PALO ALTO, CA / ACCESSWIRE / July 26, 2023 / Blue Laser Fusion Inc. (BLF), a private venture funded company with a novel laser fusion technology, has raised a total of $25 million in its first Series Seed round funding. Major investors are two top tier venture capitalists in Japan, JAFCO Group Co., Ltd. and SPARX Group Co., Ltd (Mirai Creation Fund III).
A California based company, BLF was founded in 2022 by Shuji Nakamura, Ph.D, 2014 Nobel Laureate in Physics and Professor at the University of California, Santa Barbara Hiroaki Ohta, Ph.D, General Partner of Waseda University Ventures (WUV), and Richard Ogawa, a Silicon Valley based attorney.
With over 200 claims in patent applications, BLF has developed a proprietary novel laser fusion technology capable of achieving the world's first fusion for energy generation for power grids. BLF's laser technology enables Mega Joule pulse energy laser with a fast repetition rate to achieve commercial fusion. BLF plans to complete it's first prototype in 2025, and then demonstrate a commercial-ready fusion reactor by 2030.
BLF plans to adopt a safe hydrogen-boron fuel called "HB11" for sustainable and environmentally friendly operations. The HB11 fuel is not radioactive, is free from harmful neutrons, yields safe helium elements, and is a naturally abundant mineral.
"HB11 is the perfect fuel for fusion and has no harmful neutron or tritium elements, as conventional fusion technologies. We are pleased to be working with our group of world's top scientists and experts to not only ignite a fusion reaction with HB11 but maintain the reaction to create clean renewable energy," said Hiroaki Ohta, CTO of Blue Laser Fusion.
"We are delighted with the support from our investors and our funding. Blue Laser Fusion has the best fusion technology in my view to achieve commercial fusion by 2030. I am so excited with our opportunity and the support," said Shuji Nakamura, President and CEO of Blue Laser Fusion. "I have always looked for ways to help change the world and save our planet from carbon."
With the success of raising the Series Seed round funding, BLF will expand R&D operation in the Santa Barbara area as well as Tokyo to develop its prototype commercial reactor.
"Fusion is the ultimate energy source, and its successful commercialization will be a huge leap towards achieving clean and abundant energy for everyone," said Keisuke Miyoshi, President & CEO and Partner of JAFCO. He further emphasized "Advances in laser inertial technology, including Blue Laser Fusion's ability to execute the next generation of laser technology, provide the basis for a very exciting and promising path to the ultimate sustainable energy source."
Takaki Demichi, Director Head of Mirai Creation Investment (SPARX) added, "We are delighted to participate with the impressive and differentiated team of successful industry leaders that Blue Laser Fusion has assembled. We look forward to supporting the BLF team as they continue to build their business through innovation and dedication."
About Blue Laser Fusion, Inc.
Blue Laser Fusion is a technology company with novel laser fusion technology. The technology is accelerating a transition to an electrified world without carbon using a proprietary HB11 fuel. The technology creates a complete clean energy system for providing electrical power to homes, businesses, and electric vehicles.
"Blue Laser Fusion" and the logo are trademarks of Blue Laser Fusion Inc.
About JAFCO Group Co., Ltd.
JAFCO is Japan's leading venture capital and private equity firm. Since its founding in 1973, the total capital commitments of its investment funds in Japan and overseas have exceeded 1 trillion yen, and the number of portfolio IPOs to date has reached over 1,000. JAFCO has offices in Japan, Singapore, China, Taiwan, and the USA, and is listed on the Tokyo Stock Exchange.
About SPARX Group Co., Ltd. (Mirai Creation Funds I, II, and III)
The Mirai Creation Fund I, managed by SPARX, was established in November 2015 with contributions from Toyota Motor Corporation and Sumitomo Mitsui Banking Corporation. The fund focuses on intelligence technology, robotics, and hydrogen-economy technologies as vital to the future, and targets companies or projects with innovative technologies in these fields. In H2 2018, SPARX began managing the Mirai Creation Fund II, which targets the three existing Mirai Creation fields along with the two additional areas of electrification and new materials. In October 2021, SPARX launched the Mirai Creation Fund III with SPARX Asset Management Co., Ltd., a subsidiary of SPARX, acting as its fund manager, adding carbon neutrality to the five fields of the Mirai Creation Fund II.
Contact:
Blue Laser Fusion Inc.
contact@bluelaserfusion.com
SOURCE: Blue Laser Fusion Inc.
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