Novatron Fusion Group, a Stockholm, Sweden-based company that is developing fusion energy technology, has raised EUR5 million 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.
Novatron Fusion will use the funds to accelerate the development of pre-commercial prototypes of its Novatron concept, a reactor solution for stable magnetic plasma confinement. Plasma confinement is a significant roadblock to commercializing fusion reactors, and the Novatron concept offers a promising new approach.
The Novatron concept is based on the original idea of Swedish inventor and entrepreneur Jan Jäderberg. The company is led by CEO Peter Roos, who has a long history of working in the fusion energy field. Novatron Fusion has a strong team of experts in plasma physics, engineering, and business development.
In addition to the seed funding, Novatron Fusion has also formed strategic partnerships with KTH Royal Institute of Technology in Sweden and EIT InnoEnergy. KTH Royal Institute of Technology will provide Novatron Fusion with its knowledge of plasma physics, 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.
Novatron Fusion is confident that its technology has the potential to make fusion energy a reality. The company is committed to developing economically viable fusion energy in the 2030s.
