Fusion's reactor, a liquid metal wall surrounds a chamber in which plasma is injected. Pistons surrounding the wall push it inward, compressing the plasma inside and sparking a fusion reaction. The resulting neutrons heat the liquid metal, which can be circulated through a heat exchanger to generate steam to spin a turbine. General Fusion hit a rough patch in spring 2025. The company ran short of cash as it was building LM26, its latest device that it hoped would hit breakeven in 2026. Just days after hitting a key milestone, it laid off 25% of its staff. Tokamak Energy Tokamak Energy takes the usual tokamak design — the doughnut shape — and squeezes it, reducing its aspect ratio to the point where the outer bounds start resembling a sphere. Like many other tokamak-based startups, the company uses high-temperature superconducting magnets (of the rare earth barium copper oxide, or REBCO, variety). Since its design is more compact than a traditional tokamak, it requires less in the way of magnets, which should reduce costs. The Oxfordshire, UK-based startup's ST40 prototype, which looks like a large, steampunk Fabergé egg, generated an ultra-hot, 100 million degree C plasma in 2022. Its next generation, Demo 4, is currently under construction and is intended to test the company's magnets in 'fusion power plant-relevant scenarios.' Tokamak Energy raised $125 million in November 2024 to continue its reactor design efforts and expand its magnet business. In total, the company has raised $336 million from investors including Future Planet Capital, In-Q-Tel, Midven, and Capri-Sun founder Hans-Peter Wild, according to PitchBook. Zap Energy Zap Energy isn't using high-temperature superconducting magnets or super-powerful lasers to keep its plasma confined. Rather, it zaps the plasma (get it?) with an electric current, which then generates its own magnetic field. The magnetic field compresses the plasma about 1 millimeter, at which point ignition occurs. The neutrons released by the fusion reaction bombard a liquid metal blanket that surrounds the reactor, heating it up. The liquid metal is then cycled through a heat exchanger, where it produces steam to drive a turbine. Like Helion, Zap Energy is based in Everett, Washington, and the company has raised $327 million, according to PitchBook. Backers include Bill Gates' Breakthrough Energy Ventures, DCVC, Lowercarbon, Energy Impact Partners, Chevron Technology Ventures, and Bill Gates as an angel. Proxima Fusion Most investors have favored large startups that are pursuing tokamak designs or some flavor of inertial confinement. But stellarators have shown great promise in scientific experiments, including the Wendelstein 7-X reactor in Germany. Proxima Fusion is bucking the trend, though, having attracted a €130 million Series A that brings its total raised to more than €185 million. Investors include Balderton Capital and Cherry Ventures. Stellarators are similar to tokamaks in that they confine plasma in a ring-like shape using powerful magnets. But they do it with a twist — literally. Rather than force plasma into a human-designed ring, stellarators twist and bulge to accommodate the plasma's quirks. The result should be a plasma that remains stable for longer, increasing the chances of fusion reactions. Marvel Fusion Marvel Fusion follows the inertial confinement approach, the same basic technique that the National Ignition Facility used to prove that controlled nuclear fusion reactions could produce more power than was needed to kick them off. Marvel fires powerful lasers at a target embedded with silicon nanostructures that cascade under the bombardment, compressing the fuel to the point of ignition. Because the target is made using silicon, it should be relatively simple to manufacture, leaning on the semiconductor manufacturing industry's decades of experience. The inertial confinement fusion startup is building a demonstration facility in collaboration with Colorado State University, which it expects to have operational by 2027. Munich-based Marvel has raised a total of $161 million from investors including b2venture, Deutsche Telekom, Earlybird, HV Capital, and Taavet Hinrikus and Albert Wenger as angels. First Light First Light dropped its pursuit of fusion power in March 2025, pivoting instead to become a technology supplier to fusion startups and other companies. The startup had previously followed an approach known as inertial confinement, in which fusion fuel pellets are compressed until they ignite. First Light, which is based in Oxfordshire, U.K., has raised $140 million, according to PitchBook, from investors including Invesco, IP Group, and Tencent. Xcimer Though nothing about fusion can be described as simple, Xcimer takes a relatively straightforward approach: follow the basic science that's behind the National Ignition Facility's breakthrough net-positive experiment, and redesign the technology that underpins it from the ground up. The Colorado-based startup is aiming for a 10-megajoule laser system, five times more powerful than NIF's setup that made history. Molten salt walls surround the reaction chamber, absorbing heat and protecting the first solid wall from damage. Founded in January 2022, Xcimer has already raised $109 million, according to PitchBook, from investors including Hedosophia, Breakthrough Energy Ventures, Emerson Collective, Gigascale Capital, and Lowercarbon Capital.
