The venture capital unit of Mitsui Sumitomo Insurance has invested in an Israeli fusion start-up called General Fusion. The investment is part of a $100 million funding round that General Fusion is raising.
General Fusion is developing a type of fusion reactor called a tokamak. Tokamaks use a magnetic field to confine the plasma, the hot, electrically charged gas that is the fuel for fusion reactions. General Fusion’s tokamak is designed to be smaller and more efficient than traditional tokamaks.
Image Credit: General Fusion
The investment from Mitsui Sumitomo Insurance is a vote of confidence in General Fusion’s technology. It also shows that there is growing interest in fusion power from investors around the world.
Fusion is a promising source of clean energy that could potentially provide a limitless supply of power. However, it is still a developing technology and there are many challenges that need to be overcome before it can be commercially viable.
The investment from Mitsui Sumitomo Insurance is a significant milestone for General Fusion and it will help the company to continue its development work. If successful, General Fusion could help to make fusion power a reality.
Here are some other details about the investment:
- The investment was led by Lightspeed Venture Partners and joined by other investors such as Breakthrough Energy Ventures and 1989 Capital.
- The funding will be used to support General Fusion’s development of its tokamak reactor and to advance its plans to build a commercial fusion power plant.
- General Fusion has raised a total of $240 million in funding to date.
