Stockholm-based Novatron Fusion Group (NFG) has closed a €10 million Series A1 funding round, with energy company St1 as the lead investor and largest institutional shareholder. Other participants include TomEnterprise, Unit E Limited, Axon Partners Group, Climentum Capital, Santander InnoEnergy Climate Fund, Granitor, and Industrifonden. Followed by their previous €3M round, The funding will support further development of NFG’s NOVATRON fusion technology, which aims to address challenges in plasma stability and energy efficiency. As part of the investment, St1 joins NFG’s board, bringing industry expertise as the company moves toward the next phase of its research and development.
Novatron Fusion Group (NFG) focuses on developing fusion energy solutions. Founded in 2019, NFG is working to commercialize its NOVATRON technology, a unique fusion concept designed to offer clean, safe, and virtually limitless energy. The company’s flagship NOVATRON design uses a stable mirror-machine approach, aiming to address key challenges in plasma stability and efficiency in fusion reactors. Based at the KTH Royal Institute of Technology in Stockholm, NFG collaborates with leading physicists, engineers, and academics to advance its research and move towards scalable fusion energy production. The company is backed by a range of investors and is positioning itself as a potential key player in the transition to fossil-free energy.
“We are thrilled to welcome Henrikki Talvitie, CEO of St1, to our board of directors. As our strategic long-term partner and the largest institutional shareholder, Mr. Talvitie brings invaluable expertise that will help us on our journey toward fossil-free energy independence. Together, we will work to secure a successful execution of our elaborate roadmap toward our vision.” — Erik Odén, founder and chairman of Novatron Fusion Group.
The partnership was formed shortly after an announcement that the first prototype of NFG’s unique NOVATRON fusion solution, a groundbreaking technology with disruptive potential, was assembled and the system integration tested. Although NFG will continue running experiments with the first prototype, N1, it is in parallel preparing the next phase of its roadmap where long-term partnerships will be key.
“St1 operates in an industry that needs to transform and has a proven track record of genuinely wanting to accelerate the reshaping of the energy market. As we start preparing for industrialization, we need to secure these types of partners that can contribute with experience, an extensive global network, and a strong position in the energy market.” — Peter Roos, CEO of Novatron Fusion Group.
St1, an energy transition company, searches for game-changing solutions that significantly reduce carbon emissions. As lead investor, St1 will provide long-term value as well as business, industrial, and regulatory knowledge for NFG’s roadmap execution to commercialize fusion energy.
Cross-section of the first pilot device, NOVATRON 1, which is currently operational. The unique aspect of the NOVATRON design is the concave magnetic field that ensures unprecedented plasma stability, along with three plugging forces that prevent plasma leakage – two challenges that no one has previously managed to solve in order to commercialize fusion energy.
“To reach our vision of being the leading producer and seller of CO2-aware energy, we will continue to invest in our value chains and ongoing projects to remain at the forefront of the energy transition. At the same time, St1 also needs to invest in technologies that are not yet commercially available, as nearly 50 percent of the carbon emission cuts required by 2050 will rely on innovations currently in the demonstration or prototype phases. We believe that NFG has a game changing formula and as an owner with a long-term mindset, we are excited over this opportunity to help accelerate the work towards limitless fossil-free energy.” — Henrikki Talvitie, CEO of St1.
By jointly investing in the disruptive NOVATRON technology, the goal with the industrial partnership is not only to support energy resilience in the Nordics, but also to make a positive impact on a global scale by securing a leading position in providing fossil-free, safe, affordable, and abundant energy for all.
In addition to lead investor St1, the oversubscribed funding round of €10 million in equity had participation from both new investors, including TomEnterprise, Unit E Limited and Axon Partners Group, and existing investors: Climentum Capital, Santander InnoEnergy Climate Fund, Granitor and Industrifonden. As a collective, they build a solid base of competence and network propelling Novatron Fusion Group into a new exciting phase.
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Read the orginal article: https://arcticstartup.com/novatron-raises-e10m-series-a1/
