Helion Energy

Helion Energy is a fusion power company developing a pulsed, non-ignition-fusion device that is claimed to be 100% carbon-free. The company uses deuterium and helium-3 as fuel sources in its plasma accelerator. These are heated to plasma conditions in field-reversed configurations (FRC). Accelerated by magnets, two FRCs collide at a speed of 1 million mph to reach fusion temperatures of 100 million °C, leading to plasma expansion and induction of current.

Helion has created six prototypes and is working on its seventh—Polaris—to demonstrate net electricity from fusion and helium-3 from deuterium-deuterium fusion by 2024. Polaris is expected to leverage the advancements achieved from the previous six prototypes to bring the device to commercial scale, along with increasing the rate of fusion pulses.

The company owns multiple patents covering methods and technologies for fuel cycles and fusion technologies. It is claimed to be the first private company to reach 100 million °C plasma temperatures.

Key customers and partnerships

In May 2023, Helion entered into a power purchase agreement with Microsoft, the first of its kind for both companies. In September 2023, Helion signed an agreement with Nucor Corporation to develop a 500 MWe fusion power plant at a Nucor steel manufacturing facility in the US.

Funding and financials

In its latest funding round in November 2021, Helion Energy raised USD 500 million at a USD 3 billion valuation in a Series E led by Sam Altman, with participation from Dustin Moskovitz, Mithril Capital, and Capricorn Investment Group. This funding round also included USD 1.7 billion in additional funding pursuant to Helion achieving certain performance milestones. The funding was earmarked for the development of its Polari fusion generator.