Fusion energy company TAE Technologies announced that it has raised $150 million in a new funding round, with participation from investors including Chevron, Google and NEA. TAE said that the new capital will support its efforts to deliver world’s first commercial fusion power.
Fusion, the process of combining two atoms to form a single atom to release energy, has long been viewed as crucial to a clean energy future, given its potential to produce power from hydrogen, while generating no carbon emissions. Large-scale fusion energy generation has been elusive, however, given the need to create extremely high temperatures and pressure.
Founded in 1998, California-based TAE claims that its fusion systems provide safe carbon-free, utility-scale power, with no risk of long-lived radioactive waste. This gives its systems the flexibility to be based in highly populated areas, remote locations or large-scale data centers.
The company has developed a proprietary approach called advanced beam-driven Field-Reversed Configuration (FRC), which is built to integrate with existing grid infrastructure. As it is modular, it has a quick and scalable deployment with a smaller footprint than a traditional fusion system but similar power outputs.
Google Research first collaborated with TAE Technologies in 2015, applying AI to drive improvements in plasma temperature and lifetime.
To date, TAE has raised more than $1.3 billion in equity since its founding in the late 1990s.
Michl Binderbauer, CEO of TAE Technologies, said:
“TAE’s technology uses the soundest physics to deliver superior performance in a compact machine, with attractive economics and best-in-class maintainability. We are leading the charge to develop revolutionary fusion technology for full-scale commercial deployment.”
Earlier this year, TAE announced that it had made a “breakthrough” that has fundamentally advanced the performance, practicality and reactor-readiness of its proprietary fusion technology. It achieved stable plasmas at over 70 million °C in a simplified fusion device – an achievement the company said was made possible in part through TAE’s decade-long collaboration with Google.
Binderbauer continued:
“We’re delighted to continue our relationship with Google, who have not only provided funding to TAE but collaborated closely in research and development over many years. With this latest fundraise, we look forward to accelerating our efforts to deliver commercial fusion power.”
TAE still has the opportunity to raise additional capital as part of this funding round.
TAE now aims to validate net energy capability in its Copernicus reactor. The company said that it has also published a roadmap for its first prototype power plant, Da Vinci, which will be operational in the early 2030s, delivering TAE’s first commercial fusion power.
