Eight companies get funding to drive US leadership in fusion energy
The U.S. Department of Energy (DOE) has announced a $46 million investment in fusion energy development. Aimed at bolstering research, development, and commercial viability, the funding will aid eight companies in different states. The hope is to kindle an energy revolution akin to creating the power of the sun right here on Earth.
Green energy plan
In line with President Biden’s commitment to achieve a net-zero economy by 2050, this funding serves as a significant leap towards realizing a pilot-scale demonstration of fusion energy within a decade. U.S. Secretary of Energy Jennifer Granholm emphasizes, “Fusion offers the potential to create the power of the sun right here on Earth. The Biden-Harris Administration is committed to partnering with innovative researchers and companies across the country to take fusion energy past the lab and toward the grid.”
Fusion commercialization with Milestone-Based Fusion Development Program
The funding, made available through the Milestone-Based Fusion Development Program, aims to solidify the U.S.’s position as a leader in fusion commercialization. As this clean, non-carbon emitting energy source becomes more accessible, it will revolutionize how America addresses its energy needs. U.S. Representative Chuck Fleischmann confirms, “Commercial fusion energy will revolutionize the energy industry…This is a major step to developing commercial fusion energy that will transform how America meets its energy needs.”
The eight awardees: building the future of fusion energy
The eight companies that will benefit from the funding include:
- Commonwealth Fusion Systems (Cambridge, MA)
- Focused Energy Inc. (Austin, TX)
- Princeton Stellarators Inc. (Branchburg, NJ)
- Realta Fusion Inc. (Madison, WI)
- Tokamak Energy Inc. (Bruceton Mills, WV)
- Type One Energy Group (Madison, WI)
- Xcimer Energy Inc. (Redwood City, CA)
- Zap Energy Inc. (Everett, WA)
Fulfilling the bold vision for commercial fusion energy
This recent funding allocation underscores the Biden-Harris Administration’s commitment to a bold decadal vision for commercial fusion energy. Following a White House summit in March 2022, the DOE’s investment is a significant step towards achieving this ambitious goal.
Implication for disadvantaged communities
One of the key criteria in the selection process for the funding was the companies’ alignment with President Biden’s Justice40 Initiative. This initiative aims to ensure that 40% of the overall benefits of certain climate and energy investments flow to disadvantaged communities.
As we stand on the cusp of the fourth industrial revolution, the profound fusion energy project gives us a glimmer of a future defined by limitless, clean energy. This substantial funding not only accelerates the fusion commercialization journey but also reinforces the U.S.’s position as a vanguard of this transformative endeavor. By aligning this pursuit with social equity goals, the DOE exemplifies how progress can be both pioneering and inclusive, setting a standard for global energy leadership.