F
Firefly Fusion
Firefly Fusion will develop standard tokamaks as the most promising and fastest path to fusion energy
About Firefly Fusion
Firefly Fusion, established in 2024, is a European company strategically positioned in Switzerland and France to capitalize on the continent's extensive expertise in fusion technology. The company was co-founded by CEO Dr. Rustem Ospanov and Justin Ball. Dr. Ospanov brings a robust background to the venture, with a Ph.D. in experimental physics and 18 years of research experience leading complex projects at prestigious institutions like CERN and Fermilab. His entrepreneurial MBA complements his deep scientific knowledge, aiming to accelerate the path to commercial fusion with private-sector agility. Justin Ball is a principal investigator for the EUROfusion R&D program focused on novel plasma shapes.
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The firm is focused on developing and commercializing compact tokamak fusion reactors, recognized as the most mature fusion technology. Firefly Fusion's business model centers on designing, validating, and ultimately selling these reactor designs and their associated operating systems. The company intends to address critical challenges in fusion energy, including plasma heating and stability, heat removal, and fuel production. Their initial strategy involves building a cost-effective, actively-cooled copper-magnet tokamak to rapidly achieve a burning plasma state and enable faster technology iterations. This approach bypasses the immediate need for high-temperature superconducting magnets, accelerating the development timeline. Specifically, the company is optimizing its design for negative triangularity, a plasma shape that has demonstrated improved confinement and stability.
Headquartered in Aix-en-Provence, France, Firefly Fusion collaborates with leading research institutions such as the DIII-D National Fusion Facility to validate simulations and refine the design of its prototype tokamak, named LUCIOLE. The long-term vision is to transition to high-temperature superconducting (HTS) coils for future commercial power plants. By leveraging existing technologies and a strong European supply base, Firefly Fusion aims to provide a clean, safe, and dependable baseload energy source to complement renewables and advance the global transition to a net-zero economy.
At a glance
- Status
- Operational
- Founded
- 2024
- Headquarters
- Lausanne, Switzerland
- Employees
- 3
- Open positions
- None listed
- Dealroom signal
- 40.8/100
- Sub-industry
- Clean Energy
- Sector
- Energy, Spinout, Sustainable Development Goals, Nuclear Fusion, Climate Tech, Novel Energy, Energy and Greentech, Observatoire Deeptech, NIF defense security and resilience, NIF energy
- Technology
- Hardware, Deep Tech
- Business model
- Manufacturing
- Client focus
- b2b
Knowledge graph
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Funding history
Company financing events and reported valuations.
| Deal type | Date | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| SUPPORT PROGRAM✓Other financing | Sep 2024 | $0 | — | CDL-Paris | — |
| SEEDEquity / VC | Aug 2024 | $0 | — | Undisclosed | — |
Growth signals
Latest recorded traffic for Firefly Fusion is 350 monthly website visits, down 58.3% over the last three months. Firefly Fusion's team declined 25% over the past year.
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Investments and acquisitions
Recent portfolio relationships for companies that also act as investors or acquirers.
Investors
From Dealroom's funding and investor records, grouped by the round each investor first entered.
Seed1 investor entered at this stage
FONGIT
Other known investors4 additional known investors
CDL-Paris
EPFL Swiss Federal Polytechnic School of Lausanne
Third Derivative
Venture Kick
Source: Dealroom Talent Intelligence.
Global footprint
team presence
Market sentiment
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