Novatron Fusion Group, headquartered in Sweden and specializing in fusion energy, has revealed the successful completion of a €5M seed funding round, with Climentum Capital as the lead investor.
Industrifonden, Santander InnoEnergy Climate Fund, as well as existing investors KTH Holding and EIT InnoEnergy, joined the funding round.
With a primary objective to establish economically sustainable fusion energy by the 2030s, Novatron Fusion Group plans to allocate the raised funds towards the development of early pre-commercial prototypes.
Enhancing the Dependability of Fusion Reactors
Novatron Fusion Group’s strategy revolves around elevating the dependability of fusion reactors while substantially reducing the financial complexities associated with their establishment and operation, distinguishing it from alternative approaches.
Peter Roos, CEO of Novatron Fusion Group, expresses enthusiasm for the robust investor support, emphasizing how it will facilitate the realization of their mission to reshape the energy landscape and accelerate the transition to a more sustainable future.
Roos adds, “We are now one step closer to enabling fusion energy at scale.”
In the face of escalating global energy demands and urgent climate concerns, Novatron underscores the significance of meeting these requirements without relying on fossil fuels. Fusion power holds the potential to offer a limitless supply of clean, dependable, and affordable energy.
The primary challenge in bringing fusion reactors to the commercial stage is maintaining the stability of superheated plasma. Novatron Fusion Group’s solution, known as the NOVATRON concept, addresses this hurdle through magnetic plasma confinement.
The NOVATRON concept emerged from the visionary ideas of Swedish inventor Jan Jäderberg. Today, a team of globally acclaimed scientists, engineers, and experts collaborates on the concept at the Novatron Lab, situated within Sweden’s prestigious KTH Royal Institute of Technology.
About the Investors
“Given the rapid pace of technological advancement over the past decade, fusion is transitioning from a research endeavor to an aspiration of industrialization,” remarks Malin Carlström, General Partner at Climentum Capital.
Carlström continues, “This prompts us to not only contemplate the feasibility of sustained fusion but also the competitiveness of the estimated energy costs. The NOVATRON concept demonstrates promise in both realms.”
Mala Valroy, Investment Manager at Industrifonden, affirms,
“At Industrifonden, we champion scientifically-supported, scalable investments that can drive societal progress, and the technology of Novatron Fusion Group holds the potential to achieve precisely that.”
Valroy adds, “We are intrigued by their innovative approach and have faith in their capacity to transform energy production in collaboration with renewables. We eagerly stand by Novatron Fusion Group on their journey and anticipate witnessing the transformative impact of their technology.”
Strategic Collaborations by Novatron Fusion Group
In December 2022, Novatron Fusion Group unveiled its strategic collaborations and corporate partnerships. One prominent example is its collaboration with the KTH Royal Institute of Technology in Sweden. This alliance leverages KTH’s deep expertise in plasma physics, access to well-equipped laboratories, academic research resources, and a global network.
The primary objective of these collaborations is to revolutionize fusion energy into a worldwide, environmentally-friendly energy solution. This partnership has resulted in the establishment of a cutting-edge testing center aimed at validating Novatron Fusion Group’s unique plasma control approach. The ultimate goal is to develop a fusion system capable of powering the energy grid by 2040.
Further augmenting its network, Novatron Fusion Group has also forged a partnership with EIT InnoEnergy, offering access to a well-established European network spanning across industries, academia, and the public sector. Additionally, Novatron Fusion Group is an active participant in the UK Fusion Cluster and the USA Fusion Industry Association.