To expand commercialized fusion power, SoftBank supports Helion’s $425 M Series F investment
Fusion energy startup Helion announced that it has raised $425 million in a Series F investment round to expand its efforts to commercialize its ground-breaking fusion technology.
In addition to current investors Sam Altman, Mithril Capital, Capricorn Investment Group, Dustin Moskovitz through Good Ventures Foundation, and Nucor, the oversubscribed and enlarged round included new investors Lightspeed Venture Partners, SoftBank Vision Fund 2, and a significant university endowment. In a statement, Helion stated.
With this most recent round of funding, Helion will now have over $1 billion invested in it, with a post-money valuation of $5.425 billion.
Washington is where Helion plans to locate its first fusion power plant.
In 2023, the business announced a customer agreement with Nucor to build a 500 MW power plant in the 2030s and a power purchase agreement (PPA) with Microsoft to deliver electricity from a 50 MW fusion plant beginning in 2028.
“We are on the brink of delivering a transformative energy solution that can meet the world’s increasing electricity demands while preserving U.S. energy leadership,” said David Kirtley, Helion’s co-founder and Chief Executive Officer.
“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 commercialize a brand-new technology,” he added.
Polaris, Helion’s seventh generation prototype, recently started to function and is anticipated to produce the first electricity through fusion.
Helion was the first private company to reach a fuel temperature of 100 million degrees Celsius with its previous prototype, Trenta. This temperature is typically regarded as the necessary operating temperature for a commercial fusion power plant.
“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,” said Ravi Mhatre, Managing Partner and co-founder of Lightspeed Venture Partners.
The goal of Helion, a fusion energy company, is to use fusion to produce electricity with no carbon emissions.
In order to enable a future with limitless clean electricity, the company plans to construct the first fusion power plant in history.
