Nuclear technology startup Renaissance Fusion announced that it has raised €32 million (USD$33.2 million) in a series A funding round, with proceeds aimed at scaling and commercializing its fusion technology to produce low-cost, low-carbon energy.
Founded in 2020 by Francesco Volpe and Martin Kupp, Grenoble, France-based Renaissance Fusion is developing technology aimed at making nuclear fusion simpler and cheaper. The company uses an approach utilizing stellarators to create net fusion electricity, which are doughnut-shaped devices that magnetically levitate hot ionized gases and heat them to temperatures hotter than the sun, and utilizing proprietary liquid metal technology to reduce radioactivity, as well as proprietary High Temperature Superconductors (HTS) technology to generate the high magnetic fields needed to make fusion smaller, cheaper and with reduced time to manufacture.
According to Renaissance Fusion, the new capital will enable the company to become a manufacturer of HTS, further develop its proprietary liquid metal wall technology, and build a reduced-scale HTS stellarator reactor module.
Volpe said:
“In co-founding Renaissance Fusion, I was inspired, among others, by “magic realism” and by the novel “A hundred years of solitude” by Gabriel Garcia Marquez. I vividly remember the opening: ice, which is now commonplace in every kitchen, seemed magic to people before it was made available on a large scale. I believe that we are working on something similar: a world where fusion seems magic today, but will be common in a very near future. Indeed, Renaissance Fusion aims to commercialize nuclear fusion reactors in the 2030’s, paving the way for abundant, low-carbon, low-cost electricity.”
The financing round was led by Crédit Mutuel Alliance Fédérale, via Crédit Mutuel Impact, alongside Lowercarbon Capital, which also led a €15 million seed round in 2022. Renaissance Fusion was also awarded a €10 million “Innovative Nuclear Reactors” grant from BPI France in 2023.
Sabine Schimel, Managing Director of Crédit Mutuel Impact, said:
“Once commercialized, nuclear fusion will have a huge environmental and economic impact. We are proud to contribute to the growth of this industry, which requires massive investment. This operation is fully in line with the strategy of our Fund Révolution Environnementale et Solidaire, which is dedicated to technological breakthroughs and decarbonization.”
