SEATTLE--(BUSINESS WIRE)--Zap Energy, a pioneer in fusion energy technology, today announced that it has raised $27.5 million in Series B funding. The round was led by Addition, with participation from Energy Impact Partners, GA Capital and Fourth Realm, as well as existing investors Chevron Technology Ventures and LowerCarbon Capital. The new financing comes just nine months after closing a $6.5 million Series A funding round, following the achievement of a major scientific milestone in late 2020 that brings Zap Energy closer to energy breakeven.
Zap Energy is building the most compact, low-cost and scalable fusion reactor that does not employ magnets. Zap Energy achieved thermonuclear fusion in 2018 and is targeting scientific energy breakeven by 2023. Success would mean the production of inexpensive and unlimited carbon-free energy.
“Our vision is to power the planet,” said Benj Conway, President and Co-Founder of Zap Energy. “We are thrilled to partner with Addition and our new investors who share our conviction that Zap Energy’s technology can become one of the key enablers for a sustainable global energy future.”
“As the transition towards sustainable energy accelerates, Zap Energy has the potential to change the way global energy is produced,” said Lee Fixel, Founder of Addition. “The Zap Energy team has developed transformational technology that will reduce the cost of and shorten the path to commercial fusion energy, and we look forward to supporting their continued innovation and growth.”
Zap Energy will use this latest funding round to advance key technologies relating to their fusion reactor.
About Zap Energy
Zap Energy was co-founded in 2017 and is managed by President, Benj Conway, Chief Technology Officer, Brian Nelson and Chief Science Officer, Uri Shumlak. Zap Energy’s sheared-flow stabilized (SFS) Z-pinch reactor requires no magnetic fields or auxiliary heating. Its compact, simple modular reactor is tolerant to high-energy neutrons. The technology builds on work first pioneered by the FuZE team at University of Washington together with Lawrence Livermore National Laboratory. Zap Energy is based in Seattle, WA.