Sweden-based Novatron Fusion Group, a company focused on fusion energy, announced that it has raised €5M in a seed round of funding led by Climentum Capital.
The round also saw participation from Industrifonden, Santander InnoEnergy Climate Fund, and existing investors KTH Holding and EIT InnoEnergy.
Novatron Fusion Group has a major goal to develop economically viable fusion energy by the 2030s.
The company says it will use the new funds to create early pre-commercial prototypes.
The essence of the Novatron Fusion Group’s approach centers on boosting reliability and slashing the current financial burdens tied to establishing and operating fusion reactors, setting it apart from alternative solutions.
Amid growing global energy demands and accelerating climate change, Novatron stresses the importance of meeting these needs without relying on fossil fuels.
In order to address these challenges, Fusion power offers the potential for an endless supply of clean, reliable, and affordable energy.
The main obstacle in commercializing fusion reactors is stabilizing superheated plasma. Novatron Fusion Group’s solution, known as the NOVATRON concept, tackles this challenge through magnetic plasma confinement.
The NOVATRON concept originated from the ideas of Swedish inventor Jan Jäderberg.
Now, world-renowned scientists, engineers, and experts are working on it at the Novatron Lab, located in Sweden’s KTH Royal Institute of Technology.
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