Energy Singularity Funding, Investors & Competitors

Energy Singularity has raised $121M across 2 funding rounds, most recently a $58M seed round in April 2023.

Last Energy Singularity funding round

$58M

Seed · Apr 2023

Cumulative funding Energy Singularity raised

$121M

across 2 funding rounds

Key investors in Energy Singularity

  • miHoYo
  • HSG
  • NIO Capital
  • Yunhe Partners
  • Enlightenment
  • Heimen Equity Fund

Energy Singularity Overview

About Energy Singularity

Energy Singularity is a Shanghai-based developer of inertial confinement fusion reactors targeting net energy gain by 2028. Its ES-1 prototype delivers 100 trillion neutrons per pulse using 192 laser beams at 2 megajoules. The company collaborates with Tsinghua University on tritium breeding blankets for 1-gigawatt pilots, securing $50 million from Chinese state funds.


Founded

2021

HQ

ChinaShanghai

Status

Privately held

Customer focus

B2G

Revenue model

Product sales

Sectors

Energy Singularity Funding History

Energy Singularity has raised a total of $121M across 2 funding rounds.

Energy Singularity's first fundraising round was a $63M seed round in February 2022. The most recent completed round was a $58M seed round in April 2023.

Energy Singularity funding rounds

Energy Singularity funding rounds
DateStageInvestorsRaisedDeal Summary
Apr 2023SeedmiHoYo; Heimen Equity Fund; Enlightenment; Yunhe Partners$58MEnergy Singularity, founded in 2021 in Shanghai, China, develops high-temperature superconducting (HTS) tokamak systems for commercial nuclear fusion energy, focusing on compact, high-field devices like HH70 and upcoming HH170 for net energy gain. The company builds experimental tokamaks and control software to achieve commercial power generation potential without nuclear waste. Team members hail from top institutions including Stanford, Princeton, Peking University, and Tsinghua, with expertise in plasma physics, superconductivity, and AI. In late April 2023, Energy Singularity raised nearly RMB400 million (about $58 million) in a Series Pre-A round, led by miHoYo and NIO Capital. Funds supported R&D for the world's first small HTS tokamak experimental device and advanced magnet systems. The company achieved milestones post-round, including a fusion breakthrough with the Jingtian magnet in March 2025 and the world's first net energy-positive HTS tokamak HH70 discharge in June. In early 2025, it raised CNY1.8 billion (~$240M) from China Nuclear Power and Zheneng Electric Power, with miHoYo and Nio Capital. HH170 targets >10 energy gain by 2027, aiming to outperform competitors like Commonwealth Fusion Systems' SPARC in size, cost, and field strength. Energy Singularity competes in the magnetic confinement fusion space, positioning as a leader in HTS tokamaks for cost-effective clean energy.
Feb 2022SeedmiHoYo (lead); NIO Capital (lead); HSG$63MEnergy Singularity, founded in 2021 by experts in theoretical physics, plasma physics, and high-temperature superconductivity from institutions like Stanford, Princeton, Peking University, and Tsinghua University, develops commercial fusion energy technology using high-temperature superconducting Tokamak devices and advanced magnet systems for future fusion power reactors. The company completed its first funding round in February 2022, raising nearly RMB 400 million (approximately $63 million), co-led by miHoYo and NIO Capital, with participation from Sequoia China Seed Fund, BlueRun Ventures (also referred to as HongShan or Lanchi Ventures), aiming to fund the world's first small-scale Tokamak experimental device based on high-temperature superconductors. A later pre-Series A round of another RMB 400 million was completed in May 2023, with miHoYo re-upping its investment alongside NIO Capital. The startup focuses on high-magnetic-field, standardized devices with commercial power generation potential and reliable core components for fusion reactors, collaborating with global research institutions to advance energy security and carbon neutrality goals in China.

Who has invested in Energy Singularity?

6 investors have backed Energy Singularity across its funding rounds, including miHoYo, HSG, NIO Capital, Yunhe Partners, Enlightenment and Heimen Equity Fund.

Lead investors include miHoYo and NIO Capital.


Energy Singularity Investors

Investors in Energy Singularity by funding rounds participated
InvestorHQRoundsRoleFirst check
miHoYoChinaShanghai2LeadFeb 2022
Heimen Equity Fund--1ParticipantApr 2023
EnlightenmentUnited StatesUnited States1ParticipantApr 2023
NIO CapitalChinaShanghai1LeadFeb 2022

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Energy Singularity Competitors

Energy Singularity competitors include listed companies like GE Vernova, Vistra, Cameco and CEZ Group, and private ones like Valar Atomics and Commonwealth Fusion Systems.

Public and private companies comparable to Energy Singularity
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GE VernovaUnited StatesUnited StatesPublicly listed$38B$3.2B$246B5.4x
VistraUnited StatesUnited StatesPublicly listed$18B$5B$48B3.3x
CamecoCanadaCanadaPublicly listed$2.5B$825M$41B16.1x
CEZ GroupCzech RepublicCzech RepublicPublicly listed$16B$6.7B$35B2.9x
Valar AtomicsUnited StatesLos Angeles, CAPrivate--$6B-
Commonwealth Fusion SystemsUnited StatesUnited StatesPrivate--$3.4B-

Energy Singularity Public Comps

Energy Singularity is still privately-owned, but its public comps include GE Vernova, Vistra, Cameco, CEZ Group, CGN Power, Uniper, Kansai Electric Power, China National Nuclear Corporation, National Atomic Co and Zheneng Electric.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
GE Vernova$38B$3.2B6.2x5.4x73.5x43.5x
Vistra$18B$5B4.0x3.3x13.9x10.2x
Cameco$2.5B$825M16.2x16.1x49.0x29.7x
CEZ Group$16B$6.7B2.9x2.9x6.7x7.9x
CGN Power$11B$3.5B7.8x7.7x25.0x16.9x
Uniper$70B$2B0.4x0.4x13.2x19.4x
Kansai Electric Power$26B$6B1.6x1.5x7.0x8.6x
China National Nuclear Corporation$3B$481M6.6x6.4x40.6x31.1x

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Common questions about Energy Singularity

When was Energy Singularity founded?Energy Singularity was founded in 2021.
Where is Energy Singularity headquartered?Energy Singularity is headquartered in Shanghai, China.
Is Energy Singularity publicly listed?No, Energy Singularity is a private, VC-backed company.
How much funding has Energy Singularity raised?Energy Singularity has raised $121M across 2 funding rounds.
What was Energy Singularity's last funding round?Energy Singularity's last funding round was a $58M seed round in April 2023.
Who are Energy Singularity's investors?Energy Singularity's investors include miHoYo, Heimen Equity Fund, Enlightenment, NIO Capital, Yunhe Partners and HSG.
Which companies are comparable to Energy Singularity?Companies comparable to Energy Singularity include GE Vernova, Vistra, Cameco, CEZ Group, Valar Atomics and Commonwealth Fusion Systems.

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