Honda backs Israeli fusion startup in $22m round
NT-Tao in Israel has raised $22m for its fusion power technology.
The Series A round was led by Delek US and NextGear Ventures, with additional participation from Honda, OurCrowd and the Grantham Foundation, the lead investor in the company’s seed round.
The funding will enable NT-Tao to continue to scale its team, accelerate prototype developments in the pipeline and build its new research facility and brings the total funding to $28m.
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NT-Tao says it is developing a new approach to fusion. The ‘Critical Angular Momentum Plasma Stabilizer’ is a core component of its proprietary Super Stabilized Confined Plasma (SSCP) technology. Combining this with NT-Tao’s unique ultra-fast heating technology will enable the company to work at a density that is 1000x higher than other systems. This plasma regime yields a fusion reaction that is 1,000,000x stronger, resulting in significantly more efficient energy production.
The company will use this investment round to perfect its technology in upcoming prototypes.
“NT-Tao is rapidly headed towards developing a high-density, compact fusion reactor to provide the cleanest form of sustainable energy to mitigate the pending climate crisis,” said Oded Gour-Lavie, CEO and Co-founder of NT-Tao.
“We’re proud to be the first Israeli fusion energy company pioneering the next generation of fusion energy to enable an era of limitless power and global energy security. With the support of industry-leading investors, NT-Tao is moving at a rapid pace of development to ensure that the commercialization of fusion energy becomes a reality,” he said.
“We are dedicated to partnering with companies developing breakthrough technologies that will make a significant impact on the world, and NT-Tao fits perfectly into our partnership framework. We not only invested in the company, we also brought in with us top-notch global players to co-invest and open up collaboration opportunities for the company,” said Dr. Tal Cohen, Managing Partner at Next Gear Ventures.
“Clean energy sources are an inherent and imperative component of securing a sustainable future. The compact, modular approach pioneered by NT-Tao stands out in a competitive marketplace and represents a game changer not only for the mobility sector but in how humanity will harness and democratize energy and revolutionize the world for generations to come.”
“Honda has high expectations for the future of NT-Tao, a company with advanced fusion energy technology, led by management team members with a high level of expertise,” said Shinji Aoyama, Director and Senior Managing Executive Officer of Honda.
“Honda believes that fusion energy technology will be a breakthrough technology for affordable, stable, clean energy, and we envision this technology will become increasingly important as electrified vehicles become more popular. Honda will continue to search for, collaborate with, invest in, and acquire promising venture companies through our global open innovation program, Honda Xcelerator.”