Hephaestus Raises $17M for Rare-Earth-Free Fusion Magnets
The startup plans to scale manufacturing of novel HTS materials in 2027 to lower the capital costs of tokamak fusion reactors.
Updated on Oct. 21, 2026 in Materials Science
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Hephaestus has emerged from stealth mode, announcing $17.2 million in funding led by CiRi Ventures to develop rare-earth-free high-temperature superconducting (HTS) magnets. The company aims to commercialize fusion energy reactors utilizing a negative triangularity configuration.
Why it matters
By removing rare-earth elements from HTS magnets, Hephaestus seeks to lower the capital intensity of fusion power plants. The use of a negative triangularity configuration aims to stabilize plasma against instabilities that otherwise limit performance.
Hephaestus utilizes a proprietary AI plasma solver to analyze tokamak designs and a materials discovery platform, MaDi-AI, to characterize HTS materials. Its Anvil 0 tokamak device serves as the primary testbed for these configurations.
The players
Hephaestus
A fusion energy startup developing rare-earth-free HTS magnets and tokamak reactors.
CiRi Ventures
A venture capital firm that led the recent $17.2 million funding round for Hephaestus.
Antoine Pochelon
A co-founder of Hephaestus who joined the company in 2021.
National Physical Laboratory
The UK's national standards institution that validates Hephaestus’s HTS materials.
The details
The company employs a negative triangularity tokamak configuration—a shape where the plasma cross-section is indented inward—to avoid edge-localized mode instabilities, which are volatile energy eruptions that can damage internal reactor walls. Its proprietary MaDi-AI platform identifies new high-temperature superconducting materials that do not rely on rare-earth elements. These materials are validated by the UK's National Physical Laboratory, ensuring their magnetic performance meets the stringent requirements for plasma confinement.
Timeline
2019: Hephaestus was founded in London.
February 2021: Antoine Pochelon joined as co-founder.
2024: Completion of the Anvil 0 tokamak device.
October 21, 2026: Hephaestus emerged from stealth mode.
2027: HTS manufacturing is scheduled to begin in New Jersey.
The Tech Race
Hephaestus marks a departure from the rare-earth-dependent architectures of the ITER tokamak project by aiming for modular reactors utilizing novel superconductors. The company seeks to prove its approach is more scalable and cost-effective as it moves toward a demonstration of net energy gain.
This development is currently in the R&D phase and has no immediate impact on energy consumers or power grids. Industrial partners should watch for the startup of the New Jersey manufacturing facility in 2027 to assess potential shifts in HTS magnet supply chains.
The takeaway
Hephaestus is betting that rare-earth-free HTS materials and negative triangularity configurations can drastically reduce fusion capital costs. The next milestone to watch is the 2027 opening of the New Jersey manufacturing plant, which will indicate if the company can transition from design to hardware production.
What happens next
Hephaestus plans to initiate HTS manufacturing at its 70,000 ft2 New Jersey facility in 2027 and aims to demonstrate a net energy gain reactor by 2030.
Further reading
For broader trends in superconductor research, visit the Materials Science section.
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