Millions spent on research is paying off for Milton Park firm Tokamak Energy, named as one of the world’s most innovative businesses by the World Economic Forum.

The firm, which aims to develop clean energy from fusion technology, spent £2.5m on R&D last year.

Past winners include Google, Kickstarter and Dropbox.

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Tokamak Energy, which also has a base in Culham Science Centre, has grown from three to 16 employees in three years.

Chief executive Dr David Kingham, pictured, said: “We are at the intersection of two important clusters of activities, which are fusion research at Culham and high-field super conducting magnets at Oxford Instruments."

It was one of 49 ventures chosen by a panel of academics and executives.