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.
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:
- Global Brain Corporation *Lead Investor
- Mitsui Fudosan Co., Ltd.
- KDDI Open Innovation Fund V
- TOKYU CONSTRUCTION CO., LTD.
- Fukoku Mutual Life Insurance Company
- Sony Financial Ventures ＆ Global Brain Frontier Inc.
- AV, formerly known as Airbus Ventures
- Kyoto University Innovation Capital Co., Ltd.
- Keio Innovation Initiative, Inc.
- K4V Vital Platform Fund I Investment Limited Partnership (Kansai Electric Power Group)
- Daiwa Corporate Investment Co., Ltd.
- Fujikura Ltd.
- Furukawa Electric Co., Ltd.
- Mizuho Bank, Ltd.
- BRICKS FUND TOKYO（Mitsubishi Estate Co., Ltd.’s Corporate Venture Capital (CVC)）
- 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. Comments from Investors
*Comments are presented with those from the lead investor, its LPs, and affiliated entities first, followed by comments listed in Japanese alphabetical order, as approved for publication.
Mr. Tetsuya Urimoto
Director, Global Brain Corporation
In recent years, against the backdrop of growing international momentum toward decarbonization and energy security, fusion energy has been attracting global attention as a next-generation energy source, accelerating the influx of private capital and technological innovation. Among the companies in this field, we have assessed that Starlight Engine possesses an outstanding management team, advanced technical capabilities, and the ability to drive projects through collaboration among industry, government, and academia—all of which are essential for the societal implementation of fusion energy. Consequently, we have decided to serve as the lead investor in this funding round. We will use this investment as an opportunity to support Starlight Engine’s business growth in a multifaceted manner.
Mr. Hideaki Takanami
Managing Officer, General Manager, Open Innovation Department, Innovation Promoting Division, Mitsui Fudosan Co., Ltd.
As an industrial developer, Mitsui Fudosan views the creation of new industries and the social implementation of innovative technologies as an important initiative. Starlight Engine is working toward the social implementation of power generation through fusion energy and opening up new possibilities for the future of energy supply. We have high expectations for the company’s vision and execution capabilities, and as a partner sharing the same ambition, we look forward to taking on this challenge together.
Mr. Shunpei Tatebayashi
Deputy General Manager, Open Innovation Division, KDDI CORPORATION
With global energy demand rising, fusion energy has emerged as a critical technology for achieving both carbon neutrality and energy security, offering a stable supply of clean, CO₂-free power. Starlight Engine is steadily advancing toward this future through its ‘FAST’ power generation demonstration project. We have high expectations for their exceptional technological capabilities and proven execution. Through this investment, KDDI is excited to leverage our robust telecommunications and AI infrastructure to accelerate the social implementation of fusion energy and contribute to a sustainable society.
Mr. Hiroyoshi Shigi
Value Creation Office Executive Officer, TOKYU CONSTRUCTION CO., LTD.
We are truly pleased that our CVC fund has had the opportunity to invest in Starlight Engine. Fusion energy is attracting significant attention as a next-generation decarbonized energy source, and we recognize it as a crucial initiative for Japan. In our long-term management plan, “To zero, from zero.”, we have positioned “decarbonization” as one of the values we aim to deliver.
Through this investment, we aim to deepen our understanding of technological and social trends in the clean energy sector, including fusion energy. Furthermore, in collaboration with Starlight Engine, we will explore the possibilities of initiatives integrated with urban development, such as local production and consumption-oriented urban development utilizing clean energy, and the clustering of research institutions and talent that such initiatives can attract.
Mr. Kenji Bansho
President, Representative Director, Sony Financial Ventures ＆ Global Brain Frontier Inc.
We believe that the realization of fusion energy has the potential to contribute meaningfully to addressing social challenges, including climate change, by enabling a sustainable and stable energy supply, while also supporting the long-term development of society and industry.
