Tokamak Energy

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).

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

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

• Fusion energy technology
• Superconducting magnets
• Spherical tokamak reactors
• Magnetic confinement fusion
• High temperature superconductors

Headquarters

HQ city

Oxford

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Supply Chain, Marketing or Sales

Revenue model

1. Fusion Energy Development: Pre-commercial stage - developing fusion power plants targeting commercial operation in the 2030s. Revenue not yet generated from fusion electricity delivery.
2. 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.
3. 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.
4. 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

Core 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

Named customers4 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Twelve partnerships are on record, tiered minor, core and flagship.

• Lancaster UniversityminorStrategic or Co-development Partner · 16 June 2026Tokamak 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 ElectriccoreTechnology or Integration · 15 June 2026Furukawa Electric and Tokamak Energy advancing collaboration on UK HTS tape capability, strengthening domestic supply chain for high-temperature superconducting materials.
• Type One EnergyflagshipStrategic or Co-development Partner · 6 May 2026UK 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.
• AECOMflagshipStrategic or Co-development Partner · 6 May 2026UK 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.
• +BEcoreStrategic or Co-development Partner · 29 April 2026Partnership 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 LtdflagshipStrategic or Co-development Partner · 14 April 2026UK 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 or Co-development Partner · 14 October 2025Strategic collaboration with Germany-based Gauss Fusion to advance high-temperature superconducting magnet technology and accelerate commercial fusion deployment across Europe.
• Ridgway MachinescoreTechnology or Integration · 1 September 2025Acquisition of specialist engineering firm Ridgway Machines completed in September 2025 to expand UK manufacturing capacity for HTS magnet production.
• General AtomicscoreTechnology or Integration · 1 January 2025TE Magnetics secured contract with General Atomics for DARPA undersea magnetohydrodynamic pump program, demonstrating HTS magnet technology applications beyond fusion.
• SuperPower Inc.coreTechnology or Integration · 1 January 2025Collaboration with SuperPower Inc. achieving ultra compact insulation innovation of 15 Tesla at over 5 Tesla per minute ramping rate.
• U.S. Department of EnergyflagshipStrategic or Co-development PartnerPartnership 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 ZeroflagshipStrategic or Co-development PartnerPartnership 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

Direct 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

• Xx.com/tokamakenergy
• YouTubeyoutube.com/channel/UCuSlFJbBUIj1zfJLRnGXSow
• LinkedInlinkedin.com/company/tokamak-energy-ltd
• Instagraminstagram.com/tokamakenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Subsidiaries4 records

Funding overview

Funding rounds8 records

Investors10 records

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M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tokamak Energy