British Patient Capital has announced an £8 million investment into Tokamak Energy as part of a $125 million financing round. The funding will help to grow the company’s high temperature superconducting (HTS) technology solution, TE Magnetics.
The growth will meet demand from the fusion energy market and other industries including renewable energy. It will also advance the company’s fusion pilot plant design programme, as well as develop, test and validate new fusion technologies including the high field spherical tokamak ST40.
The round was co-led by East X Ventures and Lingotto Investment Management with participation from new investors including Furukawa Electric Company, global maritime company BW Group and U.S.-based Sabanci Climate Ventures.
The total raised since forming as a spin-out from the UK Atomic Energy Authority in 2009 is $335 million, comprising $275 million from private investors and $60 million from the UK and U.S. governments
British Patient Capital’s investment was made through the £425m Future Fund: Breakthrough programme.
Warrick Matthews, Tokamak Energy CEO, said, “This raise provides us with added experience and capability to drive through this critical and exciting phase of fusion development, addressing the twin challenges of climate change and energy security.”