Helical Fusion, a developer of fusion reactors, announced on 8 October the completion of the second close of its Series B funding round, securing ¥3.23bn ($20m).
Founded in 2021, the company is headquartered in Tokyo.
Collaborating with five partner companies
We covered Helical Fusion’s business at the time of its Series B first close in April, and readers may wish to refer to that article as well.
A major development since the previous raise is the relocation of the company’s head office. In August, Helical Fusion moved from its former base in Ginza, Chuo Ward, Tokyo, to 0 Club in the Shin-Otemachi Building in Otemachi, Chiyoda Ward. 0 Club is an innovation hub dedicated to carbon neutrality and climate tech, operated by Mitsubishi Estate, which also owns the Shin-Otemachi Building. It houses 29 startups, including Helical Fusion, alongside large corporations such as the major general contractor TAKENAKA CORPORATION and VCs including Energy & Environment Investment, GLOBIS Capital Partners and Spiral Capital.
In addition, a partner programme for the Helix Program – the company’s plan to achieve practical power generation from helical fusion in the 2030s – was launched at almost the same time as the previous funding round. Five companies currently take part: industrial products manufacturer Nichias Corporation, general contractor HAZAMA ANDO CORPORATION, electrical equipment maker FUJI ELECTRIC, spinning company HASETORA SPINNING and shipping company Seno Kisen. HAZAMA ANDO, for example, has signed a basic agreement on the construction of Helix KANATA, the first practical power plant.
“The foundation for a new industry is being strengthened,” says CEO
New investors in the Series B second close were FUJI ELECTRIC, Fujikura, TOKYO GAS, KKT, URATA and Kepple group. With this investment, FUJI ELECTRIC will also join the partner programme mentioned above. HAZAMA ANDO, also mentioned earlier, invested in July, and its investment is included in the second-close total.
The funds will be used to develop demonstration devices and a commercial reactor.
Taguchi commented: “The participation of a diverse range of people, including companies leading the energy industry, has given us great confidence. The foundation for creating a new industry from Japan is being further strengthened.”
