Energy Singularity Completes Financing Led by miHoYo and NIO Capital
Recently, Energy Singularity completed its first round of financing worth of nearly 400 million yuan ($63 million), the first since the company’s establishment. The funding was jointly led by miHoYo and NIO Capital, followed by Sequoia China’s Seed Fund and BlueRun Ventures.
The funds raised will be mainly used for research and development of the world’s first small Tokamak experimental device based on high temperature superconducting material, and advanced magnet systems that can be used for the next generation of high-performance fusion devices.
Energy Singularity was jointly founded by experts in the fields of theoretical physics, plasma physics and high-temperature superconductivity in 2021, dedicated to exploring commercialized fusion energy technology and finally realizing human energy freedom.
Members of the Energy Singularity team come from top universities and research institutes such as Stanford University, Princeton University, Peking University, Tsinghua University and Shanghai Jiao Tong University. They have first-class R&D and engineering capabilities, creativity and professional experience covering high-temperature superconductivity, plasma physics, artificial intelligence and other fields.
The company focuses on the development of experimental advanced superconducting Tokamak (EAST) and their operation control systems with power generation potential for commercial use. The company also aims at providing core components and services with high cost performance and high reliability for future fusion power reactors.
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In 2021, thermal power accounts for 71% of the total power output in China, and 72% of oil were imported from overseas. However, China aims at hitting a peak in its carbon dioxide emissions before 2030 and to attain carbon neutrality before 2060. Under this backdrop, the country is implementing measures to commercialize fusion energy.
