Nova Fusion Completes RMB 1.2 Billion Pre-A Series Financing

Nova Fusion Energy Technology (Shanghai) Co., Ltd. recently announced the completion of its Pre-A series financing totaling RMB 1.2 billion, comprising both the Pre-A round and Pre-A+ round. The company stated that within 16 months since its establishment, it has completed a RMB 500 million angel round, a RMB 700 million angel+ round, and this round of financing, bringing cumulative fundraising to RMB 2.4 billion with a post-investment valuation exceeding RMB 10 billion.

In this round, Meituan Longzhu and Hillhouse Ventures continued their participation, while Lenovo Capital and Guozhong Capital joined as new strategic investors. The company stated that the funds from this round will primarily be used for new device construction, key technology iteration, industrial base preparation, and subsequent fusion energy output verification efforts.

Nova Fusion focuses on the R&D and industrialization of field-reversed configuration (FRC) small modular, distributed fusion small modular reactors (FRC-SMR). According to the technology roadmap disclosed by the company, this approach aims to achieve device miniaturization through high-β plasma confinement, strong magnetic fields, and modular engineering design, with a target single-reactor power output of 50MW, providing distributed energy solutions for high-density, continuous low-carbon energy consumption scenarios such as AI data centers.

Company founder Guo Houyang has long been engaged in fusion plasma research and has participated in experimental research work related to tokamaks and FRC. Nova Fusion stated that the company has established an R&D team covering the core technology chain of FRC-SMR, and has completed engineering prototype testing and validation in areas including high-power all-solid-state switches, modular high-field magnets, domestic manufacturing of large quartz vacuum vessels, and nanosecond-level precision control and acquisition systems, with relevant technology patents filed.

According to reports, Nova Fusion's first device, "Nova-1," has completed engineering design and core component development and has entered the final assembly and integration stage. Its key components include a quartz vacuum chamber, modular magnets, high-power all-solid-state pulse power supplies, and nanosecond-level control and acquisition systems. Auxiliary systems such as vacuum pumping, diagnostics, and fueling have also been finalized, and civil works foundations have been completed.

According to the plan, Nova Fusion aims to achieve first plasma discharge of "Nova-1" by the end of 2026, with a target of demonstrating deuterium-tritium equivalent fusion net energy gain Q>1 by 2029, and constructing a 50MW to 100MW commercial demonstration power plant in the first half of the 2030s. The company also stated that it is advancing preliminary preparations, site selection, and planning for the FRC-SMR fusion small modular reactor industrial base with local governments, covering areas including small modular reactors, experimental power plants, R&D centers, and key component manufacturing.