编者荐语： 硬科技创新，才可能为人类未来打开一扇新的门。 以下文章来源于邱处机 ，作者邱鑫浩 邱处机 . 专门研究商业牛人 两位清华80后，离"人类终极能源"的梦想又近了一步。 据《投资界》报道，星环聚能近日正式完成10亿元的A轮融资，由上海国投公司旗下上海科创集团、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。 从空厂房到成功运行聚变装置，这家成立仅四年的硬核企业，一举刷新了国内民营核聚变企业的单笔融资 纪录。 01 终极能源 星环聚能的创业故事，最早要追溯到清华园。 1999年，陈锐和谭熠一同考入清华大学工程物理系核工程与核技术专业，成为了同班同学。 核聚变到底有什么意义？一个例子显示，一杯D2O（重水）通过核聚变产生的能量，可以产生900万千瓦时 的清洁电力，这些能量可以为一个家庭供电865年。 因此许多投资人都认为，被称为"人造太阳"的可控核聚变将是人类的终极能源。 而陈锐和谭熠的"人类终极能源"梦想，开始踏上了征途。 02 技术路线 本科毕业后，谭熠留在清华继续攻读博士学位，并深耕核聚变研究，后来成为清华大学工程物理系副教 授。 而陈锐则远赴澳大利亚深造，在悉尼大学获得了经济学硕士和博 ...

Core Viewpoint - Star Ring Fusion has successfully completed a Series A financing round of 1 billion yuan, setting a new record for single financing in China's private nuclear fusion sector [4][25][35]. Company Overview - Star Ring Fusion, founded by Tsinghua University alumni Chen Rui and Tan Yi, focuses on controllable nuclear fusion technology and has rapidly gained prominence in the investment community since its establishment in 2021 [5][9][25]. - The company has grown its research and development team from over 10 to more than 140 members, with over 70% holding master's or doctoral degrees [11][28]. Financing Details - The Series A round was led by Shanghai Guotou Company and Shanghai Kechuang Group, with participation from various investment institutions, including CICC Capital and Shanghai Jiading Science and Technology Investment Group [4][25][35]. - This financing round marks a significant milestone, as it surpasses previous records for private nuclear fusion financing in China [25][35]. Technological Advancements - Star Ring Fusion employs a compact spherical tokamak technology, which is expected to significantly reduce construction costs for fusion reactors, with projected costs around 1.5 billion yuan for next-generation devices [11][30]. - The company has developed a range of peripheral technologies for fusion reactors, including high-bandwidth isolation amplifiers and superconducting collection devices, which are gaining attention in various fields such as nuclear power and aerospace [12][31]. Future Plans - Star Ring Fusion aims to complete engineering validation by around 2028 and initiate the construction of a commercial demonstration reactor by 2032 [12][31]. - The company has established a strategic partnership with the Jiading District government to advance the development and industrialization of the CTRFR-1 fusion device [36]. Industry Context - Shanghai is emerging as a hub for nuclear fusion technology, with a robust ecosystem that includes nearly 200 nuclear-related enterprises and several research institutions [20][38]. - The Chinese government has set ambitious goals for the nuclear power industry, aiming for a scale of 60 billion yuan by 2027 and establishing Shanghai as a world-class nuclear power center [39].

Core Insights - Star Ring Fusion has successfully completed a Series A financing round of 1 billion yuan, setting a new record for private nuclear fusion companies in China [1][11] - The company, founded by Tsinghua University alumni Chen Rui and Tan Yi, aims to commercialize nuclear fusion technology, which is considered the "ultimate energy" for humanity [1][16] - The financing round was led by Shanghai Guotou Company and other notable investors, highlighting the growing interest in nuclear fusion as a viable energy source [1][11] Company Background - Star Ring Fusion was established in 2021, evolving from previous entrepreneurial efforts by its founders in the nuclear fusion sector [3][8] - The company has rapidly expanded its research team from over 10 to more than 140 members, with over 70% holding advanced degrees [3][7] - The technology employed by Star Ring Fusion is based on a compact spherical tokamak design, which significantly reduces construction costs compared to traditional methods [3][6] Technological Development - The company is developing the CTRFR-1 fusion device, with plans to complete engineering validation by 2028 and establish a commercial demonstration reactor by around 2032 [8][12] - Star Ring Fusion has created a range of products related to fusion technology, including high-bandwidth isolators and superconducting collection devices, which support precision testing and data collection [7][8] Investment Landscape - The recent financing round has attracted significant attention from venture capital and private equity firms, indicating a robust interest in the nuclear fusion sector [1][11] - Previous funding rounds, including a multi-million angel round in 2022, have laid a strong foundation for the company's growth and development [10][11] - Investors are increasingly recognizing the potential of nuclear fusion as a strategic industry, with expectations for substantial returns as the technology matures [10][11] Strategic Partnerships - Star Ring Fusion has formed a strategic partnership with the Shanghai Jiading District government to advance the development and commercialization of fusion technology [12] - This collaboration aims to leverage government support in areas such as land, funding, and talent to accelerate the establishment of a fusion energy industry cluster [12][13] Industry Context - The nuclear fusion sector is gaining momentum globally, with significant investments and advancements being made in various countries, including the United States and China [16][17] - The potential of nuclear fusion to provide nearly limitless clean energy positions it as a critical component in the future energy landscape, especially in light of increasing energy demands from technologies like artificial intelligence [16][17]

Core Viewpoint - The article highlights the recent completion of a 1 billion yuan A-round financing by Xinghuan Fusion, marking a record for private nuclear fusion companies in China, and emphasizes the growing interest and investment in nuclear fusion technology as a potential ultimate energy source for humanity [2][13]. Group 1: Company Background - Xinghuan Fusion was founded in 2021 by Chen Rui and Tan Yi, both alumni of Tsinghua University, who aimed to commercialize nuclear fusion technology after recognizing the potential for significant societal impact [3][4]. - The company has rapidly expanded its research team from over 10 to more than 140 members, with over 70% holding master's or doctoral degrees, focusing on a compact spherical tokamak technology that promises lower construction costs compared to traditional methods [5][9]. Group 2: Recent Financing and Investment - The recent A-round financing was led by Shanghai Guotou and other notable investors, further establishing Xinghuan Fusion as a key player in the nuclear fusion sector and reflecting the increasing confidence in the commercialization of fusion energy [2][13]. - Previous funding rounds included a successful angel round in 2022 and a Pre-A round in 2024, with significant backing from various venture capital firms, indicating a growing interest in the nuclear fusion market [11][12]. Group 3: Technological Development and Future Plans - Xinghuan Fusion is developing a next-generation device with an estimated cost of around 1.5 billion yuan, significantly lower than traditional fusion reactors, and aims to complete engineering validation by 2028 and establish a commercial demonstration reactor by 2032 [9][10]. - The company has also developed a range of supporting technologies, including high-bandwidth isolation amplifiers and superconducting collection devices, which are crucial for the advancement of fusion research and its application in various industries [10]. Group 4: Industry Context and Significance - The article discusses the strategic importance of nuclear fusion as a potential solution to global energy challenges, with significant implications for future economic paradigms and international competition [17][18]. - Shanghai is emerging as a hub for nuclear fusion technology, with a comprehensive industrial chain and numerous research institutions, positioning itself as a leader in the global energy transition [15][16].