First Light Fusion (LSE:IPO) has raised £25m in the first close of a new funding round to accelerate commercial development of its FLARE Fusion Energy concept — a reactor‑compatible, lower‑cost approach to inertial fusion energy.
The round was led by East X Ventures and its fusion fund Starmaker One and includes a significant strategic investment from the UK Atomic Energy Authority (UKAEA). It was also supported by existing backers including IP Group and a Hostplus managed fund.
Following the close, London-listed IP Group holds an undiluted 28.3% of First Light and a further 17.3% via funds it manages or advises, giving the group a combined 45.6% beneficial exposure to the company.
"First Light Fusion continues to make strong progress as it advances a highly differentiated and commercially focused approach to inertial fusion energy. The participation of specialist fusion investors alongside the UK Atomic Energy Authority is a strong endorsement of both the company's technology and its strategic relevance to the UK's long‑term energy ambitions. IP Group provides investors with access to differentiated deep‑science opportunities such as First Light. We continue to support the company as it accelerates development of its FLARE concept towards scalable, reactor‑compatible fusion," Greg Smith, Chief Executive of IP Group, said.