Los Angeles Times
2 days ago
- Science
- Los Angeles Times
How Commonwealth Fusion Systems is Igniting a Clean Energy Revolution
In the panel discussion 'Fusion is the New F Word,' Kristen Berke, VP of Sales, Entertainment & Branded Content at LA Times Studios moderated a conversation with Joe Paluska, Chief Marketing Officer at Commonwealth Fusion Systems and Jennine Willett, Creative Director at Commonwealth Fusion Systems. The panel talked about how Commonwealth Fusion Systems (CFS), an MIT spin-out, is leading the charge in commercial fusion energy. The company is harnessing the power of the sun and stars through fusion, a clean, unlimited and safe energy source with no byproducts. Unlike fission which splits atoms, fusion combines two hydrogen molecules. While fusion has been around for over a century, recent advancements in material science and AI have made it possible. CFS is building a machine called SPARC and plans to turn it on by 2027. SPARC uses powerful, high-temperature superconducting magnets, a technology first discovered by IBM in the 80s. These magnets are key to containing and controlling the superheated plasma—a state of matter above 100 million degrees Celsius—inside the machine to release massive energy. The company's culture is driven by a sense of mission, with a team of over 1,000 people including top scientists, engineers and skilled tradespeople from NASA and SpaceX. They are working 24/7 to achieve what was once considered the 'holy grail' of energy. CFS believes fusion energy is vital to addressing the global climate crisis, especially as current climate projections indicate humanity will surpass the 1.5-degree Celsius warming threshold sooner than anticipated. Their goal is to scale up production of magnets and power plants fast, just like during World War II when we faced an existential threat. Beyond the tech, CFS is committed to making fusion energy understandable and public. Through the #PowerMoves campaign they say fusion is 'humanity's power move'—a big step for the planet. They want to mainstream climate tech and tell more creative and impactful stories to reach a wider audience, including young people, to inspire the next generation of engineers and physicists. CFS envisions a future where compact fusion power plants can be deployed everywhere, and energy can be democratized and resource conflicts resolved.
Los Angeles Times
3 days ago
- Business
- Los Angeles Times
CMO Joe Paluska on the ‘Gravitational Pull' of Fusion and a Marketing Strategy for the Next Energy Revolution
Joe Paluska, CMO of Commonwealth Fusion Systems (CFS) is on a mission to 'mainstream fusion into the public consciousness.' He's taken CFS to the World Economic Forum and Cannes Lions to introduce fusion to new and influential audiences. Paluska says fusion is critical to meeting the energy demands driven by AI and the global trend of electrification and is the only clean energy solution to avoid more fossil fuels. CFS, a company of over 1,000 people with a diverse workforce, is more than halfway through building its 'Spark' machine in Massachusetts. The goal is to hit a major milestone in 2027 by demonstrating net energy gain, often referred to as the holy grail of fusion. According to Paluska, the climate crisis demands a rapid shift to new energy. He believes that by scaling up their company's unique magnet technology, they can make fusion power common by the 2050s, which would significantly help address climate change. The company is working on a big public awareness campaign leading up to 2027 and is likening it to a 'lunar lander' moment to get global attention.
Yahoo
31-05-2025
- Business
- Yahoo
At the WBUR Festival, exploring the good and bad scenarios for Massachusetts' future
On Friday morning, I had the opportunity to help kick off the inaugural WBUR Festival in Boston with a panel on 'The Future of Innovation in Massachusetts.' My panelists: Katie Rae from Engine Ventures, an MIT-affiliated venture capital firm; Julie Kim, president of the U.S. Business Unit at Takeda Pharmaceuticals, now the largest biopharma employer in Massachusetts; and Avak Kahvejian, a general partner at Flagship Pioneering, an incubator of new companies in Cambridge. The group laid out some reasons for optimism about the future of innovation in our state, and also some reasons for concern. I asked what advice they would give to parents of children who are still in school today about the job market. Rae made the case that federal research funding cuts may paradoxically stimulate innovation by pushing academic researchers to create startups and commercialize their work on a faster time frame. In the short term, 'we might get more companies because of this moment than fewer,' she said. She cited Commonwealth Fusion Systems as a prime example — it emerged from an MIT lab that had lost its funding several years ago. 