Everett-based fusion energy company Helion has raised $500 million in Series E funding to finish the company's seventh-generation fusion generator, Polaris.
Helion broke ground on the Polaris facility in July. Helion expects the fusion device to hit "net electricity production," meaning the facility generates more power than it consumes, in 2024.
“This funding ensures that Helion will be the first organization to generate electricity from fusion,” David Kirtley, co-founder and CEO of Helion, said in a news release. "Our sixth prototype demonstrated that we can reach this pivotal milestone. In just a few years we will show that the world can count on fusion to be the zero-carbon energy source that we desperately need."
According to Helion, the company can secure an additional $1.7 billion if it reaches key milestones. Reaching net electricity production in 2024, the company added, could lead to more fusion power plants.
Generating clean energy from fusion for commercial use has long proved an elusive goal. The process requires creating extraordinary heat — at least 180 million degrees — to force atomic particles to collide and release energy, like the sun. Unlike nuclear fission, in which atoms are split, fusion doesn't leave behind radioactive waste that takes thousands of years to decay. But a designing a power plant that can withstand the immense heat and pressure of the fusion process — and generate sufficient energy — has been a stumbling block for scientists and engineers.
Helion's goal of creating zero-carbon electricity comes as world leaders at COP26, the United Nations summit on climate change, grapple with how to cut emissions to save our rapidly warming planet. On Thursday, more than 40 countries pledged to phase out coal. The U.S., China, India and Australia, however, did not sign on to the agreement.
Investors in Helion's $500 million round include some high-profile names, including Sam Altman, the former president of Y Combinator and the CEO of OpenAI. Other investors include Facebook co-founder Dustin Moskovitz, Mithril Capital and Capricorn Investment Group. Altman, who led the round, now serves as Helion's executive chairman, the company said.
“I’m delighted to be investing more in Helion, which is by far the most promising approach to fusion I’ve ever seen,” Altman said in a news release. “With a tiny fraction of the money spent on other fusion efforts, and the culture of a startup, this team has a clear path to net electricity. If Helion is successful, we can avert climate disaster and provide a much better quality of life for people.”
