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Google-backed TAE Technologies raises $280 million from new, existing investors

·1-min read
FILE PHOTO: Logo of Google on a building at La Defense

(Corrects to remove inaccurate company descriptor from headline. Also corrects paragraph 3 to say that the company plans to use the funds for further work related to nuclear fusion)

(Reuters) - TAE Technologies, a California-based firm building technology to generate power from nuclear fusion, said on Thursday it had raised $280 million from new and existing investors, including Google and New Enterprise Associates.

The company, which did not disclose its latest valuation, was valued at $2.6 billion after raising funds in May 2019, according to data platform PitchBook. Including the latest funding, TAE has raised $880 million till date.

The fresh capital will mostly be deployed towards further fusion work and a new reactor scale facility, the company said.

Founded in 1998 and formerly known as Tri Alpha Energy, TAE Technologies kept a low profile for years and operated in stealth mode. Over the years, it has drawn the interest of investors including Venrock, brokerage Charles Schwab and the Kuwait Investment Authority.

The company is also working on producing baseload power from the Hydrogen-Boron fuel cycle, which is an environment-friendly fuel source. Baseload power refers to the minimum amount of power that needs to be supplied to an electrical grid at any given point in time.

Prior to the latest funding round, TAE had raised about $130 million earlier this year.

(Corrects to remove inaccurate company descriptor from headline. Also corrects paragraph 3 to say that the company plans to use the funds for further work related to nuclear fusion)

(Reporting by Sohini Podder and Niket Nishant in Bengaluru; Editing by Vinay Dwivedi)