Commercial fusion funding sees sharp rise, industry study says

Thursday, 14 July 2022

The report, produced by the Fusion Industry Association (FIA) and supported by Trinomics and part of a European Commission funded study on fusion energy development worldwide, had 33 private companies developing commercial fusion taking part. That number was up from the 23 who took part in the first report, a year earlier. The total investment figure a year ago was USD2.03 billion.

Of those taking part, six companies have each raised more than USD200 million including USD1.8 billion for Commonwealth Fusion Systems and USD500 million for Helion Energy.

The FIA says that the survey showed that electricity generation is the primary market, followed by off grid energy, hydrogen and clean fuels, and it also says there is increasing confidence in the industry that fusion power will be on the grid in the 2030s.

FIA CEO Andrew Holland said: "We’ve seen too many reminders in the last year of why fusion investment is so important. In the fight against climate change, countries are still not meeting their pledged emissions reductions goals, while Russia’s invasion of Ukraine reminds us of the importance of energy security, as well as the ability of dictators to use their energy resources as a weapon against peaceful nations.

"As we respond to these crises of today, fusion investments will help to secure peace for the long term, by removing our reliance on fossil fuels - and those who control them - once and for all. With investment accelerating, it is increasingly likely that commercial fusion will become a reality within the next two decades, providing the basis for prosperity, safety, and security, for many years to come."