UK-based Tokamak Energy announced on 20 January that it had raised GBP 67m ($88m) from new and existing investors to fund the next phase of its strategy to produce grid connected fusion power by 2030. The company said the funds will be used to generate 100m degrees in its latest prototype and develop the next generation tokamak. Significant investment came from new investors including Dr Hans-Peter Wild and from existing backers including Legal & General and David Harding. Tokamak Energy says it is pioneering the combination of compact spherical tokamaks and high temperature superconductors (HTS) to generate fusion energy on a commercial basis.
The company notes that it made important progress in 2019 towards its target of fusion power generation by 2025 and a grid connected power plant by 2030. This includes significant developments in the magnet technology that is required to hold the hot fusion fuel in place. In April, Tokamak Energy created the highest ever magnetic field in a spherical tokamak. Jonathan Carling, CEO of Tokamak Energy, said: “Since 2009 we have met every development milestone on budget, and in some cases ahead of schedule. This funding enables us to continue development towards our target of fusion power demonstration by 2025 and grid connected power by 2030.