🇸🇪 Novatron Fusion Group closes seed round of EUR 5 million – accelerating the transformation to commercial fusion power

September 1, 2023

Press release from Industrifonden

Novatron Fusion Group closes seed round of EUR 5 million – accelerating the transformation to commercial fusion power

Novatron Fusion Group, a Swedish company that aims to revolutionize the field of fusion energy production, announced today the successful closure of its seed round, raising EUR 5 million. The round was led by Climentum Capital, in syndication with Industrifonden, Santander InnoEnergy Climate Fund, and with renewed investments by KTH Holding and EIT InnoEnergy.

The world’s energy demand is growing rapidly, and we need to meet it without reliance on fossil fuels. Fusion power has the potential to provide a limitless supply of emissions-free, reliable, safe, and affordable energy for all. Fusion power would provide a much-needed solution to some of humanity’s greatest challenges: the growing need for energy and accelerating climate change.

Today, stabilizing superheated plasma is a significant roadblock to commercializing fusion reactors. The NOVATRON concept is an innovative reactor solution for stable magnetic plasma confinement that aims to overcome this hurdle. The NOVATRON concept is based on the original idea by the Swedish inventor and entrepreneur, Jan Jäderberg. It’s being developed by world-leading physicists, engineers, and academics at the new Novatron Lab, housed within the former Alfvén Laboratory at KTH Royal Institute of Technology in Sweden.

Peter Roos, CEO of Novatron Fusion Group, commented: “We are thrilled to receive such strong support from our investors. This will enable us to further deliver on our mission of transforming the energy landscape and accelerating the transition to a more sustainable future. We are now one step closer to enabling fusion energy at scale.”

Novatron Fusion Group aims to develop economically viable fusion energy in the 2030s. The new capital will be used to build pre-commercial prototypes. The company’s unique solution aims to increase reliability and reduce the current capital and operational cost profiles of its fusion reactors, relative to alternative solutions.

Mala Valroy, Investment Manager at Industrifonden, commented: “At Industrifonden, we believe in making science-backed, scalable investments that can shift the needle for society, and Novatron Fusion Groups technology has the potential to do just that. We are impressed by their innovative approach and confident in their ability to revolutionize energy production together with renewables. We are excited to support Novatron Fusion Group on their journey and look forward to witnessing the transformative effects of their technology.”

Originally published on 29 August.