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The
latest round values the company at $3 billion. Helion said $1.7
billion in follow on investments were committed if it can prove
its technology works, which would be a major step toward making
fusion technology a practical solution for generating power
while emitting no carbon.
Fusion is the process that fires the sun as the nuclei of two
atoms fuse under extreme heat. It creates enormous amounts of
energy.
Helion’s newest prototype named Polaris will add a so-called
regenerative energy technology to its fusion technology already
developed to generate electricity, said Helion founder and CEO
David Kirtley. The target date for demonstration is 2024.
The company broke ground in Everett, Washington in July to build
the generator which will be the size of two shipping containers
and create enough electricity to power 40,000 homes, said
Kirtley. If it works, the $1.7 billion follow-on investments
will be used to develop a commercial system, he said.
“There's a real future for fusion to be part of this climate
change and clean energy discussion,” said Kirtley, adding that
other fusion energy companies were also pushing the timeline
forward. He said there were over 40 private fusion companies
today.
Fusion has advantages over fission as the fuel is derived from
water, not radioactive uranium or plutonium and doesn’t generate
long-term radioactive waste.
Sam Altman, a well-known investor and artificial intelligence
researcher in Silicon Valley who led the round, said the
long-term goal of Helion is not just to create clean energy but
electricity that costs just one cent a kilowatt hour.
“I hope we have the best idea, but what I really care about is
that someone gets fusion built and globally deployed as quickly
as possible,” said Altman.
(Reporting By Jane Lanhee Lee; Editing by David Gregorio)
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