Fusion startup Thea Energy secured a $20 million award from the Department of Energy's ARPA-E program to scale production of high-temperature superconducting magnets for fusion reactors.
The grant will support Thea Energy's efforts to manufacture magnets at scale, a critical component for advancing commercial fusion technology. High-temperature superconducting magnets are essential for creating the extreme conditions needed to sustain nuclear fusion reactions.
Thea Energy develops magnets capable of operating at higher temperatures than conventional designs, reducing cooling requirements and system complexity. The ARPA-E funding accelerates the company's path toward commercial production and deployment in fusion reactor projects.
The award reflects continued federal investment in fusion energy as a potential clean energy source. Multiple private fusion companies are pursuing different reactor designs, with superconducting magnets playing a central role across many approaches.
Thea Energy joins other fusion startups receiving government support as the sector attracts billions in both public and private funding. The company's manufacturing progress could influence timelines for commercial fusion power plants.
Tel Aviv-based QuantHealth, an AI clinical trial simulation software provider, secured $45M in Series B funding led by Qumra Capital. The round brings the company's total funding to approximately $70M.
The AI-focused hedge fund Situational Awareness has invested $400 million in chip startup Source Foundry, signaling continued confidence in semiconductor plays despite recent headwinds.
Munich-based spatial data platform NavVis secured $85 million in Series D funding led by The Jordan Company. The round supports the company's mission to digitize physical spaces for enterprises.
Defense tech company Hadrian secured $1.37 billion in Series D funding at an $8 billion valuation. The capital will fund expansion of its manufacturing facilities and Opus software platform.