Starlight Engine is pursuing the realization of fusion power in the 2030s through FAST, an ambitious initiative aimed at demonstrating fusion power generation in Japan. SFVG strongly resonates with the company’s vision and commitment, and we are pleased to support its efforts from a long-term perspective. We look forward to seeing Starlight Engine make progress toward building a new energy foundation for the future and creating lasting value for society.
Mr. Hyunwoong Kim
Associate, AV, formerly known as Airbus Ventures
Fusion must shift from a scientific challenge to an engineering reality. Leveraging Japan’s long-standing fusion expertise and Starlight Engine’s own rich heritage from Kyoto Fusioneering, the team’s deep connectivity with local stakeholders, its resilient team, and the substantial capital injection from this round, will uniquely position SLE’s and its work toward accelerating commercial development. We look forward to supporting the team’s growth.
Mr. Nobuhiro Yagi
Executive Officer, Senior Officer, Investment Dept.1, Senior Manager,
Business Development Dept., Kyoto University Innovation Capital Co.,Ltd.
Kyoto University has nurtured the knowledge, talent, and entrepreneurial spirit that have contributed to the growth of the fusion energy industry, including Kyoto Fusioneering. It also carries a distinguished legacy of advancing the future through the power of fundamental science, as symbolized by Dr. Hideki Yukawa.
Starlight Engine Ltd. is taking on the ambitious challenge of bringing fusion energy beyond the realm of research and development and implementing it in society as a nuclear fusion power generation business. We see great significance in a company that is not only pursuing advanced technology, but also seeking to build the industrial foundations for a new era of energy.
In line with our mission to connect university-born knowledge and technology with society and create new industries, Kyoto iCAP is pleased to support Starlight Engine’s challenge and looks forward to its continued growth.
Mr. Naoto Tomono
Principal, Keio Innovation Initiative, Inc.
In addressing the global challenges of decarbonization and ensuring a stable energy supply, the “FAST Project”—which aims to demonstrate fusion energy power generation—is a critical endeavor. Starlight Engine is leading a realistic approach toward commercialization by integrating Japan’s accumulated, outstanding research track record and robust technological capabilities. As a university venture capital firm operating an impact fund, KII is committed to driving the social implementation of fusion technology through academia-industry collaboration and IMM (Impact Measurement and Management) support, thereby contributing to the creation of a future core industry.
Mr. Satoshi Kuwano
Executive Vice President, The Kansai Electric Power Co., Inc.
We are pleased to support Starlight Engine Ltd. through this investment, as the company works to advance the deployment of fusion energy, which has the potential to drive innovation in the energy industry. Fusion energy does not rely on geographically concentrated fuel resources and does not emit CO₂ during power generation. As a promising future energy source, technological development toward commercialization is progressing, and it is also expected to generate broad spillover effects across a wide range of industries, including the resources and energy sectors.
With this investment, the Kansai Electric Power Group aims to deepen its knowledge and understanding of fusion energy and explore opportunities for collaboration in technological development, as part of our exploratory efforts toward the future decarbonization of power sources.
Mr. Shinichi Seto
President & CEO, Daiwa Corporate Investment Co.,Ltd.
Mr. Sho Sengoku
Vice President, Daiwa Corporate Investment Co.,Ltd.
We have supported the industrialization of fusion energy through our investments well before the formulation of national, sector-specific strategic plans. In recent years, the global energy landscape has undergone a profound transformation, making it increasingly critical to achieve a high-level balance between advancing the transition to clean energy and ensuring energy security. We strongly believe that now is the moment when the long-standing history of research and technological demonstration—both globally and in Japan—can finally bear fruit.
Starlight Engine has already brought together an outstanding team and has been driving the FAST project with great momentum. We are truly honored to participate in Starlight Engine’s first external fundraising round and to support its ambitious pursuit of realizing fusion energy alongside a distinguished group of fellow investors.
Mr. Naoki Okada
Director, President and CEO, Fujikura Ltd.
