Leading UK commercial fusion developer Tokamak Energy to unveil growth plans at Global Investment Summit
Source: PRNewswire | OXFORD, England | Oct. 11, 2021
Leading global fusion energy company, Tokamak Energy, will unveil its growth plans for commercial fusion at the Global Investment Summit in London later this month, attended by an audience of leading UK and international investors.
The Oxfordshire-based company, which is in an elite group of only four fusion companies globally to have raised more than $150m, will outline plans to develop economic fusion in compact power plants based on two world leading core technologies – the spherical tokamak design and high-temperature superconducting magnets. Tokamak Energy is focused on delivering fusion energy that is clean, low cost, secure and globally deployable.
In the last few months Tokamak Energy has demonstrated a transformative magnet protection technology that improves the commercial viability of fusion power plants. This next generation technology delivers higher performance than alternative magnet systems. It has also signalled a major expansion by announcing that it is to double its workforce – with more than a hundred and sixty highly skilled new roles for scientists and engineers created at the company’s headquarters near Oxford.
According to Chris Kelsall, CEO of Tokamak Energy:
“The UK has a unique opportunity to be the global leader in a Net Zero world with fusion energy at its heart. Fusion energy is secure, low cost, globally deployable and clean. Plans are underway for Tokamak Energy to deliver economic fusion in the 2030s – we are developing the power plants of tomorrow while commercialising the tech applications of today. We are delighted to showcase our technology and route to commercial fusion at this week’s Global Investment Summit.”
Minister for Investment Gerry Grimstone said:
“The Global Investment Summit will put UK innovation on the map and demonstrate how we can use investment to nurture technological developments and propel our economy towards a more prosperous, exciting future.
“Our showcase businesses show why the UK is a global hub for green technology, and I am proud that Tokamak Energy will be presenting their innovative fusion energy to some of the world’s most high profile investors at the summit.
“Our industries of the future like energy will not only help ensure a cleaner, greener planet but also create high value jobs in Oxford and across the UK.”
Earlier this month, Tokamak Energy also welcomed the UK government’s new Fusion Strategy and Green paper on regulation. This highlights a pathway for regulating and stimulating a sector that aims to provide low cost, limitless and clean energy to the world. This is especially important in the run-up to COP26.
Notes to Editors
About Tokamak Energy
Tokamak Energy is a leading global commercial fusion energy company based near Oxford, UK. The company is developing the fusion power plant of tomorrow while commercialising the tech applications of today.
Tokamak Energy is pursuing fusion through the combined development of spherical tokamaks along with high temperature superconducting (HTS) magnets.
In the ST-40 fusion prototype, Tokamak Energy has developed the most advanced compact spherical tokamak in the world – a key enabler of commercial fusion. Plans are underway for the ST-40 to operate at 100m degree plasma in 2021, which will be a key milestone for commercial fusion and the first privately funded fusion module to reach this landmark globally.
Tokamak Energy received five US Department of Energy grants in 2020, creating partnerships with leading expertise in the US National Laboratory System. The company is partnering with Oak Ridge National Laboratory and Princeton Plasma Physics Laboratory in a $10m collaboration to develop the ST-40. It has also received a £10m grant from the UK Government as part of investment under the Advanced Modular Reactor (AMR) programme.
Tokamak Energy is working with CERN, the European Organisation for Nuclear Research, on high temperature superconducting (HTS) magnets in developing a proprietary technology that will scale to the large magnets necessary for fusion power modules. HTS magnets also have applications for particle accelerators, aerospace and for several other industrial sectors.
The company, founded in 2009 as a spin-off from the Culham Centre for Fusion Energy, currently employs a growing team of over 180 people with talent from the UK and experts from around the world. It combines world leading scientific, engineering, industrial and commercial capabilities. The company has more than 50 families of patent applications and has raised over £100m of private investment.
Once realised, fusion energy will be clean, economic, and globally deployable – a key enabler for meeting international climate policy goals.