Fusion power has made significant progress over the last few years, transforming from a subject of ridicule to a viable technology that is attracting serious investment. Although the technology is currently expensive and complex, fusion offers the potential to replicate the sun’s nuclear reactions to generate virtually limitless energy on Earth. If companies succeed in developing commercially viable fusion reactors, it could revolutionize trillion-dollar markets.
This surge in the fusion industry has been fueled by advancements in computing power, artificial intelligence, and superconducting magnets. These developments have led to more efficient reactor designs, improved simulations, and advanced control systems.
A breakthrough moment occurred in late 2022, when a U.S. Department of Energy lab achieved a controlled fusion reaction that generated more energy than was used to initiate it. While this was a scientific milestone rather than a commercial breakthrough, it demonstrated that the underlying science is sound, providing momentum to private fusion efforts.
As a result, fusion startups have attracted $7.1 billion in funding, according to the Fusion Industry Association. Here are some of the key players:
Commonwealth Fusion Systems (CFS) raised $1.8 billion and is developing a power plant in Massachusetts, using a tokamak reactor design. The company aims to have its commercial-scale plant operational by the early 2030s.
General Fusion, founded in 2002, is developing a magnetized target fusion reactor that uses a liquid metal wall to compress plasma. The company, supported by investors like Jeff Bezos, aims to achieve scientific breakeven by 2026.
Helion is working toward producing electricity by 2028 with a reactor that induces fusion using a magnetic field. Microsoft is slated to be its first customer.
TAE Technologies, established in 1998, uses a field-reversed configuration to stabilize plasma with particle beams. Its investors include Alphabet and Chevron.
Zap Energy, based in Everett, Washington, generates fusion by passing an electric current through plasma, raising $327 million to date. Its backers include Bill Gates and Breakthrough Energy Ventures.
These companies, each pursuing different technological approaches, are advancing toward making fusion a commercially viable source of energy.
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