Marvel Fusion closed a €62.8m ($70.3m) financing round that will enable the company to continue demonstrating its fusion concept at existing laser facilities and achieve full proof of technology at its Colorado facility by 2027.
The Munich, Germany-based company said that it was also selected by the European Innovation Council and SME’s Executive Agency for its accelerator programme, which entails a €2.5m grant to scale fuel target production along with an equity investment of up to €15m.
Marvel Fusion, founded in 2019, is a private company working to commercialise fusion energy through its laser technology.
Nuclear fusion is the process which gives the Sun its energy. Scientists from more than 50 countries have been trying to recreate it on Earth since the 1960s.