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First Light Fusion, an IP Group PLC (LSE:IPO) portfolio company developing inertial fusion energy technology, has raised £25 million in the first close of a new funding round led by specialist fusion fund Starmaker One and backed by the UK Atomic Energy Authority (UKAEA). The round was led by East X Ventures, a UK venture firm, through its Starmaker One fusion fund, with a significant strategic investment from the UKAEA, the government body responsible for leading the UK's fusion energy programme. Existing shareholders, including IP Group and its Hostplus-managed fund, also participated in the raise. Following completion, IP Group holds an undiluted beneficial stake of 28.3% in First Light, with a further 17.3% held through its managed funds. The proceeds will be used to accelerate the commercial development of First Light's FLARE Fusion Energy concept, which the company describes as a simpler and lower-cost approach to inertial fusion energy, the process of generating power by compressing and heating fuel to the point of nuclear fusion. IP Group chief executive Greg Smith said the involvement of specialist fusion investors alongside the UKAEA represented a strong endorsement of First Light's technology and its relevance to the UK's long-term energy ambitions. First Light Fusion was spun out of the University of Oxford and has pursued a distinctive approach to fusion, using a projectile to compress fuel rather than the laser or magnetic confinement methods favoured by larger rivals. IP Group, the FTSE 250 investor in deep-science and technology companies, said the fundraise reflected its strategy of providing investors with access to differentiated opportunities in frontier science.
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