What happened: The U.S. Department of Energy is providing $46M in taxpayer funding to eight nuclear fusion startups, with the potential for further funding to $415M if certain milestones are met and approved by Congress. Details: The initial funding, provided under the 2020 Energy Act, covers a period of 18 months and aims to support pilot plants for generating power through fusion reactions. The beneficiaries, including Type One Energy and Tokamak Energy, are exploring different fusion reactor designs, including traditional tokamaks and what's known as slinky-like stellarators. The big picture: Nuclear fusion, the process that powers the Sun and other stars, has the potential to provide a safe, limitless, and carbon-free energy source for the planet. In 2022, private investors poured an estimated $1B into fusion technology as the industry is projected to grow and mature between 2035 and 2050, with potential investments eventually reaching into the trillions of dollars.
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