Kyoto Fusioneering Raises 1.5 Billion Yen in Series C Extension Round

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The investment will accelerate landmark R&D initiatives for the world’s first integrated testing facilities

Kyoto Fusioneering (KF) has raised a total of 1.5 billion yen (US$ 9.9M) from three new investors in a Series C extension round. This brings the cumulative total raised in Series C to 12.0 billion (US$ 79.2M) yen and the overall total funds to 13.7 billion yen (US$ 90.4M).

*Calculated from the TTM of the Bank of Tokyo-Mitsubishi UFJ on 28 March 2024 (1$ = 151.52 yen).

The funds will accelerate KF’s research and development efforts including the UNITY-1 and UNITY-2 projects – the world’s first test facilities for integrated fusion power plant systems. It will also drive ongoing efforts to bring its expertise in critical plant technologies and engineering to the forefront of the global fusion energy ecosystem.

Since raising 10.5 billion yen in its Series C round in May 2023, KF has landed a contract from General Atomics (San Diego, CA) to supply its best-in-class gyrotron plasma heating system to boost U.S. Department of Energy’s DIII-D national fusion facility operations. Collaborations have also been fortified with public research institutions like the UK Atomic Energy Authority (UKAEA) and Canadian Nuclear Laboratories (CNL), as well as leading academic institutions including Germany’s Karlsruhe Institute of Technology (KIT), US’s Oak Ridge National Laboratory (ORNL), US’s Savannah River National Laboratory (SRNL) and Japan’s University of Tsukuba.

The landmark UNITY-1 in Japan and UNITY-2 with CNL represent the vanguard of KF’s R&D acceleration. As world-first integrated testing facilities, they enable the maturation of the Thermal Cycle System and the Fuel Cycle Systems – which are critical path technologies for commercial fusion reactors. KF will continue to dedicate its R&D efforts to addressing the challenges faced by fusion players today.

[Summary of Series C (Extension) Funding]

Series C (Extension) Funding:
1.5 billion yen (Series C Funding 12.0 billion yen / Cumulative total: 13.7 billion yen)

New Equity Subscribers (in alphabetical order starting at lead investor):

  • 31VENTURES – Global Brain – Growth I GK
    Representative Partner: Mitsui Fudosan Co., Ltd. / Representative Partner: Global Brain Corporation
  • Kyogin Shining Future Support Fund III for SDGs Investment Limited Partnership
    General Partner: Kyoto Capital Partners Co., Ltd. (KCAP)
  • Fujikura Ltd.

Purpose of the Funding:

  • Accelerate investment in R&D, including UNITY-1 and UNITY-2
  • Promote global business and recruiting
  • Securing working capital for large project orders and business expansion

Co-founder and CEO of Kyoto Fusioneering Ltd, Satoshi Konishi, commented:

This Series C extension is critical for propelling our business forward and marks an important milestone as we plant our flag while looking ahead to the next leap. We are grateful to the new investors joining us on this journey.

With research and development accelerating worldwide and the competition intensifying, we are leveraging the technology and expertise cultivated in Japan to deliver globally and build a supply chain. Realizing fusion energy plants and establishing robust supply chains necessitates the convergence of cutting-edge technologies and know-how from diverse industries, customized for fusion’s unique demands. It is very encouraging to receive support from such a broad range of industries, including existing investors. We are committed to excelling through united efforts.

[Comments from Investors] (in alphabetical order starting at lead investor)

31VENTURES – Global Brain – Growth I GK
Representative Partner: Mitsui Fudosan Co., Ltd.
Managing Officer, General Manager, Open Innovation Department, Innovation Promoting Division
Hideaki Takanami

In November 2021, Mitsui Fudosan formulated the Group Action Plan to Realize a Decarbonized Society aimed at achieving net zero greenhouse gas emissions by fiscal 2050. Subsequently, 31VENTURES has established a dedicated team for exploring cutting-edge technologies and unique solutions for decarbonization as a corporate venture team, which identifies trends in technology innovation related to decarbonization and promotes decarbonization-related startup investment and co-creation.
Kyoto Fusioneering aims to realize industry of fusion energy, and Mitsui Fudosan decided to invest based on an evaluation of its expertise, technical strength, outstanding executives and its market potential.
Through this investment and the participation in J-Fusion, Mitsui Fudosan seeks to contribute to industry creation and innovation in the new clean energy field of fusion energy and realize a decarbonized society.

Fujikura Ltd.
Director, President and CEO Naoki Okada

Fusion energy is expected to be the next-generation energy source for achieving a carbon-neutral society. Kyoto Fusioneering is recognized as a global leader in this field and is considered crucial for the practical implementation of fusion energy.
Fujikura Ltd. has been engaged in the development of high-temperature superconductors for many years and has been supplying these high-temperature superconductors for fusion energy reactor development projects in Europe and the United States. We will actively work towards the realization of fusion energy through collaboration with Kyoto Fusioneering in the future.

Kyogin Shining Future Support Fund III for SDGs Investment Limited Partnership
General Partner: Kyoto Capital Partners Co., Ltd.
Manager, Venture Investment Department
Yasuhiro Suzumura

We have been paying attention to Kyoto Fusioneering from the beginning as a startup from Kyoto University, and this time we have had the opportunity to invest. I feel that the appeal of Kyoto Fusioneering is that it is a business model that takes the position of a plant engineering company that provides important components for fusion reactors with specialists in the field of nuclear fusion, including Mr. Konishi. Kyoto Financial Group will support their challenge toward the realization of fusion power generation.

[Existing investors] (in alphabetical order)

  • Coral Capital
  • Daiwa Corporate Investment Co.,Ltd.
  • DBJ Capital Co., Ltd.
  • Electric Power Development Co.,Ltd.(J-POWER)
  • JAFCO Group Co., Ltd.
  • JGC MIRAI Innovation Fund L.P. (General Partner: Global Brain Corporation)
  • JIC Venture Growth Investments Co., Ltd
  • K4 Ventures GK(Kansai Electric Power Group)
  • Kyoto University Innovation Capital Co.,Ltd.
  • Mitsubishi Corporation
  • Mitsubishi UFJ Capital Co., Ltd.
  • MITSUI & CO., LTD.
  • MOL PLUS Co., Ltd.
  • MUFG Bank, Ltd.

About Kyoto Fusioneering Ltd
Kyoto Fusioneering is a privately funded fusion energy engineering company founded in 2019 building on decades of fusion research at Kyoto University. Uniquely dedicated to tackling advanced fusion engineering challenges, we leverage cutting-edge technologies such as gyrotron systems, tritium fuel cycles, breeding blankets, and hydrogen isotope transfer pumps. Collaborating globally with fusion innovators, both private and public, and focusing on critical-path technologies, we strive to deliver the promise of fusion. Headquartered in Tokyo, with a presence in the UK, and the U.S. and an in-house Kyoto R&D centre, we bring unmatched expertise and diverse solutions to the global fusion ecosystem. Explore more about KF’s vision for the future of energy at www.kyotofusioneering.com/en/ or by contacting media@kyotofusioneering.com

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