Helion has secured $465 million in a Series G funding round, boosting its valuation to $15.5 billion. This recent investment contributes to a total of $1.5 billion raised by the fusion startup, which is backed by Sam Altman. The funds will aid in the completion of Orion, Helion's first power plant, with plans to introduce fusion power to the grid as early as 2028, contingent upon fulfilling its agreement with Microsoft.
The funding round, led by Thrive Capital, saw participation from new investors including Alta Park Capital and Lux Capital, as well as existing backers such as SoftBank Vision Fund 2 and Lightspeed Venture Partners. Helion's unique approach to fusion involves using magnets to compress fuel, aiming to generate electricity directly from the magnetic fields created during fusion reactions.
While Helion's method promises enhanced efficiency, it has met skepticism from some experts in the field, partly due to the company's limited publication in academic journals. CEO David Kirtley emphasizes a focus on practical results over theoretical discussions, stating the company is committed to building rather than theorizing about fusion technology.