Tokamak Energy, a UK-based startup focused on nuclear fusion, has successfully raised a total of $335 million, with $125 million coming from a recent funding round led by East X Ventures and Lingotto Investment Management.

This latest funding will help advance Tokamak's fusion energy technology and support its TE Magnetics division, which specializes in high-temperature superconducting magnets.

The company is rapidly developing its pilot reactor, the ST40, located in Oxford, to validate its innovative approach to fusion energy.

The ST40 is a spherical tokamak, which is smaller and more efficient than traditional donut-shaped reactors, allowing for improved plasma confinement.

In a significant milestone, the ST40 achieved a temperature of 100 million degrees Celsius in 2022, making it the first privately owned fusion reactor to reach this critical threshold for self-sustaining fusion reactions.

Tokamak Energy's unique design involves squeezing the doughnut shape at the circumference, contributing to the record-setting plasma temperature.

Once operational, each Tokamak reactor is expected to generate approximately 500 megawatts of clean electricity, enough to power around 85,000 homes.

The startup aims to operate a pilot power plant by 2034, positioning itself among other fusion startups, though it is currently trailing behind leaders like Commonwealth Fusion Systems.

Despite historical skepticism about fusion energy being perpetually '20 years away,' recent polls show a shift in perception, with 65% of experts believing fusion could be cost-effective for grid use by 2035.

To generate revenue before commercial fusion becomes viable, Tokamak Energy has launched TE Magnetics, aligning with trends seen among other fusion startups.

CEO Warrick Matthews highlighted the significance of global partnerships in achieving fusion energy, describing the current funding as an exciting opportunity for development.

The new funding will also support Tokamak's commercialization plans, with the goal of having a fusion power plant operational by the 2030s.