Helion Energy, a nuclear fusion startup, raised a record-setting $500 million series E

The climate-tech space is a matryoshka doll of records at the moment.

Last Monday, we reported that climate-tech funding in general is hitting record levels. And last Friday, we got a record within that record: Helion Energy raised a $500 million Series E, the largest-ever funding round for a private fusion company.

Back up…

Doesn’t nuclear power use fission, not fusion? Correct! But energy-producing nuclear fusion has long been a goal of scientists, as it can, in theory, produce significantly higher quantities of clean energy with far less waste and risk than fission.

• A fusion reaction is the act of joining two atoms and harnessing the resulting power, whereas a fission reaction involves splitting one atom into two.

Sounds good...So why don’t we just use fusion? Well, there’s certainly...energy...around doing so. Companies like Helion, CFS, and General Fusion are working on making that possible. In fact, there are at least 35 startups working on it right now, the FT reports, and an industry group, the Fusion Industry Association, recently formed to help the industry along.

But it’s tough—right now, fusion reactors use more energy than they produce. Helion’s goal is to change this, and, by 2024, to build the first energy-positive fusion demonstration plant.

• And what a lucrative demonstration it could be: An additional $1.7 billion in funding awaits Helion if it delivers on its energy positive goal.
• FWIW, seven years ago the company claimed it’d be energy positive in three years time.

For more: The New Yorker had a great deep dive on the world of nuclear fusion last month.

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