Californian Google-backed TAE Technologies raises $280mn from new, existing investors

by   |  VIEW 3750

Californian Google-backed TAE Technologies raises $280mn from new, existing investors

TAE Technologies, the Foothill Ranch, California-based company that metamorphosizes technologies to develop power from nuclear fusion, backed by Alphabet’s Google LLC., said later this week that the 23-year old privately-held company had raised a stark upsum of $280 million from existing alongside new investors including Google and New Enterprise Associate in a latest fundraising campaign.

Although TAE Technologies, the firm that houses expertise to create power from nuclear fusion, but had to operate in a stealth mode for long, did not disclose its latest valuation, though data from Pitchbook had unveiled that the nuclear power generator had been valued at a lump-sum of $2.6 billion following a fundraising campaign back in the May of 2019.

Aside from that, latest fundraising campaign of TAE Technologies which proffers a $280 million in fresh capital inflows comes over the heels of a funding campaign earlier this year that had raised a total of $130 million.

TAE Technologies had raised $880 million from private and institutional investors thus far.

Google-backed Nuclear power generator TAE Tech. raises $280mn

On top of that, followed by the latest fundraising campaign, TAE Technologies was quoted saying in a statement later this week that the $280-million in fresh capital influx would be deployed on R&D of further fusion works alongside a reactor scale facility.

TAE Technologies, which has also been brewing off an option to generate baseload power from a ground-breaking technological advancement in Hydrogen-Boron fuel cycle, a carbon-neutral fuel source, kept a low-profile for several years after having been founded back in the 1998s as beforementioned, though over recent years, the firm draws interest from big-league investment firms likes of Kuwait Investment Authority, Venrock alongside Westlake, Texas-based American brokerage firm Charles Schwab.