Nuclear pioneer First Light Fusion kicks off £400m fundraising scheme | Business newsletter
An Oxford-based company behind the pioneering approach to generating clean fusion energy is kicking off a £400m funding round, one of the biggest ever by a start-up. energy in the UK.
Sky News has learned that First Light Fusion has begun approaching potential investors for funding in recent weeks.
The company, which has been confirmed by Sir Patrick Vallance, the government’s chief scientific adviser, is aiming to complete its massive fundraising in the coming months.
This year’s First Light Fusion announced that it has combined atomic nuclei – an important step towards generating nuclear fusion power and meeting the growing global demand for clean energy.
The company, which was spun off from the University of Oxford, was founded in 2011 by Nick Hawker, its chief executive.
Its potential valuation if the new round succeeds on Tuesday is unclear, although one source suggested it would be at or close to unicorn status – referring to a small business. at least 1 billion dollars.
First Light Fusion intends to use the new money to speed up the commercialization process, according to people close to the company.
Crucial to this is the demonstration that its technology produces more energy than is used in the process.
Dr Nick Hawker, chief executive officer of First Light Fusion with the UK’s largest supersonic gas gun
Kwasi Kwarteng, the business secretary, has said that the company’s “British-born technology has the potential to revolutionize electricity generation in the coming decades”.
First Light Fusion claims to have made more rapid progress on its goals than any other fusion technology in history.
Its current investors include Oxford Science Enterprises, which backs projects from the city’s world-leading university and recently confirmed a Sky News report that it has raised £250 million to support the companies in its portfolio.
Other shareholders in First Light Fusion include Chinese technology group Tencent, venture capital firm Hambro Perks and IP Group.
Its previous funding round was a $45 million investment announced in February.
UBS, the investment bank, is coordinating fundraising efforts to support the expansion of First Light Fusion.
A spokesperson for First Light Fusion declined to comment on the fundraising.
