Record Investments in Fusion Energy: $7 Billion in 2024

Fusion energy reached $7 billion in investments in 2024, driven by businesses seeking efficient energy alternatives. Small Modular Reactors (SMR) have gained significant interest, particularly in industrial sectors.

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The global energy transition reached a new milestone, with record investments of $7 billion in fusion energy in 2024. According to a report by ABI Research, companies seeking reliable and sustainable energy solutions are increasingly turning to innovative technologies such as Small Modular Reactors (SMR). These reactors, compact and flexible, cater to various energy needs, ranging from data centers to heavy industries.

The year 2024 also saw a growing adoption of renewable energy. In China, solar and wind installations exceeded those of the rest of the world, now accounting for 37% of the country’s energy capacity, or 758 gigawatts (GW). An additional 339 GW is currently under construction. In Europe, solar output rose by 15%, driven by increasingly affordable photovoltaic units.

Innovations and Strategic Projects

Technological advancements have played a critical role in the energy transition. Artificial Intelligence (AI)-enabled systems now optimize the management of renewable assets, while drones facilitate operations in offshore wind farms. Simultaneously, microgrids are expanding rapidly: more than 21,000 units are operational globally, with a strong concentration in Sub-Saharan Africa.

Global-scale projects also support this momentum. In Australia, the government approved the Australia-Asia Powerlink project, aiming to deliver up to 6 GW of electricity to Singapore and Darwin. In Belgium, Engie launched the construction of an 800-megawatt-hour (MWh) battery park, while Intersect Power in the United States secured funding for 1 gigawatt-hour (GWh) of energy storage in Texas.

Renewed Interest in Industrial Sectors

Agriculture, construction, data centers, and the mining industry are showing renewed interest in innovative energy approaches. For instance, Enel North America signed the largest solar grazing contract in the United States, while Microsoft concluded a landmark deal to power its data centers using fusion energy and other sources.

The outlook for 2025 remains promising, with increasing attention directed toward intelligent and sustainable energy solutions.

ITER and its partner Demathieu Bard have completed the control building of the fusion reactor in Cadarache, marking a key step in the site’s technical management as preparations for future operational phases continue.
First Light Fusion presents FLARE, an inertial fusion concept targeting a gain of 1,000, with development costs said to be well below current benchmarks thanks to existing technologies and a deployment model based on partnerships.
Eni signs a power purchase agreement worth more than $1bn with Commonwealth Fusion Systems for the 400 MW ARC plant in Virginia, extending a cooperation begun in 2018 and entering a commercial phase.
Tennessee Valley Authority signs a Letter of Intent with Type One Energy for a 350 MWe stellarator project at Bull Run, designed for baseload and intended to meet rising electricity demand.
Commonwealth Fusion Systems raised $863mn in an oversubscribed round to finalise SPARC and accelerate construction of its ARC fusion plant in Virginia, strengthening its position in the global fusion energy sector.
General Atomics injects $20mn into Fusion Fuel Cycles, a joint venture between Canada and Japan, to develop a facility dedicated to the tritium fuel cycle, a central element for the industrial viability of nuclear fusion.
The American start-up promises an energy revolution in 2028 with its unique deuterium-helium-3 technology. Between immense technical challenges and a bold financial gamble.
The UK government is introducing specific rules to facilitate the development of nuclear fusion projects, aiming to position the UK as a global leader in this emerging technology.
The European Union is investing EUR202mn in the IFMIF-DONES project in Granada to test materials intended for future fusion power plants, in cooperation with Spain, Croatia, Italy, and Japan.
Westinghouse Electric Company signs a $180mn contract with ITER Organization to complete the final assembly of the vacuum vessel for ITER’s experimental nuclear fusion reactor, currently under construction in Cadarache, southern France.
Google has concluded a historic agreement to purchase 200 megawatts of fusion energy from Commonwealth Fusion Systems, marking the entry of technology giants into the commercial era of this new energy form.
With a major investment of £2.5 billion, London confirms its ambitious nuclear fusion strategy through the STEP project, aiming to build an industrial prototype by 2040 that will generate jobs, innovation, and economic growth.
German company Proxima Fusion, specialized in nuclear fusion, has announced a €130 million funding round aimed at building a stellarator, an alternative technology designed to achieve industrial-scale fusion energy.
The European Commission opens a four-week consultation to define industrial and regulatory priorities for the EU’s first fusion energy strategy, expected by the end of 2025.
nT-Tao hosts the first Israel Fusion Forum to establish a national industrial ecosystem in a global sector valued in the trillions of dollars.
The international ITER project is organising an open day at its nuclear fusion site in the Bouches-du-Rhône, with teams mobilised to showcase the progress of the experimental installation to the public.
CEA and CNRS deploy SupraFusion, a project funded by France 2030, to develop high-temperature superconductors for nuclear fusion and industrial applications.
US-based TAE Technologies claims it has reduced the size, complexity and cost of its fusion devices by validating a new plasma formation method in a next-generation machine.
Marvel Fusion extends its Series B funding to €113 mn with backing from Siemens Energy, EQT Ventures and the European Innovation Council, aiming to build a laser fusion reactor prototype by 2032.
The West Burton site, selected for the prototype STEP fusion plant, is set to generate thousands of jobs and hundreds of millions of pounds annually, according to a study commissioned by Nottinghamshire County Council.

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