SCI-FI-TEK 70YRS IN THE MAKING
Nuclear Fusion’s Long Wait for Wall Street Is Finally Over
- General Fusion is set to become the first publicly traded company dedicated solely to nuclear fusion, signaling growing investor confidence in the field.
- The company’s piston-driven, liquid-lithium approach challenges magnet- and laser-based fusion designs while aiming to reduce material degradation.
- The IPO reflects a broader transformation of fusion research from slow-moving international projects to faster, privately funded efforts driven by rising energy demand.
The world is about to gain its first publicly traded ‘pure-play’ fusion company, and it's determined to deliver energy from nuclear fusion with an innovative model that uses neither magnets nor lasers, the most common components of leading fusion experiments. Instead, the model being piloted by the fusion-exclusive startup General Fusion uses mechanical pistons to contain plasma within a liquid lithium shell. Interesting Engineering reports that the technology has been described as a “practical, mechanical approach to fusion, emphasizing its ability to bypass the material degradation issues that plague other designs.”
But the most groundbreaking thing about General Fusion isn’t its technology – it’s its soon-to-be distinction as a publicly traded firm that focuses on nuclear fusion alone. This comes as the result of a “definitive business combination agreement” between General Fusion and Spring Valley Acquisition Corp, and shows a stunning confidence in the commercial potential of nuclear fusion. The investors are signalling a huge shift in the fusion field by putting all their eggs into this particular basket.
The upcoming General Fusion IPO underscores just how radically the field of nuclear fusion research has changed over the last few years. For decades, nuclear fusion was strictly the purview of massive governmental coalitions, the only entities capable of supplying the kind of cash and resources necessary to conduct such a massive and costly experiment. Now, the market is filling up with smaller and more agile startups as the race for fusion becomes increasingly privatised, making it more diverse and agile. And the breakthroughs are already stacking up.
Just a decade ago, nuclear fusion seemed like a pipe dream, often touted as an elusive and futuristic ‘silver bullet’ solution for limitless clean energy. The dream was so lofty and grandiose that only the most deep-pocketed governments were able to experiment with essentially recreating the systems that power our own sun here on Earth.
For years, the International Thermonuclear Experimental Reactor (ITER) led the pack and maintains its distinction as the biggest fusion experiment in the world – and maybe even “the grandest scientific experiment in the world.” The massive facility, located in the south of France, is funded and operated by seven member parties: China, the European Union (EU), India, Japan, Russia, South Korea and the United States. But due to the scale and the bureaucratic nature of the proverbial beast, ITER is still years away from achieving first plasma well over a decade and an estimated €22 billion after breaking ground.
ITER is still relevant, but it’s no longer the singular shining star of the field of research. Various other projects are on track to beat ITER to its goals, and for much, much less money. ITER’s backers say that this is a sign of the project's success, and that its achievements and profile have inspired the groundswell of private investors now flooding the field and working hard to make ITER obsolete.
A lot of that private attention and cash is coming from the tech sector, which is feeling a large and increasing sense of urgency as the AI boom requires ever-increasing amounts of energy to keep data centers running. Some of tech’s biggest players, including Bill Gates and OpenAI’s Sam Altman, are major proponents of nuclear fusion research as an answer to AI’s growing energy problem.
If you know how to build a fusion power plant, you can have unlimited energy anywhere and forever. It’s hard to overstate what a big deal that will be,” Gates wrote in an October essay. “The availability and affordability of electricity is a huge limiting factor for virtually every sector of the economy today. Removing those limits could be as transformative as the invention of the steam engine before the Industrial Revolution.”
By Haley Zaremba for Oilprice.com
Type One Energy initiates licensing of fusion power plant
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Type One Energy said it worked closely with the Tennessee Valley Authority (TVA) and the Tennessee Department of Environment & Conservation (TDEC) to prepare the "first-of-a-kind" application for a byproduct material licence, "demonstrating compliance with key licensing requirements for fusion energy technology as part of a comprehensive application process".
Project Infinity - which encompasses the Infinity One prototype and workforce training centre together with the 350 MWe Infinity Two fusion power plant - will proceed in several phases at TVA’s Bull Run site. Bull Run Fossil Plant is located on the north bank of Bull Run Creek, directly across the Clinch River from Oak Ridge. The 865 MW coal-fired power plant entered operation in 1967 and was retired on 1 December 2023.
The first phase of Project Infinity, deployment of Infinity One operated by Type One Energy, is scheduled for commissioning and startup in 2029. Type One Energy's Infinity One is a stellarator fusion reactor - different to a tokamak fusion reactor such as the Joint European Torus in the UK or the Iter device under construction in France. A tokamak is based on a uniform toroid shape, whereas a stellarator twists that shape in a figure-8. This is intended to get round the problems tokamaks can face when magnetic coils confining the plasma are necessarily less dense on the outside of the toroidal ring.
In September, TVA issued Type One Energy a Letter of Intent to develop and build Infinity Two - a first-generation 350 MWe baseload power plant using the company's stellarator fusion technology - with construction starting as early as 2028. Type One Energy completed the first formal design review of Infinity Two in May last year. Final decisions and definitive agreements regarding the funding and construction of Infinity Two, as well as any agreements to purchase the energy output, are subject to TVA Board approval, regulatory review, and alignment with least-cost planning processes, amongst other things, TVA has previously said.
"Today's byproduct material licence application is a 'safety by design' protocol for fusion facility licensing with significant performance margins to ensure safety is optimised throughout the design process," Type One Energy said. "In this context, the Infinity Two fusion power plant is designed for regulatory approval and deployment around the globe."
"Today is an important milestone for Type One Energy, TVA and the State of Tennessee," said Type One Energy CEO Christofer Mowry. "We've been working closely together since February 2024, sharing relevant design information and knowledge that is essential to establish the appropriate licensing conditions for a fusion power plant. This collaboration makes Tennessee an international model of 'safety by design' and transparency for licensing fusion machines."
TVA President and CEO Don Moul added: "TVA is proud to play a leading role in supporting the advancement of fusion energy – a technology that represents the next frontier in low-cost, reliable power. Our collaboration with Type One Energy and the State of Tennessee highlights how innovation and partnership can strengthen America's energy security and advance the nation's commitment to energy leadership. Through initiatives like Project Infinity, TVA is helping ensure that the Tennessee Valley remains at the forefront of delivering prosperity for American families."
"The announcement today supercharges Tennessee's reputation as the global hub for nuclear innovation," said TDEC Commissioner David Salyers. "This application lays the groundwork for subsequent submissions and is a byproduct of the collaboration between fusion energy companies like Type One Energy and TDEC in establishing a first-of-its-kind state regulatory framework for fusion energy in Tennessee."
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