Tokamak Energy awarded £10m government funding from BEIS
Oxfordshire-based, Tokamak Energy, the business accelerating the development of commercial fusion power, has been awarded £10m from the Department for Business, Energy and Industrial Strategy (BEIS), as part of the UK Government’s Advanced Modular Reactor project.
The award follows an extensive due diligence process where Tokamak Energy successfully demonstrated the commercial viability, safety systems and regulatory compliance of its technology. Three companies were selected for funding, with Tokamak Energy the only successful company working on fusion.
The company’s success to date shows that the UK has an opportunity to be a world leader in commercially deployable fusion energy. The funds will contribute to core development work on high temperature superconducting magnets and divertor technologies [the divertor is the exhaust system of the tokamak device, which must handle high levels of heat and particle bombardment whilst removing impurities and waste from the system]. These two components are critical for fusion energy and the provision of clean, safe and reliable power on a commercial basis.
This is the largest award of Government funding to Tokamak Energy to date. The business welcomes the Government’s commitment to fusion, announced in the March 2020 Budget and looks forward to rapid progress to enhance the UKs leading position in the delivery of fusion as a commercial energy source.
Tokamak has now received public and private investment of £130m, most recently announcing a £67m fundraise from existing and new private investors in January 2020. Each raise is based on the company successfully meeting strategic and technical milestones, the next of which is to attain fusion temperatures of 100 million degrees. This will be a notable achievement for a private company with a compact device.
“Tokamak Energy has an outstanding track record of validating the potential of compact spherical tokamaks to meet energy demand in a safe, clean, cost effective and reliable way. I am pleased that our hard work to demonstrate that fusion energy can be delivered at scale in a cost effective and regulatory-compliant way has been recognised by BEIS. Their funding will allow us to continue to innovate faster than anyone else in the field, accelerating the development of fusion energy and delivering a cleaner environment.”
Jonathan Carling, CEO of Tokamak Energy
“This is great news for Tokamak Energy, for the Wantage and Didcot constituency and for the UK as this is an exciting new technology to reduce carbon emissions. I opened the new offices of Tokamak Energy earlier this year and toured their impressive facilities, so I have seen first-hand the huge potential their technology has.”
Local MP, David Johnston
Read more, HERE.