Renaissance Fusion, a startup focusing on innovative nuclear technology, has successfully secured €32 million (approximately USD $33.2 million) in a Series A funding round. The funds are intended to facilitate the scaling and commercialisation of the company’s fusion technology, which aims to produce energy that is both low-cost and low-carbon. The announcement was made on a recent date, highlighting a significant step forward in the realm of climate technology solutions.
Founded in 2020 by Francesco Volpe and Martin Kupp, the company is headquartered in Grenoble, France. Renaissance Fusion is developing a unique technology that seeks to simplify and reduce the costs associated with nuclear fusion. The company is leveraging an approach that employs stellarators—doughnut-shaped devices designed to magnetically confine hot ionised gases at temperatures exceeding those found at the core of the sun. Additionally, Renaissance Fusion is utilising proprietary liquid metal technology aimed at minimising radioactivity. This is complemented by their advanced High Temperature Superconductors (HTS) technology, which is essential for creating the robust magnetic fields required to construct smaller, more cost-effective fusion reactors with shorter manufacturing timelines.
Francesco Volpe, reflecting on the inspiration behind the founding of Renaissance Fusion, stated, “In co-founding Renaissance Fusion, I was inspired, among others, by ‘magic realism’ and by the novel ‘A Hundred Years of Solitude’ by Gabriel Garcia Marquez. I vividly remember the opening: ice, which is now commonplace in every kitchen, seemed magic to people before it was made available on a large scale. I believe that we are working on something similar: a world where fusion seems magic today, but will be common in a very near future. Indeed, Renaissance Fusion aims to commercialise nuclear fusion reactors in the 2030s, paving the way for abundant, low-carbon, low-cost electricity.”
The funding round was spearheaded by Crédit Mutuel Alliance Fédérale through its Crédit Mutuel Impact initiative, with Lowercarbon Capital also participating; they had previously led a €15 million seed round in 2022 for the company. In addition to these investments, Renaissance Fusion received a grant of €10 million from BPI France this year, aimed at supporting the development of “Innovative Nuclear Reactors”.
Sabine Schimel, Managing Director of Crédit Mutuel Impact, emphasised the importance of investment in breakthroughs that can significantly alter the energy landscape. The infusion of capital is expected to bolster Renaissance Fusion’s capabilities, specifically allowing the company to begin manufacturing HTS and further refine its proprietary technologies, including the construction of a reduced-scale HTS stellarator reactor module. As such, Renaissance Fusion is setting the stage for advancements in nuclear fusion that could transform the global energy market in the coming decades.
