Venture Capital/ESG: TAE Achieves 75 Million Degrees Celsius In Fusion Energy Reactor, Raises $250M From Marquee Investors
TAE will use the funds to construct Copernicus, its next gen fusion research reactor.
TAE Technologies, the fusion energy startup on track to commercialize its technology by the mid-2030s, has raised a $250 million Series G-2 round from investors including Google (NASDAQ: GOOGL), Chevron (NYSE: CVX), Sumitomo Corporation (TYO: 8053) of Americas, TIFF Investment Management, Reimagined Ventures, a large U.S. West coast based mutual fund manager, a big U.S. pension fund, and others. The round recognized TAE’s progress towards commercial fusion energy after Norman, the company’s fifth-generation fusion reactor, sustained stable plasma at more than 75 million degrees Celsius, 250% higher than its original goal. (CISION PR Newswire)
TAE will use the proceeds of the latest round to construct Copernicus, its next generation fusion reactor in a 100,000-square-foot facility in Irvine, California.
Copernicus is being designed to achieve net energy generation with TAE’s advanced beam-driven field-reversed configuration (FRC) – the penultimate step on TAE’s path to commercialize clean fusion power.
Optometrist Algorithm, which TAE developed jointly with Google, utilizes machine learning to optimize the operation of TAE’s research reactors, substantially advancing the rate of progress and ultimate performance achieved. Programmatic steps that used to take well over a month can now be achieved within one day.
According to TAE, its non-radioactive approach represents the fastest, most practical, and economically competitive fusion energy derived solution to bring abundant carbon-free energy to the grid. It avoids carbon and particulate emissions, mitigating any impact on the environment or climate change.
Infinite clean energy
“Limitless zero-carbon clean energy is no longer a pipe dream – it’s a future within reach thanks to TAE Technologies’ incredible scientific advancements,” says Jack Litowitz, Director of Strategic Investments at Reimagined Ventures. “Few challenges are as complex as replicating the sun’s energy generation process. The number of sectors and lives that TAE’s industry-leading work could positively impact is immeasurable.”
Related Story: AI Could Help Realize the Holy Grail of Nuclear Fusion
Latest Alternative Investment News
Ripple Labs, the blockchain payments company that created the XRP cryptocurrency, is interested in purchasing assets of Celsius Network, the crypto lender that was forced into bankruptcy amidst the meltdown…
Nuri, a digital banking platform and app, offered users crypto transactions as well as normal banking activities including a debit card. The firm announced it had filed for insolvency on…
Telexistence Inc., the Japanese robotics company, announced the launch of its TX SCARA restocking robots in 300 FamilyMart convenience stores in Japan later this month as part of its AI-based…
US ETF issuer GraniteShares, which first launched leveraged ETFs on single stocks in the UK in 2019, and now offers 106 such products across Europe, has listed a suite of…