- Fusion company Zap Energy is raising nearly $130 million according to an SEC filing. - The Everett, Washington-based company aims to generate power by fusing light atoms, similar to reactions in the sun. - For decades, physicists have pursued fusion energy but have not achieved commercially viable power production. - Increased investment in the sector and advancements in computer technology offer hope for achieving successful commercial fusion. - Fusion could provide an almost infinite source of clean energy as demand for carbon-free power grows. - Zap's previous funding round raised $160 million in 2022, led by Lowercarbon Capital and Bill Gates' Breakthrough Energy Ventures. - The new funding will raise Zap's total to approximately $330 million in venture capital, along with government grants. - Other companies in the Pacific Northwest are receiving substantial investments, including Helion Energy and General Fusion. - Zap was founded in 2017 by University of Washington professors Uri Shumlak and Brian A. Nelson, along with entrepreneur Benj Conway. - The startup expanded its team when fellow UW fusion startup CTFusion closed, leading some of its founders to join Zap. - Zap employs sheared-flow-stabilized Z-pinch technology to create fusion by using electric currents to compress plasma. - Their approach is considered simpler than other strategies that rely on large magnets and lasers. - Last year, Zap received a key endorsement from the U.S. Department of Energy's Milestone-Based Fusion Development Program. - The startup had hoped to achieve "scientific breakeven" by 2023 but has made progress with temperatures reaching 11 to 37 million degrees Celsius. - Despite challenges, Zap is pursuing commercialization plans and is exploring the possibility of locating a fusion plant at a site of a closing coal plant in Washington.

Fusion startup Zap Energy is raising more cash to develop commercially viable power:

Fusion company Zap Energy is raising a huge new investment — nearly $130 million — according to an SEC filing posted Wednesday. The company declined to comment.

Everett, Wash.-based Zap is racing to generate power by smashing together light atoms that release energy when they fuse — essentially the same reactions that energize the sun and stars.

And if that sounds tricky, it is. Physicists for decades have been pursuing energy from fusion without success. In recent years they’ve hit new scientific milestones, but none of the companies reaching for commercially viable power production have met that goal.

But with billions of dollars flowing into the sector and advancements in computer technology, companies such as Zap are hopeful they’ll get there — and soon. If fusion startups can crack commercial fusion, it could provide a nearly infinite source of clean energy.

The sector has captured tons of interest and investment as demand rises for reliable, carbon-free power to fuel data centers and the expanding use of artificial intelligence.

Zap’s previous round was a $160 million investment in 2022 led by Chris Sacca’s Lowercarbon Capital that included Bill Gate’s Breakthrough Energy Ventures.

The new investment of nearly $130 million would bring Zap’s total funding to roughly $330 million in venture capital, plus additional government grants.

Other Pacific Northwest companies are also reaping tech dollars. OpenAI CEO Sam Altman has invested $375 million in Zap rival and Everett neighbor Helion Energy. Jeff Bezos has backed General Fusion in British Columbia. Sacca has also invested in Seattle’s Avalanche Energy.

Zap launched in 2017 and was co-founded by University of Washington professors Uri Shumlak and Brian A. Nelson, with technology developed in collaboration with researchers at Lawrence Livermore National Laboratory. The third founder is entrepreneur and investor Benj Conway.

Last year the startup got a talent boost when fellow UW fusion startup CTFusion ran out of funding, shuttered its operations, and three of its four co-founders took roles at Zap.

Zap’s approach to creating fusion uses a sheared-flow-stabilized Z-pinch technology. Its device drives electric currents through a filament of superheated material called plasma. The current creates powerful magnetic fields around the plasma, compressing the material and producing conditions sufficient for fusion reactions.

The team touts their approach as simpler than other fusion strategies that require massive magnets and lasers.

Last year the company was selected by the U.S. Department of Energy as one of eight recipients of funding from the Milestone-Based Fusion Development Program, a designation that company leaders view as an important endorsement of their efforts.

But like other fusion efforts, Zap hasn’t yet hit all of its targets. The startup three years ago predicted that in 2023 it could hit “scientific breakeven” — a key milestone of producing more energy than required to create fusion. It didn’t. But it has made notable progress, including reaching temperatures of 11 to 37 million degrees Celsius in their FuZE device — a threshold achieved by few technologies.

Like others in the fusion space, Zap is moving ahead with plans to commercialize despite uncertainties. The startup is working with TransAlta, which is shutting down operations of its coal plant in Southwest Washington next year. Zap is exploring whether it could locate a fusion plant at the site, adapting some of the facility’s equipment and workforce for fusion power.