The Fusion Industry Association (FIA), of which LPS is a member, released its third annual fusion industry report on July 13 titled, The Global Fusion Industry in 2023, In it, they unveiled “worldwide findings from an electrifying year of fusion development. Forty-three private fusion companies were surveyed for the report, ranging from fusion industry giants to new entrants with bold visions, committed to addressing the challenges that remain ahead for commercialization.” Below is the summary of highlights, or you can download the full report here.
- Thirteen fusion companies were founded or emerged from stealth mode in the past year, making this year’s fusion industry survey, with 44 entrants, the largest ever.
- The US continues to lead the race with 25 active fusion companies (including many of the largest), but the industry is becoming more geographically diverse, with 12 countries now fielding at least one fusion company. This year’s survey included new entrants from New Zealand (Openstar), Sweden (Novatron), Germany (Gauss, Proxima), and China (Energy Singularity).
- While the total new funding announced this year is less than last year’s $2.8bn, it shows continued investment in and excitement about the industry, even as many technology investors have pulled back in other fields.
- This year saw a much wider range of smaller “Seed” or “Series A” investments, with 27 companies in a variety of technologies announcing funding.
- Meanwhile, companies who had previously secured funding are growing. Respondents claimed to have created 975 new jobs in the last year at their companies, and around 3,000 jobs in the supply chain, though this is likely to be an undercount as not all companies responded to this question.
- Optimism about timing remains high. Four companies believe they will deliCoverver fusion power to the grid by 2030, and 19 by 2035.
- But challenges remain. Almost every company still thinks funding is a challenge, as plenty more money will still be needed to solve the remaining science and engineering challenge and reach commercial viability.
Beyond private investment, it is also notable that we are seeing an increase in public-private partnerships, with 18 companies involved in public-private partnerships valued at over $70 million.