TAE Technologies Snags $250 Million in its Latest Fundraising Round
TAE Technologies was founded in 1998. Its mission is to use power generated from nuclear fusion to produce clean energy. Some industry experts contend the technology could potentially provide nearly unlimited carbon-free energy. As such, it could be a scalable solution to meet low emissions goals.
Since 2014, the California-based startup has partnered with Google (GOOGL), which shared its artificial intelligence and computational power. Now, Google is extending its investment in TAE by taking part in a fundraising round.
Google and Chevron are In
The tech giant will join Chevron (CVX) and Japanese investment company Sumitomo Corporation (SSUMF) of Americas in a $250 million capital raise. The latest funding brings the total raised by TAE to $1.2 billion.
Sumitomo’s investment follows last October’s announcement that TAE had partnered with Japan’s National Institute for Fusion Science. Japan currently relies mostly on non-renewable forms of energy such as coal, oil, and natural gas. Like many other countries, the island nation has ambitious renewable energy goals to be met by 2030.
Big Plans for 2025 and 2030
TAE plans to use the new funding to support building a next generation fusion machine, called Copernicus. Its target completion date is 2025. By 2030, the company envisions it will have developed a commercial scale fusion reactor with the capability to deliver power to the grid.
Amid the current rising interest in renewables from both consumers and governments, the company seems to have good timing. What’s more, their technology comes without the same radioactive waste produced by the older, fission-based technology. That may win over people who failed to support nuclear technology in the past.
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