Home Energy company U.S. zero-carbon fusion energy startup Helion raises $ 500 million

U.S. zero-carbon fusion energy startup Helion raises $ 500 million

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Nov. 5 (Reuters) – Helion Energy, a fusion energy tech startup, said on Friday it had raised $ 500 million to build a net positive electric generator, which creates more energy than it uses.

The final round values ​​the company at $ 3 billion. Helion said $ 1.7 billion in follow-on investment is being made if he can prove his technology works, which would be a major step in making fusion technology a practical solution to generate electricity for everything. by not emitting carbon.

Fusion is the process that lights the sun when the nuclei of two atoms fuse together under extreme heat. It creates enormous amounts of energy.

Helion’s newest prototype, named Polaris, will add regenerative energy technology to its already developed fusion technology to generate electricity, said Helion founder and CEO David Kirtley. The target date for the demonstration is 2024.

The company inaugurated in July construction of a generator set in Everett, Wash. That will be the size of two shipping containers and produce enough electricity to power 40,000 homes, Kirtley said. If that works, the follow-on investment of $ 1.7 billion will be used to develop a trading system, he said.

“There is a real future for fusion as part of this discussion of climate change and clean energy,” Kirtley said, adding that other fusion energy companies are pushing back the timeline as well. He said there were over 40 private merger companies today.

Fusion has advantages over fission because the fuel is derived from water and not from radioactive uranium or plutonium and does not generate long-term radioactive waste.

Sam Altman, a well-known Silicon Valley investor and artificial intelligence researcher who led the round, said Helion’s long-term goal is not just to create clean energy but to create electricity that costs only a cent per kilowatt hour.

“I hope we have the best idea, but what really matters to me is that somebody gets the fusion built and deployed globally as quickly as possible,” said Altman.

Reporting by Jane Lanhee Lee; Editing by David Gregorio

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