'They invented the company,' she said, instead of letting the science die on the vine. Read more: MassLive's 12 innovation leaders to watch in 2025 'It's not that I'm not upset about what's happening,' Rae said, 'but I do think really good things are going to come out of it.' But over the long term, she acknowledged, 'we're going to get fewer [companies] because there's less funding.' Kahvejian made the case that, while national and global pressures exist, Massachusetts remains extraordinarily well-equipped to generate breakthrough innovations. Flagship Pioneering, where he is a general partner, raised a $3.6 billion fund last year — its largest ever — to invent and launch new biotech companies. Kahvejian noted the state has shown resilience in the past: Many big names of the 20th century, such as Polaroid and Lotus Development Corp., have vanished, but new companies have emerged and grown. Rae offered hope that even in a divided Washington, supporting technology development in areas like advanced chips and energy production has bipartisan support. 'No matter what party you're in, you're going to want to fund the things that are fundamental to long-term economic prosperity and security,' she said. Rae was encouraged that Harvard University is standing up to pressure from the Trump administration, despite efforts to block the school's enrollment of international students and to eliminate essentially all federal funding of research there. Of Harvard President Alan Garber, she said: 'He's doing all those things and actually gaining a lot of support, right? He got a standing ovation at Harvard [graduation] yesterday.' Is there a way for Harvard to emerge victorious in the tangle with Trump and various federal agencies like the Department of Homeland Security? 'I think Harvard is winning in a lot of ways,' Rae said. 'They're winning in different court battles. And I think long-term, they will prevail. There's great research there. It's an institution that the U.S. should be proud of, and is proud of, and produces so many of our great leaders ...' Kim sounded the alarm about China's scientific momentum. 'There are now 30% of the original publications [in the journal Science] coming from Chinese labs. The U.S. is now at 30%. The number is declining for the U.S., and it's increasing for China, so ... it's no longer a copycat economy.] There's innovation coming from that country,' she said. Kahvejian pointed to investor hesitation caused by the U.S. Food and Drug Administration's inconsistency and volatile stock markets. With regards to the FDA drug approval process, he said that some biotech companies are reporting delays and 'strange responses' — but it's not universal. Kim and Kahvejian both expressed concern about a broader societal drift away from believing in science and supporting scientific research. Kahvejian said that echo chambers, Artificial Intelligence (AI), and misinformation are amplifying anti-science sentiment. 'We need to talk about how this stuff works,' he said, calling for better science education and public engagement. Rae echoed this, warning that resentment of elites and academia is feeding distrust and division. Kahvejian warned that the federal government's wavering stance on vaccines is damaging long-term public health preparedness and also investment in that industry sector. 'We've gone back the other way, almost worse than we were before [COVID], where vaccines are seen as a bad thing,' he said. Kim emphasized that the rapid pace of change makes it impossible to prescribe a single career path. Instead, she advises her own children to lead with intrinsic motivation: 'Pursue your passions,' she said. In her view, the key is not locking into one trajectory, but embracing a mindset of continuous learning and flexibility. In a world where entire industries can emerge or transform within 18 months, passion becomes a compass — guiding students to stay engaged and resilient as the landscape shifts. Kahvejian took that one step further, recommending that students follow not just their passion, but their curiosity, especially across disciplinary boundaries. 'Pursue your curiosity almost more than necessarily your passion,' he advised, warning against rigid academic silos. A student who majors in chemistry but ignores developments in AI or statistics risks becoming obsolete, he said. 'You will be pigeonholed, and you will end up marginalized.' Rae argued that foundational technical skills are as vital as ever. 'Don't be afraid of hard sciences. It is so fundamental to the future,' she said, referring to subjects like physics, biology and chemistry. At the same time, she encouraged students to embrace AI as a partner, not a threat: 'AI is your friend.' She also highlighted the importance of forming relationships with other curious, driven people. 'Cultivate friendships. Cultivate other curious people,' she said. Kim underscored that opportunity doesn't always require a four-year degree. She highlighted work with the Massachusetts Life Sciences Center to create 'alternate pathways' into biotech and related fields for students pursuing vocational routes. 'There are a lot of things you can do in manufacturing, as well as on the administrative side — marketing, sales, etc.,' she said. Hidden in plain sight: Trump's enduring mark on Massachusetts Waymo's driverless taxis will face some unique obstacles in Boston MassLive's 12 innovation leaders to watch in 2025 New head of $100M AI hub says Massachusetts' strengths shouldn't be a 'best-kept secret' Read the original article on MassLive.
