Accelerating the FAST Project Toward the Realization of Fusion Energy

Starlight Engine Ltd. (SLE), which is dedicated to the realization of fusion energy, has successfully completed its first external fundraising, raising a total of JPY 6.06 billion (USD 37.4 million*¹). Global Brain Corporation served as the lead investor^*2, joined by a diverse group of 17^*3 new investors representing a wide range of industries, including power utilities, construction, real estate, telecommunications, finance, materials manufacturing, university-affiliated venture capital firms, and international venture capital firms.

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Raising a total of JPY 6.06 billion (USD 37.4 million)

Through this funding round, SLE will accelerate the FAST (Fusion by Advanced Superconducting Tokamak) project, which aims to demonstrate fusion power generation in the 2030s. The funds will be used to advance engineering design toward actual plant construction, research and development, site selection and regulatory compliance, and supply chain development. In addition, SLE will strengthen its human resources and organizational capabilities essential for driving the project forward. Looking ahead to the realization and societal implementation of commercial plants, SLE will work to foster the development of the fusion energy industry.

*1 Based on an exchange rate of USD 1 = JPY 162.
*2 Multiple funds managed by Global Brain Corporation participated as lead investors.
*3 Global Brain Corporation invested through five funds under its management.

1. Background of the Funding

Globally, competition to achieve fusion power demonstration, commercialization, and eventual societal deployment is accelerating. In Japan, the demonstration of fusion power in the 2030s has been positioned as a national strategic priority. Policy support is gaining momentum, including initiatives to support technology development by startups and the formulation of public-private investment roadmaps, aimed at transitioning from the research and development (R&D) phase to social implementation and industrialization.

Against this backdrop, SLE is advancing the “FAST (Fusion by Advanced Superconducting Tokamak)” project—an industry-academia initiative aimed at demonstrating fusion power generation and achieving subsequent commercialization and social implementation under private-sector leadership. FAST adopts a tokamak configuration, leveraging decades of accumulated research achievements and experimental data developed by researchers at national laboratories and universities through projects such as the International Thermonuclear Experimental Reactor (ITER) and the Japan–EU joint project “JT-60SA,” as well as Japan’s strong manufacturing and industrial base. In addition, the design and development of FAST are being driven by some of Japan’s leading researchers in tokamak systems and plasma science, who have joined the project as key members. Engineering design and preparation for construction are currently progressing steadily.

To accelerate business development, it is essential to speed up design activities and the technological development of FAST as well as for future commercial plants. Expanding joint research initiatives and partnerships that support these efforts are critical. To drive these initiatives, rapid organizational growth is fundamental. To this end, SLE established a new executive structure in April 2026 and has begun full-scale efforts to strengthen its human resources and organizational capabilities in parallel with business development. Specifically, SLE plans to expand its workforce to approximately 200 employees over the next two years and is actively strengthening its recruitment efforts. By fully leveraging the funds raised in this first external financing, SLE will advance these initiatives.

2. Funding Overview

Amount:

JPY 6.06 billion (USD 37.4 million)
*Total cumulative funding also amounts to JPY 6.06 billion
* Based on an exchange rate of USD 1 = JPY 162.

Purpose of the Funding:

• Acceleration of investment in engineering design activities and technology development
• Expansion and acceleration of joint research and strategic partnerships
• Strengthening of recruitment to enhance human resources and organizational capabilities

Investors:

*Listed in order, with the lead investor, its LPs, and affiliated entities presented first, followed by investors in Japanese alphabetical order:

1. Global Brain Corporation *Lead Investor
2. Mitsui Fudosan Co., Ltd.
3. KDDI Open Innovation Fund V
4. TOKYU CONSTRUCTION CO., LTD.
5. Fukoku Mutual Life Insurance Company
6. Sony Financial Ventures ＆ Global Brain Frontier Inc.
7. AV, formerly known as Airbus Ventures
8. Kyoto University Innovation Capital Co., Ltd.
9. Keio Innovation Initiative, Inc.
10. K4V Vital Platform Fund I Investment Limited Partnership (Kansai Electric Power Group)
11. Daiwa Corporate Investment Co., Ltd.
12. Fujikura Ltd.
13. Furukawa Electric Co., Ltd.
14. Mizuho Bank, Ltd.
15. BRICKS FUND TOKYO (Mitsubishi Estate Co., Ltd.'s Corporate Venture Capital (CVC))
16. MUFG Bank, Ltd.

