SHINE Technologies has raised $70 million in additional funding to accelerate the commercialization of near-term applications of fusion technology, the company announced today.

The round was led by existing investors including Baillie Gifford and Fidelity Management & Research Company and also included participation from new institutional investors.

“This financing is expected to carry us through several major inflection points, including profitability as we continue to refine fusion technology to solve today’s problems in medicine, manufacturing, energy and beyond,” SHINE CEO Greg Piefer said in a statement.

According to a release, the financing will support SHINE’s four-phased approach to fusion and accelerate the domestic production of medical isotopes.