December 8, 2023

Novatron Fusion Group receives a funding of EUR 5 million

Novatron Fusion Group receives a funding - Representative Image - Image by rawpixeldotcom on Freepik
Novatron Fusion Group receives a funding - Representative Image - Image by rawpixeldotcom on Freepik

Novatron Fusion Group, a Swedish company that aims to revolutionize the field of fusion energy production, announced recently the successful closure of its seed round, raising EUR 5 million. 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 world’s energy demand is growing rapidly, and we need to meet it without reliance on fossil fuels. Fusion power has the potential to provide a limitless supply of emissions-free, reliable, safe, and affordable energy for all. Fusion power would provide a much-needed solution to some of humanity’s greatest challenges: the growing need for energy and accelerating climate change.

Today, stabilizing superheated plasma is a significant roadblock to commercializing fusion reactors. The NOVATRON concept is an innovative reactor solution for stable magnetic plasma confinement that aims to overcome this hurdle. The NOVATRON concept is based on the original idea by the Swedish inventor and entrepreneur, Jan Jäderberg. It’s being developed by world-leading physicists, engineers, and academics at the new Novatron Lab, housed within the former Alfvén Laboratory at KTH Royal Institute of Technology in Sweden.

Novatron logo

Peter Roos, CEO of Novatron Fusion Group, commented: “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.”

Novatron Fusion Group aims to develop economically viable fusion energy in the 2030s. The new capital will be used to build pre-commercial prototypes. The company’s unique solution aims to increase reliability and reduce the current capital and operational cost profiles of its fusion reactors, relative to alternative solutions.

Malin Carlström, General Partner at Climentum Capital commented: “With the exponential speed of technological advancements in the last decade, fusion is now moving from being a research project to an industrialization phase ambition. 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.”

Mala Valroy, Investment Manager at Industrifonden, commented: “At Industrifonden, we believe in making science-backed, scalable investments that can shift the needle for society, and Novatron Fusion Groups technology has the potential to do just that. We are impressed by their innovative approach and confident in their ability to revolutionize 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.”


For more information on energy sector:

Rondo Energy Secures USD60 Million from multiple investors

Hallador Energy receives USD 140 million credit facility from PNC Bank

EnLink Midstream appoints Dilanka Seimon as CCO

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