Venture Capital: French Startup Renaissance Fusion Lands €15M ($16.3M) Seed Round
Renaissance Fusion is based in Grenoble, France
French nuclear fusion startup Renaissance Fusion has raised €15 million ($16.4 million) in a seed round led by US climate tech venture capital firm Lowercarbon Capital. European investors including HCVC, Positron Ventures and Norrsken also participated in the round.
The funding will be used to triple the company’s workforce and buy equipment for research and development. (Sifted)
Renaissance Fusion is developing parts for use in nuclear fusion reactors, including liquid metal that can stick to the walls of the reaction chamber and insulate them from heat and radioactivity, as well as high-temperature superconducting coils that generate strong magnetic fields.
The company plans to begin selling these technologies in 2024, but not to the fusion market. Instead, they will be applied to other industries requiring strong magnetic fields, such as medical imaging and energy storage.
The company’s founder believes that commercial nuclear fusion power plants will not be viable until the 2030s.
Alexis Houssou, founder and managing partner at HCVC, said in a statement: “We are proud to support Francesco Volpe and his team in the emergence and industrialization in France and in Europe of a disruptive solution in energy production and distribution technologies. Grenoble is a highly strategic location that allows them to benefit from a favorable environment for the development of nuclear energy, a strong ecosystem such as the CEA and an unrivaled pool of talent.”
Related Story: Nuclear Fusion Startup Zap Energy Achieves First Plasmas; Nabs $160M
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