Sweden-based Novatron Fusion Group, a company focused on fusion energy, announced that it has raised €5M in a seed round of funding led by Climentum Capital.
The round also saw participation from Industrifonden, Santander InnoEnergy Climate Fund, and existing investors KTH Holding and EIT InnoEnergy.
Novatron Fusion Group has a major goal to develop economically viable fusion energy by the 2030s. The company says it will use the new funds to create early pre-commercial prototypes.
Boosting reliability of fusion reactors
The essence of the Novatron Fusion Group’s approach centres on boosting reliability and slashing the current financial burdens tied to establishing and operating fusion reactors, setting it apart from alternative solutions.
Peter Roos, CEO of Novatron Fusion Group, says, “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,” Roos adds.
Amid growing global energy demands and accelerating climate change, Novatron stresses the importance of meeting these needs without relying on fossil fuels. In order to address these challenges, Fusion power offers the potential for an endless supply of clean, reliable and affordable energy.
The main obstacle in commercialising fusion reactors is stabilising superheated plasma. Novatron Fusion Group’s solution, known as the NOVATRON concept, tackles this challenge through magnetic plasma confinement.
The NOVATRON concept originated from the ideas of Swedish inventor Jan Jäderberg. Now, world-renowned scientists, engineers and experts are working on it at the Novatron Lab, located in Sweden’s KTH Royal Institute of Technology.
What the investors say
“With the exponential speed of technological advancements in the last decade, fusion is now moving from being a research project to an industrialisation phase ambition,” says Malin Carlström, general partner at Climentum Capital.
“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,” adds Carlström.
Mala Valroy, investment manager at Industrifonden, says,
“At Industrifonden, we believe in making science-backed, scalable investments that can shift the needle for society, and Novatron Fusion Group technology has the potential to do just that.”.
“We are impressed by their innovative approach and confident in their ability to revolutionise 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,” adds Valroy.
Novatron Fusion Group’s strategic collaborations
In December 2022, Novatron Fusion Group announced its corporate alliances and strategic collaborators. One notable example is the KTH Royal Institute of Technology in Sweden, which will provide its comprehensive expertise in plasma physics, along with access to a well-equipped laboratory, academic research resources and a global network.
Their main goal is to transform fusion energy into a global, environmentally-friendly energy solution. This collaboration led to the construction of a new testing centre to confirm the distinct method of plasma control developed by Novatron Fusion Group. The plan is to design a fusion system that can power the energy grid by 2040.
EIT InnoEnergy will provide Novatron Fusion Group with its extensive and firmly established European network spanning industry, academia and public sectors. Novatron Fusion Group is also part of the UK Fusion Cluster and the USA Fusion Industry Association.
01
How Leipzig became a hub for energy and medical tech startups with IRL and SpinLab support