The brief

Analyst view

• One of China's largest privately held companies, with operations in natural gas distribution, LNG, solar, and energy chemicals.
• The fusion division raised RMB 10.6 billion ($1.5B) in a pre-A round in July 2026, valuing the segment independently.
• First private company in China to join international tokamak physics collaborations, second globally after Commonwealth Fusion.

Technical approach

As reported

Fuel Choice

Aneutronic proton-boron-11 fusion

p-B11 eliminates neutron radiation and radioactive waste, requires higher plasma temperatures but produces direct electricity.

Plasma Confinement

Compact spherical tokamak design

Spherical torus (aspect ratio 1.85) confines plasma efficiently in smaller, manufacturable device than traditional tokamaks.

Scale Path

Research to commercial via staged devices

EXL-50U (50M K research) → EHL-2 (30+ keV, 3 MA) → commercial p-B11 fusion reactors.