Thiel-Backed Helion Targets 2024 Breakthrough for Nuclear Fusion

Startup raises $500 million to build demonstration system Aims for first fusion system ever to achieve net power output

Helion Energy CEO David Kirtley and CTO Chris Pihl breaks ground on the company’s next-generation fusion facility in Everett, Washington. Photographer: Business Wire via AP Photo

Helion Energy Inc., a startup backed by billionaire investor Peter Thiel, raised $500 million to fund a system it says will be the first to generate net electricity from nuclear fusion, in 2024.

The Series E funding round was led by Sam Altman, the Everett, Washington-based company’s chairman, and includes existing backers Capricorn Investment Group and Thiel’s Mithril Capital, according to a statement Friday. There are also commitments for another $1.7 billion linked to certain performance milestones.

About Stu Turley 3363 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.