Fusion energy company Helion has secured a substantial $425m in series F funding, aimed at accelerating the commercialisation of its fusion technology.
The funding round saw contributions from a mix of new and existing investors. New participants included Lightspeed Venture Partners, SoftBank Vision Fund 2 and a notable university endowment.
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Previous backers have been Sam Altman, Mithril Capital, Capricorn Investment Group, Dustin Moskovitz through the Good Ventures Foundation, and Nucor.
This funding round increases Helion’s total investment to more than $1bn, valuing the company at $5.425bn post-money.
Helion’s co-founder and CEO David Kirtley stated: “We are on the brink of delivering a transformative energy solution that can meet the world’s increasing electricity demands while preserving US energy leadership.
“Our mission has always been focused on rapidly developing and deploying safe, reliable fusion generators that provide abundant, affordable electricity. Earning the support of such a prestigious group of investors is a testament to our progress in both solving hard scientific and technical challenges and tackling the practical realities of building hardware to commercialise a brand-new technology.”
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By GlobalDataHelion has recently commenced operations of its seventh-generation prototype, Polaris, which is anticipated to produce the first electricity from fusion.
The company’s previous prototype, Trenta, marked a milestone by being the first private entity to reach fuel temperatures of 100 million degrees Celsius, a critical threshold for the operation of a commercial fusion power plant.
Lightspeed Venture Partners managing partner and co-founder Ravi Mhatre added: “Fusion has the potential to be a truly transformational technology for industry and society and we see Helion as leading the race to bring that technology to market.
“After extensive due diligence, we’re very confident in Helion’s technology and leadership as the company moves from research and development into commercial production.”
Helion plans to locate its first fusion power plant in Washington state.
In 2023, it announced a power purchase agreement with Microsoft, which includes the delivery of electricity from a 50MW fusion plant starting in 2028.
Helion has also entered a customer agreement with Nucor to develop a 500MW power plant projected for the 2030s.
