The global fusion industry . 2023 in

Fusion Companies Survey by the Fusion Industry Association

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FOREWORD

In December of 2022, for the first time ever on earth, a controlled fusion reaction released more energy than went into it. When the National Ignition Facility at Lawrence Livermore National Laboratory in California fired its lasers, providing about two megajoules of energy onto a tiny target, it released over three megajoules in response. With this “Wright brothers’ moment,” scientists showed that fusion energy production was possible.

In this third annual report on the state of the global fusion energy industry, the FIA will show how investors – and increasingly governments – are betting that the timescale to commercial fusion energy is accelerating. That is good news – the faster we can bring fusion to market, the greater its impact for business, energy security, the climate, and even global geopolitics.

Fusion Companies Aiming for Fusion in the Next Decade – or Sooner

In this report, 25 companies think the first fusion plant will deliver electricity to the grid before 2035. This is up from 18 last year, partly due to a higher survey response rate. Companies are increasingly confident of meeting their ambitious goals. That will require focus on mid-term milestones, embracing risk and parallel pathways, new partnerships, and (crucially) more resources. But even as we write, multiple companies are building “proof of concept” machines that will prove fusion as a viable energy source. A fusion industry will be important whenever it comes, but the sooner it happens, the sooner it can address the world’s energy challenges.

Broad-Based Increases in Investment

The headline number for this report is that the fusion industry has now attracted over \$6 billion in investment, \$1.4 billion more than we reported last year, and the report shows 27 companies increase their funding levels this year. Although this is less growth than last year’s report, total fusion investment grew by 27% in a period where fears of inflation, interest rate increases, and even bank failures led technology investors to hold onto their money.

However, unlike the 2022 report, where a few blockbuster announcements added up to \$2.8 billion in new funding, the new funding in this report primarily went in smaller amounts to early-stage companies. We are only able to document two increases of over \$100 million – TAE Technologies in California and ENN in China. There were also press reports about a significant capital raise in China, larger than any other announced this year, but we could not verify details, so it is not included in this report.

Although the continued growth is notable, the lack of blockbuster investments matches anecdotal evidence heard across industry: the investment environment is challenging. And because fusion is a capital-intensive endeavour, companies will need to scale-up investment to build their proof-of-concept machines. In the last two years, traditional Venture Capital investors have grown comfortable investing in fusion, but the amount of investment they can make might be limited to the “Seed” or “Series A” investments that characterized many of the rounds announced in this report. To support the continued growth of the industry, companies will have to find a way to bridge a possible “valley of death” by bringing new investors with different pools of capital. Fusion remains an excellent opportunity for investors with access to capital.

The number of fusion companies around the world continues to grow, in what can only be described as a technology explosion. The total number of fusion companies increased to 43, up from 33 in last year’s report. This report saw 13 new companies added, though three from last year are no longer in business (though some of their technologies and skills have moved to other companies).

These 43 companies are extremely technologically diverse across the “family tree” of fusion – there are very few examples of companies competing in the same technology. That diversity is a means of managing risk - 43 “shots on goal” around the world increases the chances of commercially viable fusion.

Governments Become Involved

Perhaps even more important than the volume of money going into fusion is that the last year has seen policies, procedures, and public interest that will allow fusion to rapidly grow and mature. This year, for the first time, we are seeing significant new public-private partnership programs in key nations. Eighteen companies reported they were involved (or would soon be) in a public-private partnership with government.

Around the world, these programs are diverse in their aims and funding levels, but there is a clear trend towards government interest in fusion. The United States, Japan, and Germany made announcements in early 2023 about new programs to support fusion commercialization, in addition to the already robust support in the United Kingdom.

In the number of private fusion companies, the US remains dominant, with 25 companies and the bulk of investment, but we have also seen important growth in countries like Japan, China, Australia, New Zealand, Germany, and Israel, while the UK and Canada have serious advanced contenders. As fusion grows, perhaps these public-private partnerships can help to bridge the “valley of death” if private markets cannot.

Likewise, a regulatory framework for fusion – separate from nuclear fission regulation – is moving forward as well, with the United Kingdom being the first-mover, followed by a decision by the U.S. Nuclear Regulatory Commission in April 2023. This regulatory certainty will de-risk fusion and could unlock further private investment.

Finally, fusion companies agree that challenges remain. Fusion is hard. A large majority large majority of firms say there are still many technical science and engineering challenges around achieving fusion power efficiency, resolving plasma science, and heat management. And almost every company still thinks funding is a challenge, as plenty more will still be needed to get to commercial viability.

No journey worth taking was ever easy. But for all the challenges, it remains an exciting and promising time to be in the fusion industry – thanks for reading our report, and we hope you can join us at www. fusionindustryassociation.org!

