A fusion energy company backed by Google and Chevron is establishing a joint venture with the UK government’s nuclear laboratory as it aims to commercialise elements of its technology for medical and industrial uses within two years.

US-based TAE Technologies, one of the world’s oldest private fusion ventures, has struck a deal with the UK Atomic Energy Authority, which will contribute £5.6m (€6.4m, $7.4m) in equity to the new venture, based in Oxfordshire, central England.

At the centre of the partnership is the new joint venture TAE Beam UK – a collaborative entity that aims to develop “highly versatile” advanced particle accelerator technology, beginning with neutral beams for fusion.