Chancellor of the Exchequer Rachel Reeves visits Tokamak Energy

It was fantastic to welcome Chancellor of the Exchequer Rachel Reeves and the national media to Tokamak Energy’s headquarters near Oxford.

The visit followed a major announcement on pension reforms set to unlock billions of pounds of investment into critical infrastructure and private companies, stimulating economic growth.

Tokamak Energy CEO Warrick Matthews led a tour of the company’s record-breaking ST40 spherical tokamak, control room, and Demo4 fusion magnet demonstrator to show the technology being developed to deliver clean, secure and affordable fusion energy.

The company’s transformative high temperature superconducting (HTS) magnet technology can deliver new levels of performance and efficiency, not only for fusion, but for applications in scientific research, medicine, renewable energy, mobility and security.

Warrick Matthews, Tokamak Energy CEO, said: “We were so pleased to welcome the Chancellor to our facility and show her some of the world-leading technology we are developing and commercialising at Tokamak Energy.

“We welcome the Chancellor’s proposals to encourage pension funds to invest in high-tech growth technologies like ours. This would be a significant boost as we scale up our business, create valuable export opportunities and maintain the UK’s global leadership in the field.”

The visit also follows the Autumn Budget 2024, which promised ‘significant support in 2025-26 for UK fusion energy research, to build on the UK’s position as a global leader in sustainable nuclear energy’.

The UK has long been a pioneer in fusion and spin-out technologies like HTS magnets, which could be worth billions of pounds to the UK economy, helping to build skills and industrial capacity, delivering energy security and powering economic growth.

2048 1366 Stuart White