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Tokamak Energy

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Tokamak Energy, Ltd.
TypePrivate
IndustryFusion power
Founded2009; 17 years ago (2009)
HeadquartersOxford, United Kingdom[1]
Key people
Number of employees
280 (2025)
SubsidiariesTokamak Energy Inc.
Websitewww.tokamakenergy.co.uk

Tokamak Energy is a fusion power and superconducting technologies company based near Oxford in the United Kingdom,[2] established in 2009.[3] The company develops fusion energy systems and high temperature superconducting (HTS) technologies. While initially focused on the development of fusion energy, it has expanded into the development of HTS technologies for applications including power distribution, life sciences, propulsion and advanced manufacturing. In 2026, Tokamak Energy was named as Magnet Systems Partner for the UK Government's STEP Fusion programme[4].

History

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Tokamak Energy is a commercial spin-out from the United Kingdom Atomic Energy Authority based in Oxfordshire.[5] As of 2025, the company had raised $335m[6], comprising $60m from the UK and US governments and $275m from private investors, including LRG Capital Group, Dr. Hans-Peter Wild, and David Harding, CEO of Winton Capital.[3]

One of the company's first devices was the copper magnet-based ST-25; in 2015 this was upgraded with rare-earth barium copper oxide (REBCO) high temperature superconductors (HTS) to the ST-25HTS.[7]

From 2018 the company has operated the ST40 high-field compact spherical tokamak, which in March 2022 reached plasma ion temperature above 100 million degrees Celsius,[8] considered the threshold for commercial fusion. A peer-reviewed scientific paper on the achievement has been published by the Institute of Physics.[9]

In 2019, the company announced it achieved a 24 Tesla magnetic field at 20 Kelvin with its patented HTS magnet technology. In 2023, it announced it had built a set of HTS magnets to be assembled and tested in fusion power plant-relevant scenarios in its new Demo4 in-house facility.[10] In 2025 the company successfully replicated fusion power plant fields for the first time with Demo4, achieving field strengths of 11.8 Tesla at -243 degrees Celsius in tests conducted at its headquarters outside Oxford, UK[11].

In October 2022, the UKAEA and Tokamak Energy announced a five-year framework agreement to collaborate on developing spherical tokamaks for power generation. The collaboration focuses on areas including materials development and testing, power generation, fuel cycle, diagnostics, and remote handling,[12] in the UKAEA's STEP machine.

In May 2023, the United States Department of Energy granted the company's US subsidiary, Tokamak Energy Inc., additional funding[13] through its Milestone-Based Fusion Development Program, which partners selected companies with U.S. national laboratories, universities, and other institutions to advance designs and R&D for fusion power plants, representing a major step in the U.S.'s commitment to a pilot-scale demonstration of fusion within a decade.

In November 2024, the company secured $125mn in a funding round led by East X Ventures and Lingotto Investment Management, which saw investment from British Patient Capital, Furukawa Electric Company, global maritime company BW Group and US-based Sabanci Climate Ventures.[14]

In December 2024, the company announced that it had partnered with the United States Department of Energy and UK Department for Energy Security and Net Zero to accelerate fusion energy development through a $52M Upgrade to the ST40 facility[15].

In September 2025, Tokamak Energy acquired specialist engineering company Ridgway Machines in Leicestershire to accelerate the growth and manufacturing capabilities of its TE Magnetics HTS business[16]. Ridgway Machines operates as a Tokamak Energy subsidiary, keeping its brand, staff, and facility unchanged.

In April 2026, Tokamak Energy was named as Magnet Systems Partner for the UK Government's STEP Fusion programme[4].

See also

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References

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  1. ↑ Geschwindt, Siôn (20 November 2024). "Tokamak Energy secures $125M to commercialise fusion power". thenextweb.com. The Next Web. Retrieved 7 August 2025.
  2. ↑ Staff (2009–2025). "Tokamak Energy: Delivering transformative fusion energy and superconducting technologies". Tokamak Energy Ltd. Abingdon, Oxfordshire, England. Retrieved 26 December 2025.
  3. 1 2 "Tokamak Energy on track to be the first private company to achieve 100 million degree plasma temperature, paving the way to commercial fusion energy". www.itnewsonline.com. Retrieved 3 April 2021.
  4. 1 2 "Tokamak Energy Named as Magnet Systems Partner for STEP Fusion Programme - STEP Fusion". 14 April 2026. Retrieved 21 July 2026.
  5. ↑ "ST40 achieves 15-million-degree target - World Nuclear News". world-nuclear-news.org. Retrieved 3 May 2019.
  6. ↑ Energy, Tokamak. "Tokamak Energy raises $125m to commercialize transformative fusion and magnet technologies". www.prnewswire.com. Retrieved 21 July 2026.
  7. ↑ Windridge, Melanie (2020), "Tokamak Energy", Commercialising Fusion Energy, IOP Publishing, doi:10.1088/978-0-7503-2719-0ch5, ISBN 978-0-7503-2719-0, S2CID 241527511, retrieved 13 December 2021
  8. ↑ "Tokamak Energy achieves crucial plasma temperature". World Nuclear News. 10 March 2022. Retrieved 12 July 2022.
  9. ↑ McNamara, S.A.M.; Asunta, O.; Bland, J.; Buxton, P.F.; Colgan, C.; Dnestrovskii, A.; Gemmell, M.; Gryaznevich, M.; Hoffman, D.; Janky, F.; Lister, J.B.; Lowe, H.F.; Mirfayzi, R.S.; Naylor, G.; Nemytov, V. (17 March 2023). "Achievement of ion temperatures in excess of 100 million degrees Kelvin in the compact high-field spherical tokamak ST40". Nuclear Fusion. 63 (5): 054002. Bibcode:2023NucFu..63e4002M. doi:10.1088/1741-4326/acbec8. ISSN 0029-5515.
  10. ↑ "The Engineer: World-first magnets set for fusion power plant testing". The Engineer. 2 September 2023. Retrieved 19 June 2023.
  11. ↑ Tracey (20 November 2025). "Tokamak Energy announces magnet breakthrough - Nuclear Engineering International". Nuclear Engineering International. Archived from the original on 11 March 2026. Retrieved 21 July 2026.
  12. ↑ International, Power Engineering (10 October 2022). "Tokamak Energy and UKAEA team up to drive fusion innovation". Power Engineering International. Retrieved 2 November 2022.
  13. ↑ "DOE Announces $46 Million for Commercial Fusion Energy Development". Energy.gov. Retrieved 19 June 2023.
  14. ↑ Geschwindt, Siôn (20 November 2024). "Tokamak Energy secures $125M to commercialise fusion power". TNW | Deep-Tech. Retrieved 10 April 2025.
  15. ↑ "DOE Partners with UK's DESNZ and Tokamak Energy Ltd. to Accelerate Fusion Energy Development through a $52M Upgrade to the Privately Owned ST40 Facility". Energy.gov. 4 December 2024. Retrieved 21 July 2026.
  16. ↑ Chakraborty, Srabanti (25 September 2025). "Tokamak Energy acquires Ridgway Machines to expand TE Magnetics". Engineering.com. Retrieved 21 July 2026.
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