Ant Group led the investment in a nuclear fusion company backed by the University of Science and Technology of China, raising hundreds of millions in financing | Exclusive Report by Yingke

Author | Lin Qingqing

Editor | Yuan Silai

Yingke has learned that the controlled nuclear fusion technology company "Xingneng Xuanguang" recently completed a Pre-A round of financing worth hundreds of millions of yuan. This round of financing was led by Ant Group, with follow-on investments from Yinshan Capital, Zijin Mining, Biana Times, Xin Capital, Yuanhe Puhua, Lianmei Holdings, and Dinghe Gaoda. Existing shareholders Minyin International and Renfa Xinneng continued to increase their stakes. The funds will be used to improve the performance of the under-construction device, deploy key technologies, and expand the team to fully promote the R & D of the company's unique "Field-Reversed Configuration" (FRC) fusion energy technology and accelerate the commercialization process of controlled nuclear fusion.

"Xingneng Xuanguang" was established in March 2024 with the authorization of the University of Science and Technology of China. Its core technology originated from the "Advanced Field-Reversed Mirror Fusion Path" proposed by Professor Sun Xuan more than a decade ago. This technology has been continuously developed and practiced by the KMAX - FRC research group at the University of Science and Technology of China since 2013, and the results have been published in multiple international authoritative journals.

(Image source/Enterprise) 

Yingke has learned that based on the team's more than a decade of scientific research accumulation and a well - established cooperation foundation, "Xingneng Xuanguang" has formed core advantages in terms of technological leadership, team solidity, and the ability to implement results.

The founder, Professor Sun Xuan, has been deeply involved in the fusion field for more than 20 years and has both scientific research and engineering experience in major fusion laboratories, enterprises, and universities in China and the United States. Most of the team members come from well - known domestic and foreign universities such as the University of Science and Technology of China and Princeton University, and have the complete technical implementation ability from physical experiments to engineering implementation.

Professor Sun Xuan pointed out that the "Advanced Field-Reversed Mirror" technology has the natural advantages of linear devices such as "low investment", "simple structure", "convenient maintenance", and "flexible adjustment", providing a highly potential technological path for the future construction of efficient, stable, and economical fusion energy power plants.

Against the background of global energy transformation, controlled nuclear fusion is regarded as one of the ultimate energy solutions for the future due to its high energy density, abundant fuel, cleanliness, and safety. According to the prediction of Keytone Ventures, the global fusion market size will grow from $296.4 billion in 2022 to $395.14 billion in 2027.

With the surge in AI computing power demand and the prominent energy consumption problem of data centers, fusion energy has become a strategic direction that technology giants focus on. Microsoft has invested in Helion Energy and signed a 50MW power purchase agreement, and Google has also joined hands with CFS to reach a 200MW power purchase agreement. At the policy level, China has clearly listed nuclear fusion as a strategic track for national key layout in the 14th Five - Year Plan, and countries such as the United States and Germany have successively launched special strategies and funding plans to jointly promote the global fusion industry into the fast lane.

Currently, controlled nuclear fusion presents a situation where multiple technological routes are developing in parallel. Although mainstream devices represented by Tokamaks have continuously made breakthroughs, they still face engineering challenges such as high construction costs, complex structures, and density limits.

In contrast, the Field - Reversed Configuration is becoming an alternative solution that has attracted much attention due to its advantages such as simple structure, low construction cost, rapid iteration, and flexible application scenarios. It is worth noting that the key indicator "fusion triple product" of this route has approached the ignition level, showing strong development momentum. For example, Helion Energy in the United States has iterated seven generations of devices, plans to achieve Q > 1 (the energy generated by the reaction is greater than the energy consumed) in 2025, and aims to achieve 50MW power supply in 2028; TAE Company expects to build a hydrogen - boron fusion power plant around 2030.

In addition, the under - construction device of "Xingneng Xuanguang" is planned to be completed and achieve its first discharge by the end of 2025. The "Xingneng Xuanguang" team said that this milestone is not only a key verification of the engineering feasibility of the "Advanced Field - Reversed Mirror" technology but also will lay the foundation for the subsequent R & D of higher - parameter devices, becoming an important breakthrough in the domestic linear fusion path.

(Image source/Enterprise) 

At the same time, the company has launched diversified commercial explorations, providing core components of diagnostic and heating devices for universities and research institutes, and actively deploying value - added non - power generation businesses such as neutron sources and isotope production to build a solid foundation for commercial opportunities in the development process of fusion energy.