Silicon Valley Bank (SVB), a division of First Citizens Bank, provided a growth capital facility of $9.5 million to fusion energy startup Realta Fusion.
This latest financing will enable Realta to continue derisking the physics of its CoSMo fusion energy system on its path to commercialization.
“While our approach promises to be a lower capital path to fusion energy than some other concepts, we are still a deep tech company with significant capital needs,” Kieran Furlong, CEO and co-founder of Realta Fusion, said. “This debt financing made available to us by SVB is a powerful tool we can put to good use on the way to safe, clean and reliable commercial fusion energy.”
Dennis Grunt, managing director, technology and healthcare banking at Silicon Valley Bank, a division of First Citizens Bank, added, “Realta has the potential to transform energy use across data centers, manufacturing and other heavy industries. SVB is thrilled to support Realta as it grows and scales its fusion energy platform as a future source of heat and power.”
