Star Ring Energy Closes New 880 Million Yuan Round to Advance Fusion Energy Engineering | Unity Ventures Portfolio
The systematic phase of coordinated advancement across steering platform development, critical components, supporting systems, and product delivery.
Recently, Unity Ventures' angel-round portfolio company Star Ring Energy (星环聚能) completed a new Series A++ funding round, raising RMB 880 million.
This round was jointly led by Shenzhen Investment Holdings Capital, Shenzhen Guarantee Ventures, ABC Capital, BOCOM Capital, GGV Capital, Yongxin Ark Capital, Coco Capital, and YouShi Capital, with existing shareholders including Shanghai Science and Technology Innovation Group's intellectual property fund continuing to follow on.
The proceeds from this round will be combined with the Series A and A+ funding to support the Shanghai Jiading Experimental Base construction; the NTST (Negative Triangularity Spherical Tokamak) construction and operation; the CTRFR-1 (Star Ring-1) design and construction; and continued engineering advancement of key technologies including fusion-reactor-grade high-temperature superconducting magnets and AI plasma control — further solidifying the company's systems capabilities during the fusion engineering phase.
Since completing its Series A+ round, Star Ring Energy's engineering progress has shifted from "key milestone breakthroughs" to a more systematic phase of "coordinated advancement across device platforms, critical components, supporting systems, and product delivery."
Shanghai Jiading Experimental Base construction continues apace. The base broke ground in April 2026 and has completed pile foundation work, with core areas including the device hall now under full construction. The base will gradually become ready for equipment installation and device construction in the second half of this year, serving as an important platform for subsequent device operation and engineering validation.
Panoramic view of the Shanghai experimental base under construction
Device hall under construction at the Shanghai experimental base
Shanghai Experimental Base construction progress
NTST overall construction has entered substantive implementation. Around NTST construction, the company is advancing the device body, key components, and supporting systems in an integrated manner. Manufacturing and processing of core components including the vacuum vessel, cryostat, structural components, and magnets, as well as development and delivery of cooling, power supply, diagnostics, information, and safety systems, are all progressing according to plan. Coil winding, coil case manufacturing, raw material procurement, and supply chain coordination are proceeding in parallel. Once the device hall is ready, NTST will enter the installation and commissioning phase, becoming an important platform for engineering validation and physics research.
TF coil impregnation
On high-temperature superconducting magnets, the company's self-developed full-scale high-temperature superconducting toroidal field magnet has completed 20K low-temperature excitation testing, successfully reaching 4.5 kA. The magnet stands approximately 4 meters tall and 2 meters wide — dimensions matching future fusion device requirements, not a scaled-down model.
As the world's first full-scale high-temperature superconducting toroidal field magnet designed for spherical tokamak fusion reactors, it achieves an engineering current density exceeding 40 A/mm² including the coil case, with a winding current density of 375 A/mm². Stable performance across multiple tests marks key progress for the company in engineering fusion-reactor-grade high-temperature superconducting magnets, providing important support for CTRFR-1 (Star Ring-1) development. Meanwhile, full-scale high-temperature superconducting ohmic heating magnets, current leads, and other core components are also advancing through low-temperature testing and validation.
Full-scale toroidal field magnet testing site
On power supply systems, NTST's magnet power supply adopts Star Ring Energy's self-developed general-purpose pulsed power supply solution. Based on modular design, this solution serves as a basic unit that can be flexibly extended through series and parallel connections, simultaneously meeting the drive requirements for PF, CS, and TF magnets. The power supply system has now fully transitioned from prototype development to engineering delivery, with mass production officially underway.
To support high-standard volume manufacturing, the team has completed batch production process verification covering the full flow from PCBA to unit assembly and testing, established standardized process documentation for production, assembly, and testing, and introduced self-designed automated test fixtures to improve module testing efficiency and ensure product consistency and delivery speed. Through parallel "produce-as-you-go, accept-as-you-go, commission-as-you-go" advancement, the power supply system is accelerating toward high-quality delivery.
Meanwhile, the NTST-TF power supply system has completed full system assembly and fully transitioned to the testing phase. Staged test results show all functions meeting design specifications, with operational status conforming to expected plans. Subsequent testing is proceeding according to schedule, providing strong support for overall NTST construction.
NTST-TFPS setup
On the intelligence front, Star Ring Energy continues pushing AI applications in fusion R&D and experimental analysis. Its self-developed TokaPilot agent has been applied to diagnostic signal processing, experimental analysis, anomaly detection, and data labeling, gradually forming a "domain expert + agent" collaborative R&D model.
Centered on fusion experimental scenarios, the company is accelerating construction of an agent tool chain, driving efficient linkage between experimental data, analysis programs, and physics models to continuously improve R&D efficiency, analysis quality, and engineering capabilities.
TokaPilot browser plugin access point
Addressing fusion device construction needs, Star Ring Electronics has established core electronic and electrical product directions including pulsed power supplies, signal conditioning equipment, and signal acquisition and sensing devices. Some products have already been delivered to universities, research institutes, and high-end equipment applications. These capabilities serve the company's own device construction while also providing spillover value for localization and engineering of key fusion industry chain components.
Currently, the global controlled nuclear fusion industry is accelerating from scientific proof-of-concept toward engineering system validation, with competitive focus gradually shifting to device construction, core components, system integration, and engineering operation capabilities.
The long-term competitiveness of fusion enterprises ultimately depends on whether they can manufacture key components, build devices, run experiments, and continuously reduce technical and engineering risks at critical junctures.
Star Ring Energy will continue to focus on its original repeated-reconnection spherical tokamak technology route, investing continuously in high-temperature superconducting magnets, AI plasma control, device system integration, and key product delivery, steadily advancing the engineering and commercialization of fusion energy.
