Japan's Sumitomo (OTCPK:SSUMY) also participated in the funding round, and will help TAE bring its fusion technology to the Asia-Pacific region.
TAE said the latest financing will go toward building its next generation fusion machine, called Copernicus, to be built in a 100K sq. ft. facility in Irvine, Calif., and which will be designed to demonstrate the viability of achieving net energy generation with the company's advanced beam-driven field-reversed configuration.
The company's fifth-generation fusion reactor, Norman, was unveiled in 2017 and has proven capable of sustaining stable plasma at more than 75M degrees Celsius.
"TAE and fusion technology as a whole has the potential to be a scalable source of no-carbon energy generation and a key enabler of grid stability as renewables become a greater portion of the energy mix," said Jim Gable, president of Chevron Technology Ventures, the company's corporate venture capital arm.