Google and Chevron have taken part in a $150 million funding round of TAE Technologies, which is developing a new type of nuclear fusion reactor design.
Founded in 1998, TAE Technologies has been working towards making clean fusion energy cheaper. Alongside fusion, the company is also working on innovations that support intelligent power management systems and next-generation treatment for cancer patients.
On June 2, TAE announced that its latest funding round to develop a clean and safe approach to commercial fusion has raised more than $150 million. The funds raised in the round exceeded the company’s initial target.
The company also stated that it has the option to raise additional capital as part of this funding round. It has raised over $1.3 billion in equity capital since inception, according to the company. Earlier this year, TAE announced a major milestone that fundamentally advances the performance, practicality and reactor-readiness of its proprietary fusion technology.
Michl Binderbauer, CEO of TAE Technologies, said that nuclear fusion has the potential to transform the energy landscape, providing near-limitless clean power at a time when the world’s energy needs are growing exponentially due to the growth of AI and data centers.
“TAE’s technology uses the soundest physics to deliver superior performance in a compact machine, with attractive economics and best-in-class maintainability. We are leading the charge to develop revolutionary fusion technology for full-scale commercial deployment,” Binderbauer said in a press release.
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