Seize the High Ground of "Ultimate Energy": Huawen Qingneng Fund under CMC Capital Leads the Investment in Dongsheng Fusion
Recently, Huawen Qingneng Fund I, a carbon-neutral equity investment fund under CMC Capital, jointly led a new round of financing for Dongsheng Fusion (Shanghai) Technology Co., Ltd. (hereinafter referred to as "Dongsheng Fusion"). This round of financing attracted the significant participation of multiple first-tier market-oriented funds and industrial capitals.
Dongsheng Fusion was established in Shanghai in July 2025, relying on Fudan University. It is committed to the development of high-magnetic-field compact fusion power station technology using "deuterium - helium-3" as fuel. The team has long been deeply involved in cutting-edge scientific research and key engineering technology breakthroughs in the field of magnetic confinement fusion. They have profound accumulation and rich experience in the design, construction, experimental operation, and engineering management of fusion devices, and possess the full-chain R & D and implementation capabilities from theoretical research to engineering implementation.
Huawen Qingneng Fund I is the first carbon-neutral equity investment fund of CMC Capital. It focuses on new energy sectors such as nuclear energy, lithium batteries, photovoltaics, hydrogen energy, and advanced LNG. Its investment directions cover industrial chain links such as core components, upstream new materials, and high-end equipment. This investment in Dongsheng Fusion is an important strategic move of Huawen Qingneng Fund in the main track of the controllable nuclear fusion industrial chain, marking a key step in the strategic layout of the fund in the field of clean energy, which is widely regarded as one of the ultimate solutions for humanity by the industry.
Choice of Pattern: Anchor the Chain Leader Enterprise and Seize the "Core" Ecological Niche of the Fusion Industry
Controllable nuclear fusion is widely regarded by international authoritative institutions and the industrial circle as one of the ultimate solutions for restructuring the global energy system. Global fusion research is accelerating from basic scientific research to engineering implementation. China's "15th Five-Year Development Plan Outline" lists nuclear fusion as a key area for future industrial development, aiming to promote technologies such as nuclear fusion as new economic growth points. In January 2026, the "Atomic Energy Law of the People's Republic of China" was officially implemented, clearly stating that "the state encourages and supports research on controllable thermonuclear fusion", providing long-term legal protection for the development of fusion technology. Shanghai has formed a structural, ecological, and platform-based overall approach in the field of controllable nuclear fusion. It has invested in and deployed multiple fusion teams and supply chain enterprises such as Dongsheng Fusion and Xinghuan Jueneng, constructing a full-stack industrial ecosystem.
Dongsheng Fusion is a representative chain leader enterprise in the domestic private fusion track. The joint participation of multiple first-tier institutions in this round fully confirms the high consensus of the market and capital on the irreplaceable strategic position of Dongsheng Fusion in the fusion industrial chain.
Foundation of Strength: Super "Dual-core Drive" to Build a Hard Chassis of Scarce Engineering Capabilities
The scarcest resource in the Chinese fusion industry is engineering talents with experience in the full-process implementation of large scientific devices. The core team of Dongsheng Fusion is a group with top-level engineering capabilities in the domestic private fusion field.
The company has gathered a large number of senior engineering and scientific research backbones in the domestic fusion industry to join full-time. The core team members all have more than ten years of experience in the R & D and engineering implementation of large fusion devices. At the same time, the company has attracted many international high-end scientific research talents, recruiting industry elites from world - class universities and research institutions. The company's first - generation "Chenguang" experimental device has been steadily advancing in construction. Relying on the dual - wheel drive of high - temperature superconducting high - magnetic - field technology and AI plasma control technology, it is accelerating the process of technology engineering implementation.
Debate on the Route: Adhere to the Original Intention of "Clean Fusion" and Open up the "Second Curve" of Fusion Commercialization
Dongsheng Fusion is the only leading enterprise in China that clearly deploys the ultimate clean fusion route of deuterium - helium-3 (D - He3). Different from the mainstream deuterium - tritium (D - T) route in the industry, the D - He3 route has inherent advantages such as low radiation, easy deployment, regulatory friendliness, and suitability for urban and new energy load scenarios.
Professor Xu Min from the Institute of Modern Physics of Fudan University clearly stated in a previous exclusive interview that choosing the "D - He3" route is to find its own positioning, complement the country's mainstream route, and become a frontier exploration base for magnetic confinement fusion R & D. Since D - He3 fusion produces almost no neutrons, there is no need to build a thick and expensive shielding layer, and the scale of the device can be relatively reduced. A fusion power station using this scheme can be closer to cities or data centers, and the layout method is more flexible. In the future, if both the deuterium - tritium fusion route and the D - He3 fusion route are realized, an integrated power supply network will eventually be formed.
The company plans to promote technology iteration in stages and plans to build three generations of fusion devices in about 10 years. First, it will build the "Chenguang" high - magnetic - field compact experimental device to complete the verification of the high - temperature superconducting magnet technology route; then, it will iteratively build two generations of devices in sequence, continuously optimize the technical performance, and finally achieve the conditions for net energy gain of D - He3 fusion. At the same time, the company deeply explores the derivative value of technology and empowers multiple sub - industrial tracks with fusion - related technologies to ensure the long - term and stable operation of the enterprise.
Change in the Track: Patient Capital and Scientists Join Hands to Break the Inherent Perception of "Always 50 Years"
"When will nuclear fusion generate the first kilowatt - hour of electricity?" Xu Min judged: "The first kilowatt - hour of electricity in the laboratory can be achieved in about 5 years, and it is very likely to be achieved in China." With the acceleration of scientific research iteration by AI, the continuous influx of outstanding talents, and the scramble of industrial capital to enter the market, the industry's stereotype of "fusion is always 50 years away" is being subverted.
Huawen Qingneng Fund's leading investment in Dongsheng Fusion this time is not only an investment in a project but also a core means to layout the entire fusion industrial chain. Gu Xiaoli, a partner of CMC Capital, said: "Fusion is the ultimate solution for human energy and also the strategic high - ground for great - power games. Dongsheng Fusion is a rare chain leader enterprise in the private fusion track that has the triple support of top - level universities, local governments, and global research institutions and has the full - process large - device engineering implementation capabilities. We are very optimistic about the international team led by Professor Xu Min, which is driven by both 'theory + engineering'. We also firmly believe that Dongsheng Fusion can embark on a differentiated clean - fusion commercialization path." This strategic move of the fund at the chain - leader enterprise level in the fusion field resonates with the national "15th Five - Year Plan", contributing to China's efforts to narrow the Sino - US fusion technology gap and seize the global energy discourse power.