Foothill Ranch-based TAE Technologies, which is seeking to harness virtually inexhaustible fusion energy, said today it has received $250 million more funding, bringing the company’s total financing to $1.2 billion.
Funding participants include Google, Chevron and Sumitomo Corp. of Americas. The money will be used to fund the construction of the company’s sixth-generation research reactor, called Copernicus, that will demonstrate the viability of net energy from TAE’s approach.
The reactor will be built in a 100,000-square-foot facility in Irvine.
Goldman Sachs served as financial advisor in connection with the Series G-2 financing round.
“The caliber and interest of our investors validates our significant technical progress and supports our goal to begin commercialization of fusion by the end of this decade,” Michl Binderbauer, CEO of TAE Technologies, said in a statement announcing the funding round. “Global electricity demand is growing exponentially, and we have a moral obligation to do our utmost to develop a baseload power solution that is safe, carbon-free, and economically viable.”
