Tokamak Energy
Tokamak Energy is a UK-based private fusion energy company developing spherical tokamak reactors and high-temperature superconducting (HTS) magnets using ReBCO technology, serving government agencies, utilities, and industrial partners through pre-commercial fusion research, magnet sales, and engineering services.
- Company typePrivate
- Founded2009
- HeadquartersOxford, United Kingdom
- Headcount251–500
- GTM typeB2B
- OfferingHardware or Manufacturing
What Tokamak Energy does
Tokamak Energy Ltd is a privately held UK fusion energy company founded in 2009 by Dr David Kingham and Dr Mikhail Gryaznevich, headquartered in Milton Park, Abingdon, Oxfordshire. The company develops spherical tokamak fusion reactors combined with high-temperature superconducting (HTS) magnets using rare-earth barium copper oxide (ReBCO) technology. Its primary fusion device is the ST40 compact spherical tokamak, which achieved plasma temperatures over 100 million degrees Celsius in 2022 and a 1 MA plasma current with record-high fusion triple product in 2025. The company also developed the Demo4 HTS magnet system, which achieved 11.8 Tesla field strength in a world-first complete HTS magnet set validated in tokamak configuration in 2025.
The business operates two parallel technology streams. The fusion stream is pre-commercial, targeting commercial fusion power in the 2030s via government-backed programmes including the UK STEP programme, the US DOE Milestone-Based Fusion Development Programme, the UK Infinity Fusion Consortium (with Type One Energy and AECOM), and the UK Infinity Two 400 MWe fusion power plant project. The second stream is TE Magnetics, a wholly-owned subsidiary that commercially markets HTS magnets for applications including MRI machines, maglev trains, power cables, defense (DARPA undersea magnetohydrodynamic pump via General Atomics), and AI data centre infrastructure (research partnership with +BE showing potential for 90% power loss reduction and 50% TCO savings).
Revenue is generated through government contracts (most notably a £70M / $95M USD STEP magnet systems contract from March 2026 to March 2029), HTS magnet sales and licensing through TE Magnetics, and engineering services. The company maintains wholly-owned subsidiaries in the United States (Tokamak Energy Inc., since 2019) and Japan (Tokamak Energy K.K.), and has acquired Ridgway Machines to expand HTS magnet manufacturing capacity. The leadership team draws heavily from Rolls-Royce (CEO Warrick Matthews, CTO Itxaso Ariza, General Counsel Christian Lowis) and includes board members Sir Warren East (former Arm and Rolls-Royce CEO) and Sir David Harding (Winton Group founder).
Tokamak Energy firmographics
Firmographics- Name
- Tokamak Energy
- Legal name
- Tokamak Energy Ltd
- Website
- https://tokamakenergy.co.uk
- Company type
- Private
- Founded year
- 2009
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- Tokamak Energy is a UK-based private fusion energy company developing spherical tokamak reactors and high-temperature superconducting (HTS) magnets using ReBCO technology, serving government agencies, utilities, and industrial partners through pre-commercial fusion research, magnet sales, and engineering services.
- Ownership category
- akta.pro rank
Tokamak Energy industry classification
Industry- Product category
- Fusion Energy & Superconducting Magnets
- NAICS
- Turbine and Turbine Generator Set Units Manufacturing (333611), Engine, Turbine, and Power Transmission Equipment Manufacturing (33361)
- SIC
- Electronic Coils, Transformers & Other Inductors (3677), Motors & Generators (3621)
- akta.pro primary industry
- Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors) (EUAKADAC)
- akta.pro secondary industries
- Gen III/III+ Reactor Systems & Components (EUAKADAB), Reactor Vessel, Internals & Primary Circuit Components (RPV, piping, pumps, valves) (EUAKADAE), High-Voltage & High-Power Conversion (HVDC supplies, traction/rail converters, large rectifiers) (IMAGADAH), Component & System Upgrades / Modernization (I&C Digital, Turbine-Generator, Balance-of-Plant) (EUAKABAE)
Keywords
Where Tokamak Energy is headquartered
LocationHeadquarters
- HQ city
- Oxford
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Tokamak Energy business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure, Supply Chain, Marketing or Sales
Revenue model
- Fusion Energy Development: Pre-commercial stage - developing fusion power plants targeting commercial operation in the 2030s. Revenue not yet generated from fusion electricity delivery.
- TE Magnetics HTS Magnet Sales: Commercial subsidiary selling high-temperature superconducting magnets developed for fusion reactors. HTS magnets have broad applications including MRI machines, maglev trains, next-generation power cables, and data centre infrastructure. Tokamak Energy established TE Magnetics as a separate commercial division.
- Magnet Systems Engineering Services: Engineering services contract with UK Fusion Energy Ltd for magnet systems engineering under the STEP programme, valued at £70 million ($95 million USD), running from March 2026 to March 2029.
