Xeonova

Xeonova (星能玄光, "Star Energy Xuan Guang") is a Chinese controlled nuclear fusion company, established in March 2024 through a technology licensing arrangement with the University of Science and Technology of China. Its core technology stems from the "advanced field-reversed configuration (FRC) magnetic mirror" fusion path first proposed by Professor Sun Xuan over a decade earlier . As of November 2025, it had raised roughly 300 million yuan in a Pre-A round led by Ant Group, with Yinshan Capital, Zijin Mining, Heart Capital, Yuanhe Puhua and others participating, and existing shareholders CMBC International and Renfa Xinneng doubling down .

Per Heart Capital's own write-up of why it invested, Xeonova pursues the linear FRC route — compact and small-scale, which the firm reads as better suited to "low-cost iteration" in the AI era (a SpaceX-style path) — and describes the team as an intact USTC-derived group and "currently the fastest-developing linear fusion company in China" . Heart Capital counted Xeonova among its 2025 hard-tech investments .