OC Business Journal

ENERGY:

Kronos-Fusion Energy Algorithms aims to boost use of fusion technology

MathLabs Ventures, a VC firm reportedly started by Harvard and MIT mathematicians, on Jan. 10 optimistically pronounced that “commercially viable power plants” that utilize fusion energy will arrive by the mid-2030s—“20 years earlier than planned.”

The firm gave credit to Irvine upstart Kronos-Fusion Energy Algorithms LLC, which is reportedly using quantum computing to build the first fusion energy generator.

Kronos’ mission “is to reverse global warming by helping to make fusion energy commercially viable in the near future,” Chief Executive Michael Hoban said in a statement.

Research surrounding fusion energy, the recreation of the sun’s power on Earth—started about 60 years ago, but it required technological advancements that did not yet exist, including computing power, artificial intelligence, and quantum computers, the company said.

Kronos-Fusion said its breakthroughs will help design the “next generation” of fusion energy power plants that are theoretically more efficient than today’s carbon-burning power plants.

MathLabs said Kronos-Fusion’s ongoing contracts and patents put its current valuation at $530 million, though there’s been no reports of the Irvine company receiving funding or any specific contracts for its work.

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2022-01-17T08:00:00.0000000Z

2022-01-17T08:00:00.0000000Z

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