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General Fusion, the Jeff Bezos backed startup aiming to harness nuclear fusion as a clean energy source, just raised $65 million in an equity round of funding.
The Series E round of funding was led by Singapore's Temasek, an investment company and included participation from Bezos Expeditions, the venture arm of the Amazon founder and CEO. Bezos is among General Fusion's early investors.
The Vancouver, BC startup also announced it raised $50 million from Canada's Strategic Innovation Fund. To date, the startup has raised $200 million in funding to develop fusion energy on a practical level.
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Funds will go to build a fusion demo plant
The funding is going to build and operate its Fusion Demonstration Plant, which is intended to confirm the performance of General Fusion's technology.
“The world is pivoting toward fusion as the necessary complement to other technologies which, collectively, will enable the carbon-free energy future we all need,” Chief Executive Christofer Mowry said in a press release announcing the funding. “The success of our financing is further evidence that the global stakeholders in this endeavor are leaning into this challenge with action. We are proud and honored that Temasek and our other investors have demonstrated their confidence in General Fusion with this funding.”
Costs may outweigh benefits
General Fusion is among a group of startups that are developing alternative ways to create clean energy and have turned to fusion power to meet that end. They are raising millions of dollars in venture funding.
The technology is attractive because unlike nuclear energy there is no waste associated with it.
But making it a commercial reality is years away largely because of the costs. ITER, the fusion test reactor being created in France in a seven-country collaboration is estimated to cost $65 billion. That covers constructions and doesn't take into account operating costs once experimental operations start in 2025.