As reported by Bloomberg, Chris Sacca's venture firm Lower Carbon Capital is raising a second round of funding to back fusion energy hopefuls, the firm announced Thursday at the SOSV Climate Technology Summit.
The company has supported nuclear fusion giants Commonwealth Fusion Systems and Pacific Fusion, among others. The company raised $250 million in fusion-related funds in 2022. Fusion believers, including many prominent climate venture investors in addition to Sacca (such as Vinod Khosla), believe that the breakthrough needed to make it commercially viable is just around the corner. And some advances show promise for making that a reality.
On the other hand, building a nuclear fusion reactor costs a lot of money. Commonwealth raised $863 million earlier this year after raising $1.8 billion in Series B four years ago. TechCrunch has tracked 12 convergence startups that have raised more than $100 million.
Mr. Sacca did not say how big the second fund would be, but people familiar with the matter told Bloomberg that it is expected to be larger than the first.