Tokamak Energy is a global leader in fusion energy and high-temperature superconducting, HTS, technologies, trusted by governments and industry worldwide. The company is driving the commercialisation of fusion and HTS solutions through breakthrough innovation and strategic partnerships.
Founded in 2009 as a spin-out from the UK Atomic Energy Authority at Culham, Tokamak Energy is headquartered at Milton Park in Oxfordshire, with subsidiaries in the United States and Japan. The company employs more than 300 people and has secured over £280 million in investment. Fusion is set to transform global energy markets as a clean, limitless, on-demand power source, representing a $10 trillion opportunity. Tokamak Energy has designed, built and operates two of the world’s most advanced fusion devices: ST40, the highest magnetic field spherical tokamak, and Demo4, the first high-field HTS fusion magnet system. Through these platforms, it is developing the technologies and expertise required to deliver commercial fusion power, while also commercialising spin-out HTS technologies across multiple sectors.
The company is building the technologies and partnerships needed to deliver commercial fusion energy within the next 15 years, building on Oxfordshire’s long and valuable history of superconducting magnet engineering and manufacturing.
Advancing fusion and high temperature superconducting technology
Tokamak Energy is embarking on a $52 million upgrade to its ST40 spherical tokamak, supported by the US Department of Energy and the UK Department for Energy Security and Net Zero in a significant transatlantic collaboration. The upgrade will enable deployment and demonstration of a new lithium conditioning technology for plasma-facing surfaces. It will also include a new plasma heating system using technology highly relevant to the UK Government’s STEP programme for a future fusion power plant.
Alongside this, the company is developing a wide range of new HTS magnet applications based on rare earth barium copper oxide, ReBCO, high temperature superconductor. ReBCO superconducts at up to 91K, above the temperature of liquid nitrogen, although magnet applications are typically cooled to 20K where conductivity is significantly higher.
This work was recognised with an Institute of Physics Business Innovation Award in 2025, awarded for the development of compact, powerful, robust and quench resilient high temperature superconducting magnets. These magnets will enable commercial fusion energy and novel propulsion systems, particle accelerators and scientific instruments.
Building from strength in Oxfordshire
While there are inevitably barriers affecting progress, Tokamak Energy is clear that Oxfordshire is the best place in the world to tackle the enormous challenge of fusion energy and to develop the next generation of high magnetic field, high temperature superconducting magnets.
It can be more challenging for hard technology companies to raise investment in the UK than in the United States. Tokamak Energy has responded by partnering with government fusion programmes and with corporate strategic investors on its HTS technology, creating value while sustaining long-term innovation. The company has also been able to recruit outstanding engineers and scientists, both from within Oxfordshire and from across the world, drawn by the region’s reputation and environment.
Further UK Government initiatives to encourage investment in scale-up businesses would enable companies such as Tokamak Energy to expand more rapidly and maximise the economic impact of their technological innovations.
A capability and a technology the UK should back
From Tokamak Energy’s perspective, Oxfordshire is well placed to lead the way in delivering fusion energy capability, building on decades of public investment at the UK Atomic Energy Authority’s Culham Campus and now spearheaded by the UK Government’s STEP programme. Fusion is expected to become the main power source for the world in the 22nd century. The challenge is to accelerate its development in a way that stimulates economic growth, attracts investment and allows the UK to benefit from future global markets.
Oxfordshire also has unique strengths in the development of high field strength superconducting magnets. Greater investment in HTS magnets, along with related technologies such as HTS busbars and power transmission lines, would unlock gains in energy efficiency and power density. Applications span motors and generators, scientific and analytical equipment, magnetic levitation for trains, ship and submarine propulsion, mineral separation, magnetic annealing and proton beam therapy.
With substantial intellectual property and rapid prototyping capability, Tokamak Energy is positioning itself to attract corporate strategic partners and bring these technologies to market. Its progress reflects both the ambition of the company and the strength of Oxfordshire’s science and engineering ecosystem.
