Tokamak Energy Nabs $125M, Total New Fusion Energy Funding Over $1.5B in 2024
Fusion energy funding grew significantly in 2024 versus 2023.
Tokamak Energy announced a $125 million funding round to accelerate its plans to commercialize fusion energy and grow its 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, BW Group, and Sabanci Climate Ventures. This brings Tokamak Energy's total funding to $335 million since 2009.
Over $1.5B in Fusion Energy Funding in 2024 And Counting
Fusion energy funding grew significantly in 2024 versus 2023. Numerous funding rounds demonstrate significant investor interest in fusion energy technologies across various approaches and stages of development. The large amounts raised, particularly Pacific Fusion's $900 million round, indicate growing confidence in the potential of fusion energy to become a commercially viable power source in the coming years. Below are the top six funding rounds closed in 2024; another 11 fundings account for over $150M.
Pacific Fusion raised the largest amount, securing $900 million in a Series A round led by General Catalyst. The funding is structured to release capital as specific project milestones are achieved, allowing the company to focus on developing its pulsed magnetic fusion technology.
Zap Energy closed a $130 million Series D round, bringing its total funding to $327 million. The round was led by Soros Fund Management and included new and existing investors. Zap is working on a "sheared flow stabilized Z-pinch" approach to fusion and has completed construction of its Century system, demonstrating key power plant components.
Xcimer Energy, based in Denver, raised $100 million in a Series A round to develop laser-driven inertial fusion technology. Investors included funds linked to Bill Gates and Laurene Powell Jobs. The company plans to use the funding to create a prototype high-power laser system and expand its team.
Marvel Fusion, a German company, secured €70.3 million (approximately $76.5 million) in a Series B round. The funding will support the development of its femtosecond laser-based fusion approach, including constructing a $150 million research facility at Colorado State University.
Tokamak Energy raised $125 million to advance its spherical tokamak fusion technology and high-temperature superconducting magnet business. This brings the company's total funding to $335 million since 2009.
We Are Not Done Yet
Fusion Energy is just beginning to ramp up funding and is accelerating the path to commercialization. The Fusion Report expects fusion energy funding to grow even faster in 2025.