- Technology Licensing and Partnerships: Licensing HTS magnet technology and engineering expertise to partners. Secured contract with General Atomics for DARPA undersea magnetohydrodynamic pump program.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
Tokamak Energy product offering
Product offeringCore offering
Tokamak Energy develops spherical tokamak fusion reactors combined with high-temperature superconducting (HTS) magnets using rare-earth barium copper oxide (ReBCO) technology, targeting commercial fusion power generation in the 2030s. The company operates the ST40 compact spherical tokamak research device and runs TE Magnetics, a commercial division that sells HTS magnet systems for fusion and non-fusion applications including MRI machines, maglev trains, power cables, and data center infrastructure.
Product overview
Tokamak Energy is pursuing two parallel technology streams: (1) fusion energy technology centered on spherical tokamak devices, with the ST40 as the primary research platform undergoing the LEAPS upgrade, and (2) TE Magnetics, a commercial division selling high-temperature superconducting (HTS) magnet systems and technologies including the Demo4 magnet system. The company develops HTS magnets for internal fusion use as well as external applications, positioning the magnets business as an interim revenue strategy while commercial fusion plants are developed.
Differentiator
Problem solved
Functional benefit
Brands
- TE Magnetics: Commercial division of Tokamak Energy focused on high-temperature superconducting (HTS) magnet systems for fusion and other applications including MRI machines, maglev trains, and next-generation power cables.
Products and services
- ST40 Spherical Tokamak High-performance compact spherical tokamak device designed to achieve fusion-relevant plasma temperatures, used as the company's primary research and demonstration platform for fusion energy technology.
- TE Magnetics HTS Magnet Systems Commercial division selling high-temperature superconducting (HTS) magnet systems for applications including MRI machines, maglev trains, next-generation power cables, defense systems, and data center infrastructure, using rare-earth barium copper oxide (ReBCO) technology.
- Demo4 HTS Magnet System High-temperature superconducting magnet system representing the world-first complete HTS magnet set validated in a tokamak configuration, achieving 11.8 Tesla field strength at -243 degrees Celsius, serving as a critical demonstration of HTS magnet capability for fusion and other applications.
- Magnet Systems Engineering Services Professional engineering services for magnet systems design and development, delivered under major government fusion programs, including the £70 million STEP (Spherical Tokamak for Energy Production) contract awarded by UK Fusion Energy Ltd.
Quantifiable outcome
- HTS technology can cut power losses by up to 90% in data centres
- +4 more outcomes
Companies that use Tokamak Energy
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles4 records
Tokamak Energy technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Tokamak Energy partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered minor, core and flagship.
- Lancaster UniversityminorTokamak Energy's fusion control room was recreated for Lancaster University's new £2 million nuclear facility control room simulator, the first highly reconfigurable simulator in the UK capable of simulating various reactor designs including fusion reactors.
- Furukawa ElectriccoreFurukawa Electric and Tokamak Energy advancing collaboration on UK HTS tape capability, strengthening domestic supply chain for high-temperature superconducting materials.
- Type One EnergyflagshipUK Infinity Fusion Consortium formed with Type One Energy and AECOM to develop the first private-sector-led fusion power plant project in the United Kingdom. The Consortium will develop UK Infinity Two 400 MWe fusion power plant aligned with UK government's Fusion Strategy, combining stellarator design, HTS magnet technology, and engineering capabilities. Targets commercial operation in 2030s.
- AECOMflagshipUK Infinity Fusion Consortium with Type One Energy and Tokamak Energy. AECOM brings engineering capabilities to the Infinity Two 400 MWe fusion power plant project targeting UK commercial operation.
- +BEcorePartnership with data centre infrastructure specialist +BE on research study showing HTS technology using ReBCO could cut power losses by 90% in data centres, deliver 3.5x higher power density, improve efficiency to 99%, and reduce total cost of ownership by 50% over 15 years.
- UK Fusion Energy LtdflagshipUK Fusion Energy Ltd awarded £70 million ($95 million USD) contract to Tokamak Energy for magnet systems engineering under the STEP (Spherical Tokamak for Energy Production) programme. Contract runs from March 2026 to March 2029, marking transition from concept design to full-scale engineering and system validation. Partnership expands UK supplier base to over 500 companies under the programme.
- Gauss FusioncoreStrategic collaboration with Germany-based Gauss Fusion to advance high-temperature superconducting magnet technology and accelerate commercial fusion deployment across Europe.
- Ridgway MachinescoreAcquisition of specialist engineering firm Ridgway Machines completed in September 2025 to expand UK manufacturing capacity for HTS magnet production.
- General AtomicscoreTE Magnetics secured contract with General Atomics for DARPA undersea magnetohydrodynamic pump program, demonstrating HTS magnet technology applications beyond fusion.
