Energy Singularity has just completed its first round of financing which is almost worth 400 million yuan ($63 million), the first since the company’s establishment. The funding was led by miHoYo and NIO Capital, followed by Sequoia China’s Seed Fund and BlueRun Ventures.
The raised funds will be majorly used for the research and development of the world’s first small Tokamak experimental device based on high-temperature superconducting material, and advanced magnet systems that can be used for the next generation of high-performance fusion devices.
Energy Singularity was a result of the collaboration of experts in the fields of theoretical physics, plasma physics, and high-temperature superconductivity in 2021. The objective of its existence was to explore commercialized fusion energy technology and finally achieve human energy freedom.
The team of Energy Singularity comprises researchers from top universities and research institutes like Stanford University, Princeton University, Peking University, Tsinghua University, and Shanghai Jiao Tong University. They have first-class R&D and engineering capabilities, creativity, and professional experience covering high-temperature superconductivity, plasma physics, artificial intelligence, and other fields.
The company’s focus is on the development of experimental advanced superconducting Tokamak (EAST) and their operation control systems with power generation potential for commercial use. Moreover, it is aiming to provide core components and services with high-cost performance and high reliability for future fusion power reactors.
In 2021, thermal power made up 71% of the total power output in China, and 72% of the oil was imported from overseas. However, China aims at hitting a peak in its carbon dioxide emissions before 2030 and to attain carbon neutrality before 2060. Therefore, the country is implementing measures to commercialize fusion energy.