The Department of Energy (DOE) has revealed its awardees to help advance designs, research, and development for nuclear fusion plants for the country's future.
The DOE's initiative awarded eight companies a grant of as much as $46 million to help them secure the materials and production needed to make this commercial fusion energy development a reality and jumpstart a series of pilot power plants.
The $46 million funding is for the first 18 months. The funds will be coming from fiscal years 2022 and 2023. Projects could reportedly last up to five years.
Department of Energy Awards $46M Contract for Fusion Energy
The United States Department of Energy has taken a significant step in pursuing fusion energy by awarding eight promising startup companies with the necessary funding they need.
The funding aims to support the development of innovative technologies and pilot projects for nuclear fusion energy, a potential game-changer in the quest for clean and sustainable power.
Fusion energy, often hailed as the "holy grail" of energy production, holds immense promise due to its ability to generate vast amounts of power while producing minimal waste and emissions.
Unlike traditional nuclear fission, which splits atoms, fusion involves combining atomic nuclei, thus releasing tremendous energy.
"We have generated energy by drawing power from the sun above us. Fusion offers the potential to create the power of the sun right here on Earth," said US Secretary of Energy Jennifer Granholm.
The awarded funding will aid in establishing and operating pilot nuclear fusion power plants in the US. These facilities will serve as critical testbeds for advancing fusion energy technologies and assessing their feasibility on a larger scale.
The DOE's investment underscores the government's commitment to fostering innovation and propelling the nation toward a clean energy future.
Nuclear Fusion Energy's 8 Startups
The eight selected startups underwent a rigorous merit-review process that evaluated their scientific, technical, commercialization, and business and financial viabilities.
Each company has demonstrated significant potential in their respective fields and will receive financial support to advance their projects.
The companies included in this funding are as follows:
- 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)
Is Nuclear Energy Clean?
Nuclear energy is considered clean energy because it does not produce greenhouse gases in its operations. It is a zero-emission, clean energy source.
There are already multiple projects in the US looking to develop new reactors, one that would help the future of clean energy in the country.
Other countries like Korea have also been on their way to developing nuclear fusion technology. The DOE's investment in fusion energy aligns with global efforts to address climate change and reduce reliance on fossil fuels.
Fusion power has the potential to provide an almost limitless supply of clean energy without the drawbacks associated with traditional forms of power generation.
By investing in innovative startups, the DOE aims to accelerate the timeline for commercializing fusion energy and bringing it closer to becoming a viable and accessible energy source.
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