In order to grow its staff and show the feasibility of its fusion energy technology, energy tech firm Xcimer Energy today announced that it has raised $100 million in a Series A investment round.

Since it can produce power from hydrogen, the most common element in the universe, fusion has long been referred to as the “Holy Grail” of clean and abundant energy production. This is because it can do so without emitting the carbon dioxide that comes with using fossil fuels as a source of energy or producing the highly radioactive waste that comes from nuclear fission processes. Nevertheless, because extremely high temperatures and pressures must be created, large-scale fusion energy generation has proven to be illusive.

Xcimer, a Denver-based company founded in 2022, employs laser technology to speed up the commercial deployment of fusion energy with the goal of reaching industrial scale. The method proposed by the company uses lasers to focus a powerful light pulse onto a small fuel orb, raising its temperature and pressure to a point where fusion processes can be started. The fusion energy from each burning capsule is transformed to heat in the chamber walls, where it is absorbed and carried by a circulating coolant to create steam, which powers turbines to produce electricity. The pulse controls the generation and release of energy.

As stated by the business, compared to the National Ignition Facility (NIF) laser system, which achieved fusion scientific breakeven in December 2022, the laser architecture will produce up to 10 times more laser energy at 10 times higher efficiency and over 30 times lower cost per joule.

According to Xcimer, it will use the additional funds to expand its workforce and open a new facility in Denver, where it will construct a prototype laser system that includes the largest nonlinear optical pulse compression system in the world. This will help the company further develop its ground-breaking technology for laser-driven inertial fusion. Giovanni Greco was named Senior Vice President of Engineering by Xcimer, who also announced the fundraising. In this role, Greco will oversee all engineering-related decisions within the company, beginning with the creation, testing, and production of the laser system prototype.

Venture capitalist Hedosophia led the round, in which Breakthrough Energy Ventures, Lowercarbon Capital, Prelude Ventures, Emerson Collective, Gigascale Capital, and Starlight Ventures were among the participants.