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The fund “Révolution Environnementale et Solidaire,” funded by Crédit Mutuel Alliance Fédérale's societal dividend and managed by Crédit Mutuel Impact, led this round alongside Lowercarbon Capital, which led the previous round.
Established near Grenoble in 2020, Renaissance Fusion is the first Magnetic Confinement Fusion company in continental Europe and a trailblazer for simplified stellarators. This successful fundraising enables its international team to become a manufacturer of HTS, further develop its proprietary liquid metal wall technology, and build a reduced-scale HTS stellarator reactor module. Renaissance Fusion will quickly generate revenues from commercializing HTS, the only material that can disrupt energy generation, transmission and storage, and medical imaging.
These three synergistic, foundational technologies - liquid metals, simplified stellarators and HTS - make Renaissance Fusion’s reactor design low-maintenance, simple and compact.
They will shield the reactor, breed one of its fuels (tritium) and efficiently extract the heat, that is ultimately converted into electricity. Renaissance Fusion is the only magnetic fusion company developing this technology, which it already proved in a simplified version, and is rapidly iterating towards reactor-relevant temperatures, materials and geometries.
Stellarators are the most stable, simple to operate and energy-efficient fusion device, and the only one that can operate continuously, in steady state. Renaissance Fusion significantly simplified its design, thanks to wide two-dimensional engraved cylindrical HTS magnets generating 3D magnetic fields.
Only stronger magnetic fields will enable more compact reactors. By becoming the first producer of wide, engraved HTS ever, worldwide, Renaissance Fusion is making stellarators smaller, simpler and thus cheaper.
Renaissance Fusion is working with a number of international research institutions on these technologies, including CEA (the French Alternative Energies and Atomic Energy Commission) as part of a €10M “Innovative Nuclear Reactor” grant from BPI France.
Philippe Magaud, the Deputy Director of the CEA Institute for Magnetic Fusion Research, IRFM, declared:
"CEA is a world-leading institution in fusion research and looks with interest at emerging fusion companies worldwide. Renaissance Fusion is one of two fusion companies, and the only one in magnetic fusion, selected by France 2030. It has a first mover advantage in the European Union and CEA is happy to support it by sharing its vast knowledge and expertise. This collaboration agreement gives to CEA the opportunity to capitalize on decades of its R&D&I towards a future of clean and abundant energy."
Francesco Volpe, CEO and CTO of Renaissance Fusion, declared:
"In co-founding Renaissance Fusion, I was inspired, among others, by “magic realism” and by the novel “A hundred years of solitude” by Gabriel Garcia Marquez. I vividly remember the opening: ice, which is now commonplace in every kitchen, seemed magic to people before it was made available on a large scale. I believe that we are working on something similar: a world where fusion seems magic today, but will be common in a very near future. Indeed, Renaissance Fusion aims to commercialize nuclear fusion reactors in the 2030’s, paving the way for abundant, low-carbon, low-cost electricity."
Co-founder Martin Kupp is thrilled:
"This funding round will help us achieve major milestones on our way to build our compact, low maintenance stellarators. We are extremely happy that existing and new investors trust and support us on our way."
Sabine Schimel, Managing Director of Crédit Mutuel Impact, stated:
"The technology developed by Renaissance Fusion is extremely promising for the commercialization of nuclear fusion. We are convinced that the creativity and determination of Francesco Volpe and his teams will lead the project to success. Once commercialized, nuclear fusion will have a huge environmental and economic impact. We are proud to contribute to the growth of this industry, which requires massive investment. This operation is fully in line with the strategy of our Fund Révolution Environnementale et Solidaire, which is dedicated to technological breakthroughs and decarbonization."
Francesco Volpe (CEO/CTO), Diego Cammarano (COO) and Philippe Lamotte (CFO):
📞 +33(0) 4 56 14 44 08 | ✉️ contact@renfusion.eu
Aziz Ridouan:
📞 +33(0)6 01 10 31 69 | ✉️ aziz.ridouan@creditmutuel.fr
Corporate Communications Department:
📞 +33(0)3 88 14 84 00 | ✉️ com-alliancefederale@creditmutuel.fr
Renaissance Fusion was founded in July 2020 in Grenoble, France. So far, the company has raised over €60M ($61.5M), including:
The company is located in two buildings (900m² and 3,500m²) in Fontaine, near Grenoble’s world-renowned “Presqu'Île”, a peninsula between two rivers, home to the European Synchrotron Radiation Facility, CEA, and several other research institutes, university departments, deep-tech companies, and start-ups.
Renaissance Fusion has a team of over 60 engineers, scientists, and businesspeople from 19 different nationalities and has established collaborations throughout Europe and the USA to fulfill its mission of bringing fusion energy out of the lab and onto the grid.
Further details on its technology and achievements, including scientific papers and a compilation of Frequently Asked Questions, are available on its website: https://renfusion.eu
Managed by Crédit Mutuel Impact within the asset management division of Crédit Mutuel Alliance Fédérale, the Fonds Révolution Environnementale et Solidaire is a sustainable impact fund (Article 9 fund under SFDR regulations).
More information at: creditmutuelalliancefederale.fr
Lowercarbon Capital is a multibillion-dollar venture fund that backs companies making real money while slashing CO₂ emissions.
