Latest news with #FirstLightFusion
Yahoo
27-04-2025
- Business
- Yahoo
British nuclear fusion pioneer wipes millions off its value after quitting reactor plans
A UK nuclear fusion company has suffered a massive write-down in its value after pulling the plug on plans to build its first reactor. First Light Fusion, based in Oxford, has seen 60pc wiped off the price of shares after one of its key backers, IP Group, slashed the company's price tag from £236m a year ago to £100m. It comes after the nuclear group abandoned plans for a prototype power plant based on its 'projectile fusion' technology because of a lack of funding. The technology involves a 5p-sized projectile being fired at a fuel cell at extreme speeds using electromagnets to generate a powerful reaction and simulate collisions at extremely high speeds, such as those in space. Instead of building its own plant, First Light plans to supply other nuclear power companies with one of its inventions, called an 'amplifier', which houses a nuclear fuel capsule and boosts the power of fusion reactions. The group has burned through tens of millions of pounds trying to bring its technology to fruition. Fusion technology has been seen as the 'holy grail' of nuclear scientists for decades, who believe that by fusing atoms together they can mimic the processes that produce energy at the centre of the sun, providing limitless power on Earth. But the technology has eluded Western scientists for decades despite billions of dollars in research. In January, the Government announced £410m in funding for fusion research with a view to the UK developing a working prototype fusion power plant by 2040. However, China has recently claimed a series of fusion breakthroughs in the technology. Its experts were able to generate an 'artificial sun', with temperatures at over 100 million degrees Celsius, for 17 minutes using one of its reactors, double the previous record. Beijing is also building a vast, experimental laser-fusion plant, which will use lasers to heat nuclear fuel to generate a reaction. Last year, the Fusion Industry Association, the industry trade body, warned that the UK 'risks ceding dominance in one of the most important industries this century' to Beijing. In its accounts, IP Group said First Light Fusion 'continues to pursue alternative funding options'. It said it expected to 'announce developments soon on that front'. The decision to ditch its original plan will allow First Light Fusion to be more 'capital light', the nuclear group said in March, while licensing its inventions would generate more revenues. The company said it had recently secured the first tranche of a new funding round. Mark Thomas, First Light Fusion's chief executive, said: 'We have been very pleased with the response to our strategy pivot, moving to an enabler of inertial fusion while rapidly accelerating revenues. 'Our funding process is on track and has now completed a first close. We benefit from very supportive long-term backers and expect to move to final close in due course.' First Light Fusion's other investors include Chinese technology giant Tencent. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Yahoo
27-04-2025
- Business
- Yahoo
British nuclear fusion pioneer wipes millions off its value after quitting reactor plans
A UK nuclear fusion company has suffered a massive write-down in its value after pulling the plug on plans to build its first reactor. First Light Fusion, based in Oxford, has seen 60pc wiped off the price of shares after one of its key backers, IP Group, slashed the company's price tag from £236m a year ago to £100m. It comes after the nuclear group abandoned plans for a prototype power plant based on its 'projectile fusion' technology because of a lack of funding. The technology involves a 5p-sized projectile being fired at a fuel cell at extreme speeds using electromagnets to generate a powerful reaction and simulate collisions at extremely high speeds, such as those in space. Instead of building its own plant, First Light plans to supply other nuclear power companies with one of its inventions, called an 'amplifier', which houses a nuclear fuel capsule and boosts the power of fusion reactions. The group has burned through tens of millions of pounds trying to bring its technology to fruition. Fusion technology has been seen as the 'holy grail' of nuclear scientists for decades, who believe that by fusing atoms together they can mimic the processes that produce energy at the centre of the sun, providing limitless power on Earth. But the technology has eluded Western scientists for decades despite billions of dollars in research. In January, the Government announced £410m in funding for fusion research with a view to the UK developing a working prototype fusion power plant by 2040. However, China has recently claimed a series of fusion breakthroughs in the technology. Its experts were able to generate an 'artificial sun', with temperatures at over 100 million degrees Celsius, for 17 minutes using one of its reactors, double the previous record. Beijing is also building a vast, experimental laser-fusion plant, which will use lasers to heat nuclear fuel to generate a reaction. Last year, the Fusion Industry Association, the industry trade body, warned that the UK 'risks ceding dominance in one of the most important industries this century' to Beijing. In its accounts, IP Group said First Light Fusion 'continues to pursue alternative funding options'. It said it expected to 'announce developments soon on that front'. The decision to ditch its original plan will allow First Light Fusion to be more 'capital light', the nuclear group said in March, while licensing its inventions would generate more revenues. The company said it had recently secured the first tranche of a new funding round. Mark Thomas, First Light Fusion's chief executive, said: 'We have been very pleased with the response to our strategy pivot, moving to an enabler of inertial fusion while rapidly accelerating revenues. 'Our funding process is on track and has now completed a first close. We benefit from very supportive long-term backers and expect to move to final close in due course.' First Light Fusion's other investors include Chinese technology giant Tencent. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Sign in to access your portfolio
Telegraph
27-04-2025
- Business
- Telegraph
British nuclear fusion pioneer wipes millions off its value after quitting reactor plans
A UK nuclear fusion company has suffered a massive write-down in its value after pulling the plug on plans to build its first reactor. First Light Fusion, based in Oxford, has seen 60pc wiped off the price of shares after one of its key backers, IP Group, slashed the company's price tag from £236m a year ago to £100m. It comes after the nuclear group abandoned plans for a prototype power plant based on its 'projectile fusion' technology because of a lack of funding. The technology involves a 5p-sized projectile being fired at a fuel cell at extreme speeds using electromagnets to generate a powerful reaction and simulate collisions at extremely high speeds, such as those in space. Instead of building its own plant, First Light plans to supply other nuclear power companies with one of its inventions, called an 'amplifier', which houses a nuclear fuel capsule and boosts the power of fusion reactions. The group has burned through tens of millions of pounds trying to bring its technology to fruition. Fusion technology has been seen as the 'holy grail' of nuclear scientists for decades, who believe that by fusing atoms together they can mimic the processes that produce energy at the centre of the sun, providing limitless power on Earth. But the technology has eluded Western scientists for decades despite billions of dollars in research. In January, the Government announced £410m in funding for fusion research with a view to the UK developing a working prototype fusion power plant by 2040. However, China has recently claimed a series of fusion breakthroughs in the technology. Its experts were able to generate an 'artificial sun', with temperatures at over 100 million degrees Celsius, for 17 minutes using one of its reactors, double the previous record. Beijing is also building a vast, experimental laser-fusion plant, which will use lasers to heat nuclear fuel to generate a reaction. Last year, the Fusion Industry Association, the industry trade body, warned that the UK 'risks ceding dominance in one of the most important industries this century' to Beijing. In its accounts, IP Group said First Light Fusion 'continues to pursue alternative funding options'. It said it expected to 'announce developments soon on that front'. The decision to ditch its original plan will allow First Light Fusion to be more 'capital light', the nuclear group said in March, while licensing its inventions would generate more revenues. The company said it had recently secured the first tranche of a new funding round. Mark Thomas, First Light Fusion's chief executive, said: 'We have been very pleased with the response to our strategy pivot, moving to an enabler of inertial fusion while rapidly accelerating revenues. 'Our funding process is on track and has now completed a first close. We benefit from very supportive long-term backers and expect to move to final close in due course.'