3. Message from Kiyotaka Kikuchi, President and Chief Executive Officer (CEO)

I would like to express my sincere gratitude to everyone who has supported and endorsed our vision through this financing round.

Achieving fusion power generation and its eventual deployment in society cannot be accomplished by a single company alone. It is a grand challenge that must be advanced through collaboration with a wide range of stakeholders, including industry, academia, government and local authorities, as well as regional communities. With a strong commitment to our mission—“Bringing fusion energy to the world”—we are dedicated to playing a central role in this effort, fully recognizing the responsibility it entails and pursuing our business with unwavering focus.

This marks our first external fundraising since our establishment, and we are deeply encouraged by the significant level of confidence and expectations placed in us despite being just over a year into our journey. We see this not only as a reflection of the growing global desire for fusion energy, but also as a strong vote of confidence in our vision and executional capabilities.

By making full use of the funds raised, we will accelerate the FAST project across multiple dimensions, including engineering design, research and development, joint research and partnerships, site selection and regulatory processes, supply chain development, as well as the strengthening of our human resources and organizational structure.

We remain firmly committed to advancing toward fusion power demonstration in the 2030s, and beyond that, to the development and deployment of commercial fusion power plants and the realization of fusion energy.

4. About the FAST Project

“FAST (Fusion by Advanced Superconducting Tokamak)” is a privately led domestic project aimed at demonstrating fusion power generation in the 2030s. The project seeks to generate and sustain burning plasma through deuterium–tritium (D–T) fusion reactions, while demonstrating an integrated fusion power generation system that combines energy conversion and fuel cycle technologies. For plasma confinement, FAST adopts the tokamak configuration, which has the most extensive body of research and experimental data, enabling effective cost control and technological risk management. The project has completed its conceptual design phase and is currently advancing engineering design and preparation for construction.

In addition to SLE, FAST brings together leading fusion researchers in Japan as well as a wide range of private-sector partners, including Kyoto Fusioneering, Sumitomo Mitsui Banking Corporation, Electric Power Development (J-POWER), JGC JAPAN Corporation, Hitachi, Fujikura, Furukawa Electric, Marubeni Corporation, Kajima Corporation, Kyocera, Mitsui & Co., Mitsui Fudosan, and Mitsubishi Corporation. Furthermore, the project is promoted through industry–academia collaboration, including a social collaboration program with the University of Tokyo involving SLE and other private companies, as well as joint research initiatives with Tohoku University, Nagoya University, Kyoto University, Kyushu University, and Keio University.

5. About Starlight Engine Ltd.

Starlight Engine is a startup dedicated to realizing fusion energy. Guided by its vision, “POWERING the FUTURE,” SLE aims to expand human potential and support the future by creating the power needed at a planetary scale. Established in April 2025 as a group company of Kyoto Fusioneering, SLE is driving the industry–academia collaborative project “FAST,” a privately led initiative aiming to demonstrate fusion power generation in the 2030s, as well as pursuing its subsequent social implementation.

Starlight Engine will play a central role in the following initiatives:

• From research to real-world deployment: Moving beyond research and development to deliver fusion as practical power plants that generate electricity
• Integration of plant technologies: Integrating essential technologies for power generation plants, including fuel systems, fuel cycles, energy conversion, and safety and maintenance technologies
• Building a Japan-originated industry: Establishing a supply chain through industry–government–academia collaboration in building fusion plants, and expanding globally as a Japan-originated industry

Company Information: https://sle.energy/en/about-sle/

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