Novatron Fusion Group, a Stockholm, Sweden-based fusion energy company, raised EUR5M in Seed funding.
The round was led by Climentum Capital, in syndication with Industrifonden, Santander InnoEnergy Climate Fund, and with renewed investments by KTH Holding and EIT InnoEnergy.
The company intends to use the funds to accelerate the development of pre-commercial prototypes.
Led by Peter Roos, CEO, Novatron Fusion is developing the Novatron concept, a reactor solution for stable magnetic plasma confinement. Today, stabilizing superheated plasma is a significant roadblock to commercializing fusion reactors. The concept is based on the original idea by the Swedish inventor and entrepreneur, Jan Jäderberg. The company aims to develop economically viable fusion energy in the 2030s.
In December 2022, Novatron Fusion Group publicly announced its business and strategic partners. KTH Royal Institute of Technology in Sweden will provide its knowledge of plasma physics and a well-equipped laboratory, access to academic research, and its international network. EIT InnoEnergy will likewise contribute with its pan-European and well-established network within industry, academia, and public institutions.
FinSMEs
29/08/2023