Tokamak Energy

Background

Tokamak Energy is developing fusion energy technology, which is set to provide a limitless, clean energy source.

Founded in 2009 as a spin-off from the UK Atomic Energy Authority (UKAEA), Tokamak Energy has grown to become a world leading global fusion and superconducting technology company.

It is the only private fusion company with over a decade of experience developing the two technologies that offer the most efficient route to fusion energy; the compact spherical tokamak and high temperature superconducting (HTS) magnets.

In 2022, Tokamak Energy reached a peer-reviewed plasma ion temperature of 100 million degrees Celsius in its spherical tokamak, the threshold for commercial fusion. The company is developing the technology, building the expertise and forming the partnerships needed to deliver commercial fusion energy in the 2030s.

Support from the Bank

The development of a new energy source requires extensive research and, like many breakthrough technologies, Tokamak Energy requires investment to fund extensive upfront R&D activity. 

In November 2024, the British Business Bank announced an £8 million investment into Tokamak Energy as part of a $125m financing round. The British Business Bank also has a board observer seat and has supported the business with its roadmap to commercialisation. 

Outcomes and Growth 

Tokamak Energy is home to over 280 employees with world-class scientific, engineering and commercial expertise. It has 77 families of patent applications and has raised $335 million.

The company is using the funding for the next phase of its research, which will accelerate ambitious plans to develop the technology needed for commercial fusion energy, as well as develop spin-off technologies such as high temperature superconducting magnets. 
This puts the UK at the forefront of the race to bring fusion technology to market, the success of which would present considerable economic opportunities while also supporting the UK’s transition to Net Zero and improving the UK’s energy independence.