Fusion funding and jobs growing fast, says key industry report
The Global Fusion Industry in 2024 report says that more than USD900 million has been invested in the fusion industry in the past year, and more than 1000 jobs created.
The fourth edition of the report, produced annually by the Fusion Industry Association - which represents private nuclear fusion companies - says that in total the 45 companies surveyed suggest that the overall industry has attracted more than USD7.1 billion of investment over recent years.
The USD900 million of new funding reported by the companies since the previous report includes USD426 million of public funding, up 57% on the amount of public funding the previous year.
Notable investments included in the 2024 report are USD100 million for Xcimer, USD90 million for SHINE and USD65 million for Helion. The USA has 25 of the 45 companies in the survey, followed by the UK, Germany, Japan and China all with three and Switzerland with two. Australia, Canada, France, Israel, New Zealand and Sweden all have one company among those in the survey, which was carried out in the second quarter of 2024.
Andrew Holland, CEO of the Fusion Industry Association, said: "In the face of continued challenges in raising capital for ‘deep-tech’ ventures, the additional funding underscores confidence in fusion technology’s potential to revolutionise the global energy landscape on a timescale that is relevant to investors. Plus, with government policies shifting to direct more public funding into private fusion companies, the major players are aligning behind a shared goal."
The survey reports that the companies remain optimistic that fusion will provide electricity to the grid by the end of the 2030s, with 70% believing it will happen by the end of 2035. A lower proportion, but still more than 50%, believe that the first fusion plant will be considered commercially viable by 2035.
Asked about future challenges, two-thirds of companies believe that in the coming years "power efficiency will be a major challenge" as well as there being a risk of funding being a barrier to success.
On employment there are now more than 4000 people employed in the private fusion companies, up more than 1000 on the previous year, the report says.
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