Thiel-Backed Helion Targets 2024 Nuclear Fusion Breakthrough (1)

Helion Energy Inc., a startup backed by billionaire investor Peter Thiel, raised $500 million to fund a system it says will be the first to generate net electricity from nuclear fusion, in 2024.

The Series E funding round was led by Sam Altman, the Everett, Washington-based company’s chairman, and includes existing backers Capricorn Investment Group and Thiel’s Mithril Capital, according to a statement Friday. There are also commitments for another $1.7 billion linked to certain performance milestones.

The news comes as world leaders and diplomats convene in Glasgow at a key United Nations climate conference to negotiate ways ...