Helion Energy, a fusion technology startup based in Everett, Washington, has secured a $425 million Series F round, valuing the company at $5.4 billion. This significant investment underscores the increasing investor appetite for alternative energy solutions as global power demands continue to climb.
The round saw participation from new investors Lightspeed Venture Partners, SoftBank Vision Fund 2 and a university endowment, alongside existing investors including Sam Altman, Mithril Capital Management, Capricorn Investment Group, Good Ventures, and Nucor Corp. The new funding brings Helion’s total capital raised to over $1 billion following a $500 million Series E round in November 2021.
This investment comes as demand for power surges, driven in part by advancements in artificial intelligence and other technologies. In 2023, Helion announced a power purchase agreement with Microsoft to supply electricity from its fusion plant starting in 2028. A customer agreement with Nucor to develop a power plant in the 2030s was also reached.
Helion is currently operating its seventh-generation prototype, Polaris, which is designed to demonstrate the first electricity generated from fusion. “We are on the brink of delivering a transformative energy solution that can meet the world’s increasing electricity demands while preserving U.S. energy leadership,” said David Kirtley, co-founder and CEO.
The new round is the second-largest in the fusion sector since the beginning of last year, according to Crunchbase data. In October of last year, Pacific Fusion, a startup focused on nuclear fusion, raised more than $900 million in a Series A round led by General Catalyst. However, funding is contingent on the company achieving certain milestones.
Since the start of 2024, there have been roughly two dozen deals of $200,000 or more for fusion-related startups, collectively raising over $7 billion.