Fusion energy is expected to serve as a next-generation energy source for achieving a carbon-neutral society. The FAST project, led by Starlight Engine Ltd., is Japan’s first privately driven initiative aiming to demonstrate fusion power generation in the 2030s. We believe it is a critically important project for realizing fusion energy in Japan. Fujikura has long been engaged in the development of high-temperature superconductors (HTS) and has been supplying HTS tapes for fusion energy reactor development both in Japan and overseas. Through this investment, we are dedicated to contributing to the advancement of the FAST project and to working toward the early realization of fusion energy.
Mr. Hideya Moridaira
President, CEO, Furukawa Electric Co., Ltd.
Furukawa Electric Group has contributed to the development of the fusion field through our technology related to superconducting wires.
We expect that our participation in the FAST project promoted by Starlight Engine will be a very important growth opportunity for us.
In addition to actively contributing to the promotion of this project, we will contribute to the early implementation of fusion energy in society through co-creation with Starlight Engine.
Mr. Shintaro Kubota
General Manager, OTEMACHI Corporate Banking Branch No. 1, Mizuho Bank, Ltd.
Mizuho Bank is committed to playing an active role, from a financial perspective, in this endeavor to address social challenges while creating new growth industries. The FAST project led by Starlight Engine marks a major step toward tackling decarbonization, stable energy supply, energy security, and enhanced industrial competitiveness through the realization of fusion energy.
Through this investment, Mizuho Bank will strongly support the company’s endeavors while broadening co-creation with the diverse partners engaged in the fusion field, thereby contributing to the development of the industry as a whole and helping open up the future of a new industry. Guided by our commitment to “Innovating today. Transforming tomorrow.”, we will continue working to bring this vision to life.
Mr. Yoshihiro Hasegawa
General Manager of Business Creation Department, Mitsubishi Estate Co., Ltd.
Mr. Daiji Horibe
Co-founder & Managing Partner, Prime Partners Co., Ltd.
Japan possesses one of the world’s leading R&D foundations in the field of nuclear fusion, along with an industrial base capable of executing complex manufacturing and design. Amid intensifying global development competition, nuclear fusion has been designated as one of the government’s 17 strategic fields, making it one of the new industries expected to grow through collaboration among industry, government, and academia. Spun out from Kyoto Fusioneering, a globally recognized fusion-related startup, the company holds advanced expertise and engineering know-how. In partnership with the government and research institutions, it is expected to become a central player in the deployment of commercial fusion reactors in Japan. Through this investment, our fund and the Mitsubishi Estate Group aim to build networks across the fusion industry — which involves over 100 companies — and to explore business opportunities through the formation of a new ecosystem, while contributing to the creation of growth industries in Japan.
Mr. Takaichi Ishikawa
Managing Executive Officer, Head of Financial Solutions Group, MUFG Bank, Ltd.
We believe Starlight Engine Ltd. is a startup with significant potential in both technology development and commercialization toward the social implementation of fusion energy. The company’s endeavor is a meaningful initiative that will not only contribute to the stable supply of energy and decarbonization, but also help maintain and strengthen related supply chains, particularly in Japan’s manufacturing sector.
The creation of a new industry requires medium- to long-term collaboration between startups and supplier companies. We expect that this financing will further support Starlight Engine’s research and development activities, as well as the advancement of its business.
Under MUFG’s Purpose, “Committed to empowering a brighter future,” MUFG will continue to contribute to the realization of a sustainable society by supporting initiatives that help address environmental and social issues.
5. 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.
6. 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
Company Name: Starlight Engine Ltd.
Locations:
- Head Office: Distribution A Building, AW1-S, Tokyo Ryutsu Center 6-1-1 Heiwajima, Ota-ku, Tokyo 143-0006, Japan
- Marunouchi Office: xLINK Marunouchi Shin-Kokusai, 2F Shin-Kokusai Building, 3-4-1 Marunouchi, Chiyoda-ku, Tokyo 100-0005, Japan
Representative: Kiyotaka Kikuchi
Business Activities: Research, development, and commercialization of fusion energy power plants
Website: https://sle.energy/en/home/
