Energy tech startup Xcimer Energy today announced that it has raised $100 million in a Series A financing round, with proceeds to be used to expand its team and demonstrate the viability of its fusion energy technology.

Fusion, the process of combining two atoms to form a single atom to release energy, has been long referred to as the “Holy Grail” of clean and abundant energy production, given its potential to produce power from hydrogen – the most common element in the universe – without producing carbon emissions associated with fossil-fuel based power, and without the highly radioactive output of nuclear fission processes. Large scale fusion energy generation has been elusive, however, given the need to create extremely high temperatures and pressure.

Founded in 2022, Denver-based Xcimer uses laser technology to accelerate the commercial the deployment of fusion energy., with a mission to reach industrial scale. The company’s solution uses lasers to create an intense pulse of light, focused onto a tiny sphere of fuel, creating high temperature and pressure that initiates fusion reactions. The generation and release of energy is controlled by the pulse, and the fusion energy from each burning capsule is converted to heat in the chamber walls and a circulating coolant absorbs and carries the heat to generate steam, which in turn drives turbines to produce electricity.

According to the company, the laser architecture will produce up to 10 times higher laser energy at 10 times higher efficiency and over 30 times lower cost per joule than the National Ignition Facility (NIF) laser system that achieved fusion scientific breakeven in December 2022.

Xcimer said that it will use the new capital to establish a new facility in Denver, where it will build a prototype laser system including the world’s largest nonlinear optical pulse compression system to advance the development of its transformative technology for laser-driven inertial fusion, as well as to expand its team. Alongside the fundraising, Xcimer announced the appointment of Giovanni Greco as Senior Vice President of Engineering, responsible for leading engineering at the company, starting with the design, development and manufacturing of the prototype laser system.

Conner Galloway, CEO and Chief Science Officer of Xcimer said:

“This Series A financing enables us to achieve key milestones along the path to commercial inertial fusion energy. We’re thrilled that our industry-leading investors, as well as our partners from U.S. national labs, academic institutions and private industry, are joining us on our mission to bring safe, reliable, zero-carbon and economical energy to the world.”

The round was led by venture investor Hedosophia, with participation from investors including Breakthrough Energy Ventures, Lowercarbon Capital, Prelude Ventures, Emerson Collective, Gigascale Capital, and Starlight Ventures.

Mark Cupta, Managing Partner at Prelude Ventures, said:

“The benefits of fusion for humanity have never been more clear or more necessary. Xcimer has developed a game-changing approach to inertial fusion and assembled a team of the brightest minds in the industry to execute on it. I’m confident that with Xcimer leading us on this path, the world will see this transformative source of energy finally deployed at commercial scale.”