OpenStar
OpenStar aims to provide clean, abundant and available fusion energy to the world, by developing a fusion power reactor.
Fund: Te Pae ki te Rangi
Transaction Summary
Fund: Te Pae ki te Rangi
Date Invested: October 2025 (Seed)
Instrument: Equity Investment
IRIS+ Category: Energy | Clean Energy
Why We Invested
A net-zero future will require major technological breakthroughs, particularly in how we generate and store energy. OpenStar is a New Zealand-grown effort to meet that challenge through fusion energy.
Our investment supports the development of a local fusion industry that could create high-value jobs, retain talent, and attract global expertise to Aotearoa. Importantly, OpenStar is also working to ensure Māori and Pasifika communities are included in this future, creating pathways for students to engage in deep tech and science-led careers.
Fusion remains a high risk and high capital sector. But the potential upside, both in terms of climate impact and long-term capability for Aotearoa, makes it a compelling opportunity for impact-first capital.
Measuring What Matters
Problem:
The world needs technological breakthroughs to transition to a net-zero emissions economy.
What:
OpenStar aims to decarbonise the electricity supply to the grid by creating dispatchable, zero-carbon power. This is a frontier solution targeting deep decarbonisation through fusion energy, with the potential to transform how we power the world.
Who:
The primary beneficiaries are energy-intensive industries seeking to accelerate their transition to low-carbon operations. Indirectly, communities benefit through cleaner air and increased economic resilience driven by reliable, cost-effective, and consistent energy access.
How Much:
Scale: OpenStar is currently working on experimental fusion devices that demonstrate plasma confinement. The near-term goal is to build the first power-positive, commercially viable fusion plant supplying electricity to the grid.
Depth: This project offers a systemic shift, replacing fossil fuels with fusion at high-capacity factors, enabling 24/7 clean baseload energy.
Duration: If successful, fusion power plants could operate for multiple decades, offering long-term impact and infrastructure stability.
Contribution:
OpenStar's fusion technology has the potential to significantly reduce the reliance on fossil-based backup systems. This could lead to a more resilient, stable, and potentially lower-cost energy grid, particularly valuable as the demand for electrification increases.
Impact Risk:
Execution risk: Fusion is one of the most technically challenging energy solutions. While OpenStar has made a critical breakthrough, substantial R&D remains before a power-positive plant is achieved. Regulatory risk: Operating in Aotearoa New Zealand - a nuclear-free nation - requires navigating a complex regulatory and public engagement landscape.
Impact Measures:
Progress toward power-positive fusion demonstration. Workforce and education pathway development for Māoriand Pasifika communities.