- SuperPower Inc.coreCollaboration with SuperPower Inc. achieving ultra compact insulation innovation of 15 Tesla at over 5 Tesla per minute ramping rate.
- U.S. Department of EnergyflagshipPartnership with US DOE on ST40 upgrade including replacing components, adding new heating capabilities, and testing innovative materials. Tokamak Energy selected for DOE's $128 million FIRE Collaboratives initiative and received its 10th INFUSE grant.
- UK Department for Energy Security and Net ZeroflagshipPartnership with UK DESNZ on ST40 upgrade project to advance fusion power research, including applying lithium coatings and improving plasma performance by 2026.
Scale indicators8 records
Recent moves9 records
Expansion highlights8 records
Tokamak Energy competitors and assessment
Company assessmentDirect peers
- Commonwealth Fusion Systems: MIT-affiliated fusion company pursuing tokamak fusion with HTS magnets and recently demonstrated record plasma performance. Direct comparable to Tokamak Energy on fusion reactor architecture and HTS magnet technology.
- TAE Technologies: US-based fusion company pursuing a field-reversed configuration approach to commercial fusion. A peer competitor in the private fusion race and a fellow MarketsandMarkets key market player.
- Helion Energy: Pulsed fusion technology developer targeting commercial fusion power with Microsoft as anchor offtake customer. Direct private-fusion peer and fellow top-five MarketsandMarkets key player.
- General Fusion: Canadian magnetized target fusion company. Direct private-fusion competitor and a fellow MarketsandMarkets key market player.
- Type One Energy: Stellarator fusion company that is partnering with Tokamak Energy in the UK Infinity Fusion Consortium. A complementary architecture peer combining stellarator design with Tokamak Energy's HTS magnets.
- Gauss Fusion: Germany-based fusion company collaborating with Tokamak Energy on HTS magnet technology for European commercial fusion deployment. Closely aligned on HTS and European roadmap.
Broad incumbents
- UK Atomic Energy Authority (UKAEA): UK government-backed fusion research organisation that operates JET and MAST, partners with Tokamak Energy on ST40 upgrades, and oversees the STEP programme. Acts both as incumbent and as customer.
Others
- Furukawa Electric: Japanese supplier of HTS tape collaborating with Tokamak Energy to build UK ReBCO tape capability. Strategic supplier/enabler rather than direct competitor.
- SuperPower Inc. US-based HTS wire/tape developer collaborating with Tokamak Energy on the 15T ultra-compact insulation innovation. Enabler/supplier in the HTS ecosystem.
Emerging players
- Pacific Fusion: Pulsed magnetic fusion startup that raised $900M in 2024. A recently-funded private fusion competitor overlapping Tokamak Energy's investor-base and talent pool.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Tokamak Energy social profiles
Digital presenceTokamak Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Tokamak Energy leadership team
Management profileNumber of profiles
Profiles21 records
Tokamak Energy subsidiaries and ownership
Company hierarchySubsidiaries4 records
Tokamak Energy funding detail
Funding detailFunding overview
Funding rounds8 records
Investors10 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Tokamak Energy M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Tokamak Energy
What does Tokamak Energy do?
Tokamak Energy develops spherical tokamak fusion reactors combined with high-temperature superconducting (HTS) magnets using rare-earth barium copper oxide (ReBCO) technology, targeting commercial fusion power generation in the 2030s. The company operates the ST40 compact spherical tokamak research device and runs TE Magnetics, a commercial division that sells HTS magnet systems for fusion and non-fusion applications including MRI machines, maglev trains, power cables, and data center infrastructure.
Is Tokamak Energy a public or private company?
Tokamak Energy is a private company. It is classified as venture growth investor backed and is currently operating.
When was Tokamak Energy founded?
Tokamak Energy was founded in 2009. It employs 251 to 500 people.
Where is Tokamak Energy based?
Tokamak Energy is headquartered in Oxford, United Kingdom, in the Europe region.
How does Tokamak Energy make money?
Four revenue lines are on record. Fusion Energy Development is the primary driver. The others are TE Magnetics HTS Magnet Sales, magnet Systems Engineering Services and technology Licensing and Partnerships.
Who are Tokamak Energy's main competitors?
Direct peers on record are Commonwealth Fusion Systems, TAE Technologies, Helion Energy, General Fusion, Type One Energy and Gauss Fusion. UK Atomic Energy Authority (UKAEA) is listed as a broad incumbent. Others are Furukawa Electric and SuperPower Inc.. Pacific Fusion is listed as an emerging player.
Does Tokamak Energy have an API?
No public API is recorded for Tokamak Energy.
What industry is Tokamak Energy in?
Tokamak Energy's product category is Fusion Energy & Superconducting Magnets. Its primary akta.pro industry code is EUAKADAC, Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors), with a secondary code of EUAKADAB, Gen III/III+ Reactor Systems & Components. Its NAICS code is 333611 and its SIC code is 3677.