Nuclear Power

31 Jul 2023

Milton Park's Tokamak Energy Signs Fusion Energy Industrialisation Collaboration Agreement

31 Jul 2023  by thebusinessmagazine   

Milton Park-based fusion energy company Tokamak Energy is collaborating with Sumitomo Corporation to deliver sustainable, low cost and globally available fusion energy.

The pair of companies signed a collaboration agreement and will work together on the development, implementation and scaling-up of commercial fusion energy in Japan and worldwide.

Sumitomo Corporation, a Fortune 500 trading and business investment company, will contribute expertise and investment to a series of joint projects with Tokamak Energy focused on the scaling-up and industrialisation of the global fusion supply chain.

They will jointly develop early market entry strategies for Tokamak Energy’s fusion technology in Japan and other nations. The aim for both organisations is to jointly design, build and operate fusion power plants at scale.

Visit Hampshire Biz News for bright, upbeat and positive business news from the county

Oxfordshire's Tokamak is using this collaboration as a vessel through which it can accelerate the commercialisation and industrialisation of its spherical tokamak devices.

Ross Morgan, Commercial Director, Tokamak Energy, said: “It is vital we phase out the world’s reliance on fossil fuels and deliver fusion as a clean, sustainable, low cost and globally available energy source. Sumitomo and Tokamak Energy recognise the importance of partnerships to accelerate the delivery of commercial fusion and with our shared knowledge we can deliver this.”

Sumitomo Corporation is looking to establish itself as a global market-leader for financing, construction and operation of fusion power plants through the partnership.

Yoshihiko Ichikawa, General Manager of the Energy Innovation Initiative at Sumitomo Corporation, said: “We are thrilled to announce our collaboration with Tokamak Energy, paving the way for fusion energy. Jointly, we'll tackle challenges and fuel innovation to accelerate the delivery of commercial fusion. Our combined efforts will step up the path towards a sustainable energy future for all."


More News