Fusion pioneer powers ahead with backing

A Bristol-based deep-tech company has raised £23 million to develop nuclear fusion technology aimed at tackling shortages of medical isotopes used in cancer diagnosis and treatment.

Astral Systems has secured the first close of a Series A investment round led by Mercia Ventures, with backing from Tees River, Daphni, Blast Club, Speedinvest and Playfair Capital.

The funding will support the development of medical isotopes using Astral Systems’ proprietary multi-state fusion technology, as well as expanded production of its modular reactors and further fusion research.

Radioisotopes are used in more than 50 million medical procedures each year, but supplies are becoming increasingly constrained as older reactors close and demand rises.

Astral Systems says its modular reactors can operate more efficiently and at lower cost than traditional reactors by using advances in stellar physics.

The company is developing a high-energy facility at the former Berkeley Power Station in Gloucestershire, where it expects to have multiple reactors running at full capacity by the end of the year.

It plans to bring one or more medical isotopes to market in 2027 before manufacturing additional reactors for wider commercial use.

Founded by fusion entrepreneur Talmon Firestone and nuclear physicist Dr Tom Wallace-Smith, Astral Systems has already generated more than £3 million from commercial and research contracts.

The business currently employs 23 people and plans to grow its team to more than 40 by the end of 2026.

Talmon said: “We are rewriting how we approach fusion and, in doing so, redefining what it means to be a fusion company. 

“This is evident in our novel technology and its near-term applications in modern medicine, as well as facilitating the search for hybrid energy. 

“With this new funding we can accelerate our ambition of building a profitable, impactful fusion business, and build on the momentum of the past 12 months with the backing of our investors.”

The latest investment brings total funding raised to more than £28 million.

Lee Lindley, who led the investment on behalf of Mercia Ventures, added: “We’re incredibly proud to have led this investment into Astral Systems are excited about working with Talmon and Tom. 

“Astral’s technology has the potential to transform the manufacturing and supply of medical isotopes, which are vitally important for diagnostic and therapeutic purposes. 

“Astral Systems is a perfect example of the bold ideas that Mercia likes to back.”

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