The new funding will be used to accelerate the development of First Light’s technology and to perform further design and engineering work on a First Of A Kind commercial fusion energy power plant based on their technology.
First Light Fusion is a global leader in researching energy generation via inertial fusion, spun out from the University of Oxford in 2011 to address the urgent need to decarbonise the global energy system. Fusion energy is safe, clean, and virtually limitless and First Light’s approach has the potential to transform the world’s energy system. Unlike many other fusion approaches, First Light’s power plant will largely leverage existing technology and materials.
Penningtons Manches Cooper has advised First Light Fusion for many years on corporate and other matters, including its previous $25 million fundraising in 2020. The team advising on this latest round of funding was led by corporate partner James Went with corporate associate Lindsay Chadwick and commercial senior associate Edmund Forey.
James Went, corporate partner at Penningtons Manches Cooper said:
“First Light Fusion is a fantastically exciting company addressing one of the hardest challenges in delivering sustainable energy for the future. We were delighted to continue to support them with this fundraising and look forward to the results as they accelerate their development”
Investors in the fundraising include Oxford Science Enterprises (formerly OSI), Hostplus and IP Group plc.