Spinout First Light Fusion raises £22.7m
First Light Fusion, spun out from the University of Oxford with help from Isis Innovation, has raised £22.7m million to develop process for achieving practical and affordable fusion energy.
Investors in the round include IP Group, a fund managed by Invesco Asset Management Limited, clients advised or managed by Sandaire Investment Office and the University of Oxford.
First Light has discovered new implosion processes that can achieve the high temperatures and compression necessary for fusion reactions and other valuable applications. The company’s approach has the potential to dramatically shorten the timescale and cost of achieving practical and affordable fusion energy. This fundraising will allow First Light to further develop its modelling tools and experimental capability and will fund collaborations with leading research groups in the field.
The company has established a scientific advisory board to provide technical input and governance for its development programme. The board will be cchaired by Arun Majumdar, Jay Precourt Professor at Stanford University, and consists of eminent figures in energy innovation including Nobel laureate Steven Chu, the former US Energy Secretary.
Read more: IP Group First Light Fusion announcement.