1Theglobalfusionindustryin2024Theglobalfusionindustryin2024FusionCompaniesSurveybytheFusionIndustryAssociation23Theglobalfusionindustryin2024Theglobalfusionindustryin2024Nowinourfourthedition,theFIA’syearly‘GlobalFusionIndustryin…’reportshavebecometheglobalstandardforunderstandingwhatishappeninginthefusionenergyindustry.Inthisyear’sreport,weonceagainseethattheindustrycontinuestogrow,thatinvestorsremainsupportiveandenthusiasticaboutitspotential,andthatcompanies’ambitionsfornear-termcommercializationareontrack.Although‘moreofthesame’maynotsoundheadline-grabbing,itisexactlywhatweshouldseeinamaturingindustry.However,it’snotallbusiness-as-usual.Muchneededchangeisalsohappening.Thisyearsawsignificantshiftsingovernmentpoliciesaroundtheworld,directingmorepublicfundingintoprivatefusioncompanies.What’smore,forthefirsttime,thisyear’sreporthighlightsthegrowthofaskilledfusionworkforcesupportingthisindustry.However,ambitioustargetsneedambitiousresourcesandastepchangeingrowthwillberequiredonceprivatecompaniesdeliverresultsontheirprototypemachines.45companies,verydiversetechnologicalapproaches,andover$7billioninfundingThereareatleast45companiesworkingtocommercializefusionenergyaroundtheworld.Forthepurposesofthisreport,twoansweredquestionswhileinstealthmodeandtheiridentitiesarenotrevealedhere,thoughtheywillgopublicattheappropriatetime.Onecompanywithdrewitseffortstocommercializeitsownfusionpowerplant,whileremainingactiveinthefusionindustryasakeypartnerandsuppliertofusioncompaniesandexperiments.Thetotalinvestmentintofusioncontinuestogrow.Overthelastyear,investorshaveputanadditionalbilliondollarsintothecompaniesworkingtocommercializethisgroundbreakingtechnology.Thetotalfundingisnowapproximately$7.1billion.Eveninthefaceofcontinuedchallengesinraisingcapitalfordeeptechnologyventures,theadditionalfundingunderscoresagrowingconfidenceinfusiontechnology’spotentialtorevolutionizetheglobalenergylandscapeonatimescalethatisrelevanttoinvestors.CommercializingFusionisincreasinglyapublic-privatepartnership,withpublicfundingintocompaniesincreasingbyover50%Perhapsthebiggestuntoldstoryshowninthisreportistheincreaseinpublicfundingdirectedintoprivatecompanies.Thereportedtotal(likelyanundercountassomethingsinevitablygounreported),eitherfromdirectgrantsorcost-sharesinpublic-privatepartnerships,hasrisenfrom$271millionin2023to$426millionin2024.Thisincreaseingovernmentinvestmentnotonlyreflectsaheightenedinterestfromnationalgovernments,butalsosignalsastrategicchoicebyagrowingnumberofgovernmentsthatitwillbebusiness,notgovernment,thatwilldeliverthepilotplantsthatdemonstratefusionasaviableenergysource.FOREWORDInteriorofJETTokamakwithsuperimposedplasma.CreditEurofusion2Theglobalfusionindustryin202445Theglobalfusionindustryin2024Theglobalfusionindustryin2024Notablepublic-privatepartnershipsthathavemovedforwardinthelastyearinclude:theMilestone-BasedFusionDevelopmentProgramintheUnitedStates,thatinJune2024announcedeightcompanieshadsignedcontractswiththeDepartmentofEnergytodelivercomprehensivepilotplantdesigns;theGermangovernment’snew“Fusion2040”programthatwillinvestdirectlyintoprivatecompanies;theJapanesegovernment’s“Moonshot”program;theBritishGovernment’sambitiousnew“FusionFutures”programthatinvestsinthekeytechnologyproviders;andtheEuropeanUnion’srecentefforttocreateaconsortiumthatwilldefinehowitwill...