Novatron Fusion Group, a Swedish company that aims to revolutionize the field of fusion energy production, announced the successful closure of its seed round of €5 million. The round was led by Climentum Capital, in syndication with Industrifonden, Santander InnoEnergy Climate Fund, and with renewed investments by KTH Holding and EIT InnoEnergy.
According to the company, fusion power has the potential to provide a limitless supply of emissions-free, reliable, safe, and affordable energy for all. This would provide a much-needed solution to some of humanity’s greatest challenges: the growing need for energy and accelerating climate change.
However, stabilizing superheated plasma is a significant roadblock to commercializing fusion reactors. This is where the NOVATRON concept enters the game. We are talking about an innovative reactor solution for stable magnetic plasma confinement that aims to overcome this hurdle.
The NOVATRON concept is based on the original idea by the Swedish inventor and entrepreneur, Jan Jäderberg. It’s being developed by world-leading physicists, engineers, and academics at the new Novatron Lab, housed within the former Alfvén Laboratory at KTH Royal Institute of Technology in Sweden.
Peter Roos, CEO of Novatron Fusion Group, commented: “We are thrilled to receive such strong support from our investors. This will enable us to further deliver on our mission of transforming the energy landscape and accelerating the transition to a more sustainable future. We are now one step closer to enabling fusion energy at scale.”
Founded in 2019, Novatron Fusion Group aims to develop economically viable fusion energy in the 2030s. The new capital will be used to build pre-commercial prototypes. The company’s unique solution aims to increase reliability and reduce the current capital and operational cost profiles of its fusion reactors, relative to alternative solutions.
Malin Carlström, General Partner at Climentum Capital said: “With the exponential speed of technological advancements in the last decade, fusion is now moving from being a research project to an industrialization phase ambition. Hence, we should not only consider the possibility of continuous fusion taking place but also the competitiveness of the calculated cost of energy. The NOVATRON concept shows prospects of success in both areas.”
Mala Valroy, Investment Manager at Industrifonden, added: “At Industrifonden, we believe in making science-backed, scalable investments that can shift the needle for society, and Novatron Fusion Groups technology has the potential to do just that. We are impressed by their innovative approach and confident in their ability to revolutionize energy production together with renewables. We are excited to support Novatron Fusion Group on their journey and look forward to witnessing the transformative effects of their technology.”
In December 2022, Novatron Fusion Group publicly announced its business and strategic partners. KTH Royal Institute of Technology in Sweden will provide its extensive knowledge of plasma physics and a well-equipped laboratory, access to academic research, and its international network. EIT InnoEnergy will likewise contribute with its pan-European and well-established network within industry, academia, and public institutions. Novatron Fusion Group is a member of the Fusion Cluster in the UK and the Fusion Industry Association (FIA) in the USA.
Read the orginal article: https://www.eu-startups.com/2023/08/stockholm-based-novatron-fusion-group-secures-e5-million-to-enable-fusion-energy-at-scale/