Yahoo
28-05-2025
- Business
- Yahoo
Opinion - From moonshots to megawatts: Fusion's Cold War moment
When Neil Armstrong stepped onto the lunar surface in 1969, he declared it a 'giant leap for mankind.' This iconic moment, captured on grainy television screens worldwide, was not merely a triumph of human ingenuity but the result of intense geopolitical competition between the U.S. and the Soviet Union. The rivalry, fueled by the existential anxieties of the Cold War, paradoxically propelled humanity forward. Today, we stand on the threshold of another transformative milestone — achieving practical nuclear fusion. And once again, competition, particularly among the U.S., China and Europe, may prove critical. Idealists often advocate global cooperation, envisioning pooled resources and collective progress. However, historical realities suggest that competitive pressure often yields faster, more substantial results. The sluggish progress of ITER, the International Thermonuclear Experimental Reactor, a collaboration of 35 nations including the U.S., China, Russia and several European countries, illustrates the inherent inefficiencies in sprawling multinational cooperation. Initially proposed in 1985, ITER's schedule has repeatedly slipped, with first plasma now anticipated no sooner than 2034. Development setbacks, bureaucratic inertia, conflicting national interests, inconsistent funding, and prolonged negotiations have significantly hindered progress. Contrast ITER's delays with the rapid advances of private and national fusion efforts. In the U.S., ventures such as Commonwealth Fusion Systems, driven by academic ingenuity and substantial private investments, have reached critical milestones. Commonwealth recently demonstrated a groundbreaking high-temperature superconducting magnet, a crucial advancement toward viable fusion energy. Today, more than 50 private startups globally have attracted more than $8 billion in investment, all racing to be the first to commercialize fusion. China, too, has aggressively advanced its fusion ambitions. Chinese researchers working on the Experimental Advanced Superconducting Tokamak, popularly known as the 'artificial sun,' recently maintained plasma at over 120 million degrees Celsius for more than 400 seconds, a remarkable achievement that brings fusion significantly closer to practical application. These achievements make clear that when the stakes are high, competitive dynamics accelerate progress in ways international collaborations often cannot. Europe, often perceived as a collaborative partner in ITER, is now asserting itself as a formidable competitor in the fusion arena. The European Union has long supported fusion research through such initiatives as EUROfusion, which coordinates research across numerous European laboratories. Facilities such as the Joint European Torus in the UK and the Wendelstein 7-X stellarator in Germany have achieved significant milestones, demonstrating Europe's commitment to advancing fusion technology. Moreover, European startups such as Marvel Fusion in Germany have attracted substantial investments to develop innovative fusion approaches, signaling a shift towards a more competitive stance in the global fusion race. The historical parallels are instructive. The Cold War-era space race between the U.S. and the Soviet Union resulted in unprecedented technological achievements. Beyond landing astronauts on the moon, this competition spurred developments in microelectronics, telecommunications, materials science and computing. The intense desire to outperform a geopolitical rival drove nations to push technological limits, delivering widespread benefits continuously. Could NASA have achieved the moon landing sooner had it been obligated to negotiate every decision with multiple international partners? The answer is unequivocally no. Multilateral consensus-building, however well-intentioned, tends to slow decision-making and dilute ambition. This lesson applies directly to the fusion race. With the accelerating impacts of climate change and global energy demands expected to rise by nearly 50 percent by 2050, fusion energy's promise — clean, abundant, and nearly limitless energy — is urgently needed. Fusion has the potential to decarbonize global energy grids, diminish geopolitical tensions over fossil fuels, and provide stable energy to developing nations. Of course, competition is not without critics. Some argue it leads to duplication, secrecy, or geopolitical tension. Yet history and current fusion progress show competition can sharpen focus, streamline resources, and accelerate timelines where cooperation might stall. Indeed, competition among the U.S., China and Europe is about more than mere technological superiority; it shapes geopolitical alliances, influences global economic dynamics, and may redefine leadership in the 21st century. Just as the U.S. emerged from the space race as a global technological and economic powerhouse, the victor in fusion development will likely dictate future standards for global energy and technology governance. Fusion technology inherently offers widespread humanitarian benefits. Even if initial successes are regionally concentrated, these breakthroughs will inevitably diffuse globally due to their immense economic and environmental advantages. Like space-derived innovations such as satellite technology and computing, fusion's benefits will become universally accessible. Climate negotiations at COP28 underscore the difficulties inherent in international cooperation. Achieving even minimal consensus on reducing fossil fuel production (The 'transition away from fossil fuels' agreement) was politically contentious and largely ineffective, delivering superficial agreements that catered more to geopolitical power dynamics than to any meaningful climate solutions. Such bureaucratic delays and diluted outcomes illustrate why humanity cannot afford to rely solely on multilateral cooperation. Ultimately, the fusion race is not merely a geopolitical contest; it is a vital competition for human survival and global prosperity. While competition may not always be harmonious or efficient, neither was the space race. Yet, the space race advanced humanity dramatically. Allowing the fusion race to unfold unhindered may again deliver swift, transformative solutions at a time when humanity urgently needs them. Our planet and our future depend on embracing this competitive drive. Oded Gour-Lavie is CEO and co-founder of nT-Tao, a compact fusion power company based in Israel. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
