Fusion energy technology startup Helion Energy announced Friday that it has raised $500 million to build a net positive electrical generator that generates more electricity than it consumes.<\/p>\n\n\n\n
The latest round gives the start-up a valuation of $3 billion. Helion said that $1.7 billion in follow-up investments will be pledged if it can prove that its technology works. This would be a crucial step towards making fusion technology a practical solution for generating carbon-free electricity.<\/p>\n\n\n\n
Fusion is the process that fuels the sun, as the nuclei of two atoms fuse under extreme heat, generating enormous amounts of energy.<\/p>\n\n\n\n
Founder and CEO David Kirtley said Helion’s latest prototype, called Polaris, will feature renewable energy technology, similar to fusion technology that has already been developed to generate electricity.<\/p>\n\n\n\n
The start-up broke ground in Everett, Washington, in July to build a generator the size of two shipping containers and, Kirtley said, generate enough electricity to power 40,000 homes. If successful, the $1.7 billion in follow-up investment would be used to develop a commercial system, he added.<\/p>\n\n\n\n
Sam Altman, a prominent Silicon Valley investor and artificial intelligence researcher, led the panel, saying that Helion’s long-term goal is not only to produce clean energy, but also to keep the price of electricity at just one cent per kilowatt-hour.<\/p>\n\n\n