Hephaestus announces CiRi-led funding for fusion and superconductors
The company is developing rare-earth-free superconducting materials and negative-triangularity fusion systems, with manufacturing and reactor milestones ahead.
Hephaestus emerged from stealth on 21 October 2026 and announced the close of a funding round led by CiRi Ventures. The company reports $17.2 million raised as it introduces its fusion and superconducting-materials technology; the announcement does not separate the latest round from that total.
The funding will support planned high-temperature-superconductor manufacturing at a 70,000-square-foot New Jersey facility, targeted to start in 2027, and work toward a net-gain fusion demonstration by 2030. Both are future milestones.
Founded in London in 2019, Hephaestus develops rare-earth-free superconducting materials and negative-triangularity tokamak designs. Its materials business is intended to serve other fusion developers as well as its own reactors, addressing the supply and cost of the magnets used to confine plasma.
Use of funds
Develop rare-earth-free HTS manufacturing capacity
Build negative-triangularity net-gain fusion demonstrator