Hephaestus Raises $17.2 Million to Develop Rare Earth Free Superconductors and Lower Cost Fusion Power

Highlights

• London-based Hephaestus emerged from stealth with $17.2 million to build superconductors that avoid rare earth materials like yttrium-based REBCO tape.
• The company targets a negative triangularity plasma configuration to reduce magnet costs and suppress damaging plasma instabilities in fusion reactors.
• Britain's National Physical Laboratory has validated Hephaestus materials in the lab, but full-scale magnet testing and commercial cost proof remain outstanding.
• A planned 2030 fusion gain demonstration would not confirm net electricity production or grid competitiveness, leaving key commercial risks unresolved.