Fusion power has had a breakout year. Can startups capitalize on the momentum?
The hype around fusion power is real. Researchers at the National Ignition Facility achieved net-positive controlled nuclear fusion in December 2022, a milestone that’s been decades in the making. Then, earlier this month, they did it again, proving that it wasn’t just a fluke.
But that’s not the only thing reshaping the industry. Once the exclusive domain of university and government researchers, the center of gravity around fusion power has begun to shift as founders bring fusion out of the lab. So to better understand the state of the industry and the opportunity in fusion power today, TechCrunch+ caught up with seven founders and CEOs.
It’s no secret that the sector has a troubled history. “There is a graveyard littered with over-promises, missed milestones and false starts,” said Benj Conway, co-founder and president of Zap Energy. “The basic physics of fusion is real, the potential upside is real, but to shed its baggage, the industry needs to deliver more than promises and concepts.”
Fortunately, changes are happening fast, several founders said. As government money has dried up, investors have stepped in, funding startups across the sector to the tune of more than $6 billion so far, according to the Fusion Industry Association. “The shift from government-led [funding] to a mix of public and private efforts, with venture capital strategies akin to those used in the electric vehicle and private space industries, brings not just resources but also a greater tolerance for risk and urgency,” said Taka Nagao, co-founder and CEO of Kyoto Fusioneering.