Oxford-based inertial fusion energy company First Light Fusion has announced the successful first close of its latest funding round. The £25m ($33.7m) first close, led by UK venture firm East X Ventures and its fusion fund, Starmaker One, includes a significant strategic investment from the UK Atomic Energy Authority (UKAEA).
The new capital raised, which also includes investment from existing shareholders IP Group and its Hostplus managed fund, will accelerate the commercial development of First Light Fusion’s FLARE Fusion Energy concept. FLARE (Fusion via Low-power Assembly and Rapid Excitation) is a fully developed technical concept and roadmap, but it remains in the design and validation stage rather than being a physical, operational reactor.
“We are thrilled to welcome Starmaker One and UKAEA,” said. First Light Fusion CEO Mark Thomas, “Together, their investments are a powerful validation of our technology and support our mission to move at pace towards commercially viable fusion energy. We are also grateful to our existing shareholders for their substantial and continued support.”
The participation of UKAEA, the home of UK fusion energy research, reflects growing national confidence in both Inertial Fusion and First Light Fusion’s capability to complement and diversify the UK’s fusion technology landscape. UKAEA CEO Tim Bestwick said: “As described in the recent UKAEA strategy, we are looking to grow UK based industrial capabilities in fusion. We are pleased to make this investment in First Light Fusion, which will support the company in developing their exciting, innovative technologies.”
Theo Mollinger, General Partner of East X Ventures said: “Through the Starmaker One fund we are helping to build a vibrant fusion ecosystem in the UK. We back pioneering companies which are national champions with dual use technologies and strong commercial plans. We are excited to be including First Light Fusion in our growing portfolio.”
The funding will enable First Light Fusion to deliver a series of major fusion milestones and accelerate the growth of the company’s commercial business, built on its amplification technology and enhanced simulation and test capabilities. The company recently achieved several experimental breakthroughs and continues to expand collaborations across academia, government, and industry in fusion, commercial and defence markets.
In March, working with the radiation physics team at Nuclear Technologies, a business unit of TUV Sud UK, First validated the tritium breeding capability of its FLARE power plant concept. This is an important step in the FLARE power plant development, showing how the reactor could generate fuel both for itself and for other fusion power plants.
