Focused Energy startup raises $82m funding to advance laser-based nuclear fusion

Focused Energy, a laser-based fusion startup dedicated to developing fusion as a means of generating clean alternative energy, raised an additional $11 million in Series A funding, bringing its total funding to $82 million. The round was led by Prime Movers Lab, and previous investors VCP Capital and Tony Florence joined the round as well.

The funding enables the company to expand its role as a pioneer and innovation driver in laser-based nuclear fusion. The capital will be used for further research and commercialization of nuclear fusion as a safe, climate-neutral and virtually inexhaustible energy source.

Thomas Forner, Co-founder and CEO, Focused Energy: "Although the market environment has fundamentally changed over the past year, we have succeeded in acquiring substantial funding. We are also very pleased to be creating a splash on both sides of the Atlantic. After all, the world's increasing energy needs can only be solved globally."

In May, the Department of Energy awarded a $3 million Milestone-Based Fusion Development Program grant to Focused Energy. The company was one of only eight to receive funding. Focused Energy's approach to fusion energy is based on the successful method developed at the Lawrence Livermore National Laboratory, where in December, it produced the first net energy gain from nuclear fusion. Focused Energy also earned a $50 million German Federal Agency for Disruptive Innovation SPRIN-D award for the development of laser fusion infrastructure over the next five years. In addition, the company will receive $3 million from the German state of Hesse.

Dakin Sloss, Founder and General Partner, Prime Movers Lab and Chairman, Focused Energy: "We believe that Focused Energy is the leading inertial fusion company and the continued technical progress and support from the U.S. and German governments proves that this team is the most likely to commercialise laser-based fusion energy with economically competitive power plants. I spend more time working with the Focused Energy team than any other company because I believe it has the greatest potential to transform billions of lives delivering on the promise of abundant sustainable energy."

www.focused-energy.world