Thiel-Backed Helion Targets 2024 Breakthrough for Nuclear Fusion
- Startup raises $500 million to build demonstration system
- Aims for first fusion system ever to achieve net power output
Helion Energy CEO David Kirtley and CTO Chris Pihl breaks ground on the company’s next-generation fusion facility in Everett, Washington.
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Helion Energy Inc., a startup backed by billionaire investor Peter Thiel, raised $500 million to fund a system it says will be the first to generate net electricity from nuclear fusion, in 2024.
The Series E funding round was led by Sam Altman, the Everett, Washington-based company’s chairman, and includes existing backers Capricorn Investment Group and Thiel’s Mithril Capital, according to a statement Friday. There are also commitments for another $1.7 billion linked to certain performance milestones.