FUSION WIKI
Log in · Create account 中文 · English

Startorus Fusion

Startorus Fusion is a Chinese fusion developer founded in 2021. Its programme combines spherical tokamaks with repetitive magnetic-reconnection heating. It participates in SUNIST-2 with Tsinghua University and develops NTST, CTRFR-1, HTS magnets and associated instrumentation.

Reviewed 17 October 2026. Design targets, experimental reports and issuer statements are distinguished below.

Origins and locations

Startorus was founded in 2021, initially operating in Shaanxi, with Rui Chen and Yi Tan leading business and technical development.[1][2] By 2026, reports identified the company with Shanghai and its Jiading experimental base; company materials also retained a Xi’an address.[3][4]

Research programme

Its approach combines spherical tokamaks, repetitive reconnection heating and HTS development.[5][6] Tsinghua University designed and led SUNIST-2, with Startorus participating through collaboration and technology transfer. The July 2023 announcement reported initial plasma current of 100 kA; the design current was 0.5 MA. These should not be confused.[7]

In 2026, SUNIST-2 was operating, NTST was under construction, and CTRFR-1 was in development.[4] An August investor update described component manufacture and a full-size HTS toroidal-field magnet test at 20 K and 4.5 kA.[8] Future equivalent-Q and power-export milestones remain company plans. Associated electronics products include pulsed power, signal conditioning and data acquisition; product delivery does not establish commercial fusion electricity production.[4]

Financing and funding records

These are traceable public records, not an exhaustive account of undisclosed financing. Investor lists are non-exhaustive. Early auxiliary records have weaker evidence.

Announcement / disclosure Type or round Amount (original currency) Disclosed investors Basis and references (Chinese notes)
2022-06-16（媒体披露） 天使轮 / Angel 数亿元人民币 / Several hundred million RMB 顺为资本、昆仑资本、中科创星、远镜创投、和玉资本、红杉种子基金、险峰长青、九合创投、联想之星、英诺、元禾原点、华方资本等 未披露精确金额，不擅自写成3亿元或其他确定数值。[1][2]
2024-03-27（公司公告） Pre-A轮 / Pre-A 数亿元人民币 / Several hundred million RMB 上海知识产权基金领投；华成创投；中科创星、和玉资本跟投 保留公告中的模糊金额。[9]
2026-01-12 A轮 / Series A RMB 1 billion（10亿元） 上海科创集团、上海未来产业基金领投；中金资本、上海嘉定科投集团联合领投；另有中银资产、武岳峰科创、上汽金控、元禾璞华等 所列为公开报道的部分投资方，非完整股东名册。[10][11]
2026-05-07 A+轮 / Series A+ RMB 500 million（5亿元） 达晨财智、金浦投资、上海申能诚毅、阳光融汇资本、兴证资本、松青资本、洪泰基金、三元资本、京铭资本、盈港资本等；飞图创投跟投 当期报道累计融资超过20亿元人民币。[12][3]
2026-08-08 A++轮 / Series A++ RMB 880 million（8.8亿元） 深投控资本、深担创投、农银资本、交银投资、纪源资本、永鑫方舟、可可资本、优势资本等；上海科创集团旗下知识产权基金等跟投 新增轮次；投资方8月10日公告交叉核对。[8][13]

The three disclosed 2026 rounds total RMB 2.38 billion. Earlier rounds were only described as several hundred million RMB, so an exact all-time total cannot be reconstructed. The original USD survey figure is retained as historical metadata rather than treated as a current total.

References

  1. 昆仑资本. 星环聚能完成数亿元天使轮融资，致力商业化可控核聚变开发. 2022-07-06. [投资方公告] Accessed: 2026-10-17.
  2. 36氪. 36氪独家：星环聚能完成数亿元天使轮融资. 2022-06-16. [科技商业媒体] Accessed: 2026-10-17.
  3. 新华财经；上海市委金融办转载. 星环聚能A+轮融资落地，上海加速打造核聚变产业高地. 2026-05-18. [新闻报道；政府网站转载] Accessed: 2026-10-17.
  4. 星环聚能；正文明确为A+轮. Startorus Fusion Secures 500 Million … Cumulative Funding Exceeds 2 Billion. 2026-05-07. [机构或企业一手公告] Accessed: 2026-10-17.
  5. 星环聚能. Startorus Fusion Completes Series A Financing Round Worth RMB 1 billion. 2026-01-12. [机构或企业一手公告] Accessed: 2026-10-17.
  6. 星环聚能. 星环聚能工程规划. 动态网页. [机构或企业一手公告] Accessed: 2026-10-17.
  7. 清华大学工程物理系. 清华大学SUNIST-2球形托卡马克建成并获得第一等离子体. 2023-07-12. [大学项目公告] Accessed: 2026-10-17.
  8. 联想之星. 联想之星天使轮项目星环聚能完成8.8亿元A++轮融资. 2026-08-10. [投资方公告] Accessed: 2026-10-17.
  9. 星环聚能. 星环聚能获数亿元Pre-A轮融资，加速聚变能商业化. 2024-03-27. [机构或企业一手公告] Accessed: 2026-10-17.
  10. 证券时报. 又一聚变独角兽！星环聚能完成10亿元A轮融资，上海国资领投. 2026-01-12. [财经媒体] Accessed: 2026-10-17.
  11. 投资界；星环聚能转载. 投资界专访星环聚能：国内民营核聚变企业单笔融资纪录再次被刷新. 2026-01. [财经采访] Accessed: 2026-10-17.
  12. 证券时报. 星环聚能完成5亿元A+轮融资，累计融资超20亿元. 2026-05-07. [财经媒体] Accessed: 2026-10-17.
  13. 第一财经. 星环聚能完成新一轮8.8亿元融资. 2026-08-08. [财经媒体] Accessed: 2026-10-17.
Last updated：2026-10-17