Yahoo
12-04-2025
- Business
- Yahoo
Fusion energy firm to collaborate on research
A Yarnton-based technology company has agreed to collaborate on research to advance fusion energy. Frazer-Nash Consultancy and First Light Fusion have signed a non-exclusive letter of understanding to embark on a multi-year collaboration. The aim is to develop advanced engineering solutions, accelerate innovation, and improve the commercial viability of fusion energy for the global market. Fusion has the potential to provide a near-limitless, safe, secure, and clean source of carbon-free energy. The government has acknowledged the importance of unlocking this potential by announcing a £410 million investment to accelerate the development of fusion energy and support the UK fusion energy sector during the 2020s. Frazer-Nash will contribute its expertise in complex engineering and systems development to support First Light Fusion's new business strategy. First Light Fusion will work alongside Frazer-Nash Consultancy (Image: First Light Fusion) Launched in February, this strategy focuses on partnering with businesses that can leverage its research facilities and technological expertise. The collaboration will focus on delivering critical engineering solutions, developing new technical capabilities, and nurturing industry partnerships to strengthen the fusion supply chain and innovation network. Nial Greeves, director of energy and infrastructure at Frazer-Nash Consultancy, said: "Under this collaboration, Frazer-Nash is taking a further step forward towards developing new technologies that will benefit the global energy market. "This will see Frazer-Nash applying its expertise in technical and strategic consulting and capability in advanced engineering solutions to support the pathway to realising a commercial inertial confinement fusion energy device. "First Light Fusion has an unparalleled reputation in its sector for spearheading world-leading technological advancements in the field of fusion. "This, combined with Frazer-Nash's own track record of solving some of the most complex engineering challenges presents an exciting opportunity to contribute to one of the most promising fields in clean energy. "We look forward to applying our expertise to help drive innovation in fusion and support the development of a robust technology ecosystem." Mark Thomas, CEO of First Light Fusion, added: "At First Light Fusion, technical innovation and cooperation is integral to realising our mission to make fusion energy possible. "This collaboration with Frazer-Nash reflects our commitment to working with the best engineering minds in the industry in pursuit of this goal. "The collaboration will strengthen our development pipeline and provide valuable technical insight as we advance our fusion energy programme. "Frazer-Nash Consultancy has a long-standing reputation for delivering high-value engineering solutions across energy, defence, and advanced technology sectors. "The firm's experience in complex systems engineering, computational modelling, and materials science makes it an excellent collaborator for our business, and I am excited to get started."
Yahoo
20-03-2025
- Business
- Yahoo
Fusion company carries out record-breaking experiment
A record-breaking experiment has been successfully carried out by an Oxfordshire fusion energy company at a facility in the US. First Light Fusion, based in Yarnton, achieved the highest quartz pressure ever on the Z Machine, an electromagnetic wave generator, at Sandia National Laboratories. The machine electromagnetically launches projectiles to higher velocities than any other facility. The First Light Fusion team at Sandia National Laboratories in the US (Image: First Light Fusion) These are used to impact samples of material in order to test their properties at extreme pressures. First Light used its amplifier technology to reach an output pressure of 3.67 terapascal (TPa), equivalent to 10 times the pressure at the Earth's centre. This doubles the previous record of 1.85 TPa the company set in February 2024 during its first experiment on the machine. Dr Jon Skidmore, principal scientist at First Light Fusion, said: "This significant breakthrough further validates First Light Fusion's amplifier technology on the world's most powerful pulsed power facility. The First Light Fusion team at Sandia National Laboratories in the US (Image: First Light Fusion) "The concept of target-based power amplification successfully demonstrated on the Z machine can enable a simpler and more cost-effective route to commercial fusion across multiple drivers. "We look forward to continuing to push research boundaries through our collaboration with Sandia National Laboratories." Dr Greg Rochau, director of pulsed power sciences at Sandia National Laboratories, added: "This tremendous achievement is a testament to the capabilities of First Light Fusion and a good example of how these collaborations are beneficial to the company, Sandia, our national security programme, and the scientific community."
