ENN Fusion

ENN Fusion is a subsidiary of the Chinese clean energy conglomerate ENN Group, established to commercialize its fusion energy research and development activities. The company recently achieved a valuation of CNY 10.6 billion (approximately USD 1.6 billion) following its first external Pre-A financing round in July 2026. The parent company, ENN Group, was founded in 1989 by Wang Yusuo and grew from an urban gas provider into a diversified energy giant. In 2017, the group's ENN Energy Research Institute, established in 2006, began research into compact fusion energy as a carbon-free power source. To accelerate the path to market, the dedicated entity Beijing ENN Fusion Energy Technology Co., Ltd. was formally established in December 2025 to fully undertake the fusion R&D and commercialization efforts. ENN Fusion's technological approach is centered on spherical torus proton-boron (p-11B) fusion. This advanced fuel cycle is notable for several key advantages: it uses abundant and low-cost fuel, produces minimal neutron radiation, making it inherently safer than traditional fission or other fusion pathways, and allows for direct energy conversion, which promises higher efficiency. As a private enterprise, the firm operates in the midstream of the fusion industrial chain as a device developer. The company has made substantial progress through two generations of spherical tokamak devices. In 2018, it began constructing the EXL-50, which achieved first plasma in August 2019. This was followed by an upgrade to the EXL-50U in 2022, which has achieved significant results, including a plasma current of 1 megaampere, an electron temperature exceeding 100 million degrees, and operation in a high-confinement mode. The proceeds from its recent financing will fund the construction of its third-generation device, the Helong-2, which is targeted for completion by the end of 2027. The company aims to power the first light with proton-boron fusion by 2030 and operate a commercial demonstration reactor by 2035. Keywords: proton-boron fusion, p-11B, spherical torus, tokamak, aneutronic fusion, compact fusion, commercial fusion, ENN Group, fusion device developer, EXL-50, EXL-50U, Helong-2, clean energy, carbon-free energy, plasma physics, direct energy conversion, high-confinement mode, fusion commercialization, Wang Yusuo, Minsheng Liu, Longxin Private Equity, CAS Star, MPCi, CDH Investments, Cathay Capital, Langfang, Hebei