China’s nuclear fusion start-ups power up with record funding round
Startorus Fusion raised US$143 million, a record for a private firm, while Supermag New Energy received ‘several hundred million yuan’
China’s pursuit of commercial nuclear fusion technology has intensified this year, fuelled by a fresh round of financing for start-ups and state-backed initiatives.
Startorus Fusion last week raised 1 billion yuan (US$143 million) from its series A round, a record for a single financing round by a private nuclear fusion company on the mainland, according to a report by the Securities Times.
The deal, announced on January 12, was led by state-owned funds in Shanghai, which contributed around 400 million yuan, according to the report.
The Xian, Shaanxi province-based company had so far secured over 1.5 billion yuan from more than 50 investors, Chen Rui, the CEO and co-founder of Startorus Fusion, told the newspaper. He added that the firm might eventually consider listing on the Star Market, the tech-focused board of the Shanghai Stock Exchange.
The start-up plans to use the funds to construct its next-generation fusion reactor, targeting technical verification by 2028 and launching the pilot plant by 2032.