Munich-based Marvel Fusion, a fusion energy company, has extended its Series B funding round by €50M, bringing the total to €113M.
The German company has extended its Series B funding round, bringing its total raised capital to €385M, to date. This includes €170M in private investments and €215M in public cooperation projects.
The latest extension round includes new investments from EQT Ventures, Siemens Energy Ventures, and the European Innovation Council (EIC) Fund, marking EIC’s first equity investment in fusion energy.
Existing investors Tengelmann Ventures and Bayern Kapital also contributed.
Ted Persson, Partner at EQT Ventures, says, “Needless to say, solving fusion would be a generation-defining moment for humanity. We’ve followed the fusion space since the early days of EQT Ventures. The exceptional team at Marvel Fusion has proven time and again that fusion energy is within reach, and we are more than excited to partner with them.”
Building the first laser-based fusion power plant
Marvel Fusion’s extended round supports its transition from research and development to industrial deployment. This includes the construction of a $150M laser facility in partnership with Colorado State University.
Marvel Fusion is also advancing its industrial partnership with Siemens Energy to develop a conceptual design for a fully integrated fusion power plant.
Moritz von der Linden, founder and CEO of Marvel Fusion, says, “Welcoming the EIC Fund, EQT Ventures and Siemens Energy to our shareholder board is fantastic; it gives us the financial and operational backing for executing the required milestones towards building the world’s first fusion prototype.”
Siemens Energy is contributing resources to the design of a fusion power plant, including heat transfer and power generation systems.
Juha Pankakoski, Executive VP of Global Functions at Siemens Energy, says, “We have long been involved with Marvel Fusion, contributing our expertise and we look forward to continuing our joint work.”
“We hope this important technology becomes a reality, enabling reliable energy. When that day arrives, Siemens Energy is committed to being at the forefront.”
Marvel Fusion is developing high-energy laser systems to build the first laser-based fusion power plant. The company is constructing two laser prototypes and forming industrial partnerships to scale laser production.
The goal is to meet the high-gain requirement necessary for delivering energy at competitive prices.
“Providing the initial funding for the first two prototypes, SPRIND is committed to supporting Marvel Fusion’s path to scaled laser production and their further mission to build a fusion power plant,” says Antonia Schmalz, CTO of Pulsed Light Technologies and innovation manager at SPRIND.
According to Marvel Fusion, once commercialised, fusion energy is expected to reduce fossil fuel dependence and provide a competitive, reliable baseload energy source.
Brief about Marvel Fusion
Founded in 2019, Marvel Fusion is developing a new fusion energy technology that leverages advances in laser and nanoscience to increase the probability of fusion.
The company aims to create a safe, reliable, and scalable energy source. It is focused on solving complex technological challenges and advancing fusion energy as a sustainable power solution.
