～Targeting Beryllium Production Start by FY2027～
MiRESSO Co., Ltd. (Headquarters: Misawa City, Aomori Prefecture, CEO: Masaru Nakamichi, hereinafter referred to as “MiRESSO”) is pleased to announce that it has completed a total of 1.83 billion yen (Approx. USD 12M) in funding in the 1st close of its Series A round. This round saw participation from lead investor Spiral Capital, Inc. (Spiral Capital Japan Fund No. 3 Investment Business Limited Partnership), Pacific Metals Co., Ltd., and existing investor Genesia Ventures, Inc. (Genesia Ventures Fund No. 3 Investment Business Limited Partnership). With this funding, the total amount raised since the company’s founding about two and a half years ago, including subsidies, is approximately 4.28 billion yen(Approx. USD 28.5M) .
The funds raised will be invested in the construction of the beryllium manufacturing pilot plant “BETA” (Beryllium Testing plant in Aomori), aiming to start beryllium production by FY2027.
1．Overview of this Funding
Total Amount ：18.3 billion yen (Approx. USD 12M)
＜Investors in Third-Party Allotment＞
・Spiral Capital (Lead Investor)
・Pacific Metals Co., Ltd.
・Genesia Ventures
2．Purpose of Fundraising
In October 2023, MiRESSO was selected for the Ministry of Education, Culture, Sports, Science and Technology’s Small Business Innovation Research (SBIR Phase 3) fusion field (project theme: demonstration of fusion technology group for fusion prototype reactors, etc.) (*1). MiRESSO is advancing its beryllium manufacturing and sales business, aiming to produce beryllium necessary for fusion energy using new low-temperature refining technology. At the same time, MiRESSO is developing a parallel business platform that proposes consultation and tolicense its technology to address a variety of challenges in mineral resource refining, including the recycling field, using its low-temperature refining technology as a basis.
In October 2024, MiRESSO signed a comprehensive business alliance agreement with Pacific Metals Co., Ltd. (*2) and is proceeding with the development of the beryllium manufacturing pilot plant “BETA” (Beryllium Testing plant in Aomori) at Pacific Metals Co., Ltd.’s manufacturing site (address: 5-2 Toyama Shinden, Kawaragi, Hachinohe City, Aomori Prefecture).
The funds raised this time will be used to advance the construction of BETA, aiming to start production by FY2027.
*1：Selected for Japan’s SBIR Phase 3 Program by the Ministry of Education, Culture, Sports, Science and Technology (MEXT) (Grant Cap: JPY 2 Billion)
https://miresso.co.jp/2023/10/16/miresso_selected_japansbir_oct2023/
*2：MiRESSO Co., Ltd. and Pacific Metals Co., Ltd. Sign Comprehensive Business Partnership Agreement
https://miresso.co.jp/2024/10/25/pamco_partnership_agreement/
[BETA Overview]
Location: 5-2 Toyama Shinden, Kawaragi, Hachinohe City, Aomori Prefecture
Area: Approximately 300㎡
Production Start: By FY2027
3．Comments from CEO, Masaru Nakamichi
“We deeply appreciate the support from everyone who embraced MiRESSO’s mission and vision in this round.
Under the mission of ‘Unlocking the potential of mineral resources and connecting a bright future to the next generation’ and the vision of ‘Contributing to the social realization of fusion energy through a robust and stable supply of beryllium,’ we will advance the construction of BETA and take on the role of expanding the supply chain for beryllium, which is essential for the social implementation of fusion energy.”
4．Comments from Investors
Akitomo Naoi, Principal, Spiral Capital, Inc.
“We are very pleased to lead the investment in MiRESSO’s Series A round. The fusion industry is advancing rapidly, but the construction of a sustainable ecosystem, including the supply chain, is essential for the full-scale operation of commercial reactors. According to the Fusion Industry Association (FIA) in the United States, more than 400 million USD has already flowed into the supply chain by 2024, suggesting the beginning of a supply chain rush. MiRESSO aims to achieve innovative beryllium production, which is essential for traditional tokamak-type fusion reactors, and has the potential to become a key player in the fusion supply chain.
Additionally, despite being in Series A, MiRESSO is already approaching the early deployment of BETA, a first-of-a-kind (FOAK) plant, and has the potential to provide value not only to fusion but also to fission (molten salt type), existing beryllium alloys, lithium, and other rare metal markets. The main reason for this investment is the robustness of the business. Although achieving the stable operation of BETA is a challenging milestone, we have high expectations that the MiRESSO team will overcome it.”
Kazuo Iwadate, President and Representative Director, Pacific Metals Co., Ltd.
“MiRESSO’s mission and vision statements resonate with us, and we highly value their efforts to build a beryllium supply chain for the social implementation of fusion energy. We signed a comprehensive business partnership agreement in October 2024. With this investment, we believe that the cooperation between the two companies will become even stronger, accelerating efforts to realize the beryllium manufacturing and sales business.
We see high synergy between our long-cultivated large-scale metal smelting know-how and MiRESSO’s beryllium manufacturing technology. Under the cooperation between the two companies, we aim to contribute to the social implementation of fusion energy.”
Shu Sokabe, Investment Manager, Genesia Ventures, Inc.
“MiRESSO is a startup founded on the innovative insights of the National Institutes for Quantum Science and Technology (QST). Fusion power generation is projected to become a cumulative market worth 100 trillion yen by 2050 and is attracting global attention as a technology with the potential to fundamentally transform humanity’s energy infrastructure.
A key factor in realizing this potential is the stable supply of beryllium, which is used in coating materials and for plasma control inside the reaction vessel. Currently, only extremely high-cost refining methods are practical, and cost is increasingly becoming a limiting factor in market formation.
MiRESSO aims to dramatically reduce the cost of beryllium production by introducing a novel low-temperature refining process that diverges from conventional methods.
Genesia Ventures, Inc., having supported MiRESSO since its seed stage, has made an additional investment in the Series A round to help accelerate the construction of the pilot plant “BETA”. We have strong confidence in the MiRESSO team’s exceptional research and development capabilities, as well as their ability to bridge the gap between science and industry.”
5．Recruitment Information
MiRESSO is actively recruiting plant engineers, research and technology development, and business development personnel. Please send your Curriculum Vitae to recruit@miresso.co.jp .