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Europe’s Fusion Energy Sector Sees Significant Investment Surge
The European fusion energy sector has experienced a notable increase in funding this year, with several key players securing ample investments. Among these is Marvel Fusion, which has broken ground on a $150 million laser facility in Colorado.Further bolstering Europe’s burgeoning fusion landscape, France’s Renaissance Fusion successfully raised €32 million for it’s stellarator design. Additionally, Sweden’s Novatron secured €10 million to construct a novel type of fusion reactor, which the company has described to TNW as a “mirror machine.”
This surge in funding coincides with Europe’s ambitious drive to lead the global race in launching the first commercially viable fusion reactor. The majority of industry experts anticipate such a reactor to become operational in the 2030s.
Francesco Sciortino, co-founder and CEO of Proxima, views fusion energy as a potential complement to renewable sources like wind and solar, positioning it as a “decisive building block” for Europe’s energy security. He has previously stated to TNW that fusion has the potential to “fundamentally transform the way we think about energy, changing the world from a place that’s controlled by those with reserves of oil and gas, to one where technology lets countries control their own fate.” Sciortino believes Europe is well-positioned to be a technological leader in this field.
However, investment in fusion energy within Europe still lags behind that of the united States. In the first half of the current year, US-based fusion startups collectively attracted $1.6 billion (€1.3 billion) in investment, more then four times the amount raised by their European counterparts. Notable US funding rounds include a $1 billion Series B for Commonwealth Fusion Systems, a company backed by Bill Gates, and a $425 million investment in Helion Energy, which has garnered support from sam Altman.
