A UK-based fusion energy pioneer has tapped a leading Wall Street bank to raise a huge sum of money, amid growing hopes that its industry can help solve one of the world’s biggest energy challenges.
Tokamak Energy, based near Oxford, is teaming up with JPMorgan for a capital injection that could be worth hundreds of millions of pounds, Sky News has learned.
Discussions with potential investors are understood to have been going on for some time, according to insiders.
Tokamak, which last raised funding in 2020, hopes to ride a wave of global interest in energy from fusion.
Last month, the U.S. Department of Energy Net energy gain of fusion reactions reportedTokamak chief executive Chris Kelsall described it as “very good for the industry as more and more private and public investment flows into fusion technology”.
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In a statement to Sky News on Thursday, Mr Kelsall said: “Over the past 12 months we have achieved major scientific milestones with our latest prototype spherical tokamak and recently announced the next phase of our development. Future roadmap for competitive business fusion.
“Tokamak Energy is evaluating opportunities with potential financial investors and strategic partners to support our plans to demonstrate clean, grid-ready fusion energy by the early 2030s.”
Founded in 2009 as a spin-off from the Culham Fusion Energy Centre, the company now employs more than 200 people.
It has raised $250m (£205m) to date, with $200m (£164m) from private investors and $50m (£41m) from the UK and US governments.
Other players in the industry include First Light Fusion, which has approached UBS bankers about plans to raise fresh capital.