Announcing IndieBio SF’s Next Wave – VC-Founder Meetings (June 17 to 21) Learn More

As we look toward to 2050, global energy needs will be doubled. Fusion energy is the most promising solution and has attracted $6 billion investment over the last 5 years. The total cost of fusion reactor is around $1B, and currently magnet cost makes up half of this cost. High temperature superconductor (HTS) magnets are the key enabling technology to achieve fusion energy. They can reach 20 Tesla field and do not require costly, supply-constrained liquid helium, and can reduce the fusion reactor footprint by one third. In total, 30+ fusion companies worldwide will need high-field magnets, and hundreds or thousands of fusion magnets will be needed in the next 3 to 5 years. Today, only handful of HTS magnets are available at the national labs; a significant supply chain challenge is in front of us. To solve this challenge, Canyon Magnet Energy is industrializing production of HTS magnets, to ensure we can produce more and better HTS magnets. Canyon Magnet Energy was founded by a former scientist at Brookhaven National Lab, who has a PhD in HTS magnets and 15 years of experience working in the field. Canyon Magnet Energy is developing infrastructure to create magnets that will be more reliable, with optimized quench protection and cooling. They are building an automated magnet production line in NJ and NY. Their technology will allow fusion companies to simply order the magnets off the shelf and achieve much-needed fusion energy sooner. Canyon Magnet aims to become the largest producer of superconducting magnets for the fusion, medical and transportation industry.