About the Report

This is the third annual “Global Fusion Industry Report” from the Fusion Industry Association. In this report, we strive to be impartial, presenting the information on the various companies as it has been conveyed to us. All company achievements and data are entirely self-reported. It is not an exhaustive survey. We approached the fusion businesses that we know about and where contact information was available. Their responses were voluntary.

In this third report, we’re more confident that we’ve reached the global fusion industry. Of course, there may be small “stealth” companies that are not ready for publicity, but we believe this year’s report now represents all the major players. The one possible exception is a Chinese company that the press reported significant investments in, but where we could not track down contact information.

Beyond that, this survey should be seen as a snapshot in time; a view of the industry when the survey was conducted in the second quarter of 2023. Repeating the activity year-on-year enables us to see the picture evolving.

Many private fusion companies are members of the Fusion Industry Association, though this is not a requirement for the report, and we strive to treat members and non-members the same.

Membership is marked on company pages by an FIA Member badge. Membership of the FIA is simple: it requires companies to have a plan for fusion commercialization, to demonstrate private investment to support their mission, and to pay dues. Companies playing a supportive role in the fusion industry may join as Affiliate Members, but these wider-industry companies are not the subject of this report. Our Supply Chain Report, released in May 2023, reflects the status and views of these companies.

About The Fusion Industry Association (FIA)

The FIA is the unified voice of the new fusion industry and a central point for coordination across the fusion community to support accelerated growth. The FIA is a registered non-profit organization, headquartered in Washington, DC, composed of private companies working to commercialize fusion power. The Association advocates for policies that would accelerate the race to fusion energy. Details about membership are available at: https://www.fusionindustryassociation.org/membership/.

The FIA would like to give special thanks to Memetic Communications for their work in pulling together the data and publishing the report.

Andrew Holland Chief Executive Officer
Fusion Industry Association

HIGHLIGHTSTO DATE

1. Fun din g f or f usion compan ies

\$6,210,890,875 (\$6.2bn)*

\$5,939,271,000 (\$5.9bn)

2. Chan ge sin ce 2022 survey

3. Notable in vestmen ts sin ce the last survey

4. Compan ies with \$200m in vestmen t or more

6. Target markets

9. Selected* in vestors in f usion

7. E mployees

Numbers are approximate and based on companies estimated figures, rounded to nearest 10%. Companies that did not provide demographic and role data are not reflected in these figures.

8. n dustry growth

*All of these investors have been publicly identified in previous publications. The FIA is not responsible for the responses listed in this report from survey participants and do not intend to disclose any proprietary information.

Public Private Partnerships10. P ublic Private Partn erships

General approach Electrostatic Hybrid
9 Inertial confinement
21 Magnetic confinement Hybrid magnetic and electrostatic confinement
5 Magneto-intertial Muon-catalyzed fusion Non-thermal laser fusion Closed Orbit, velocity resonant systems Rydberg matter fuel-based fusion (non-traditional)
2 Non-traditional concepts/Not stated/TBC

Specific approach Specific approach

1 Dense Plasma Focus
1 Direct laser-driven pB11 Epicyclotron: a hybrid beam background approach Electro-centripetal confinement with magnetic plasmas not in thermodynamic equilibrium
3 Field Reversed Configuration Hypervelocity Gradient Field Fusion Laser-driven inertial confinement Laser-driven Direct Drive Inertial Confinement Fusion Levitated Dipole Magnetic mirror
1 Mirror machine Magnetized target fusion Modified Stellarator Muon-catalyzed fusion with high density fuel Magnetic-electrostatic confinement Magnetized Liner Inertial Fusion (MagLIF) Plectonemic reconnection Poloidal magnetic confinement, e.g. Levitron, LDX, Intrap Pulsed magneto-plasma pressurized confinement
1 Shock-driven inertial confinement
1 Spindle cusp, superconducting shielded-grid Inertial Electric Confinement
6 Stellarator
6 Tokamak/Spherical Tokamak/Advanced Tokamak
2 Z-pinch
1 N/A

12. Fuel Source

13. Prediction s/challen ges

When do you anticipate your company will deliver power to the grid (30 responses)

When will the first fusion plant deliver electricity to the grid? (40 responses)

When will the first fusion plant demonstrate a low enough cost/high enough efficiency (Q) to be considered commercially viable? (40 responses)

What do you see are the main challenges for fusion energy up to 2030? (38 Reponses, non-reported answers indicate not seen as a problem/don’t know)

What do you see are the main challenges for fusion energy after 2030? (38 Reponses, non-reported answers indicate not seen as a problem/don’t know)

PROFILES OF TODAY’S FUSION PLAYERS

FUEL SOURCE KEY

DT	deuterium - tritium
DD	deuterium - deuterium
pB11	proton - boron
DHe3	deuterium - helium3

AVALANCHE ENERGY

Avalanche Energy is developing a modular 5kWe fusion microreactor, called the Orbitron, for hard-to-decarbonize applications. Its compact size and modularity are game changers for dualuse, mobile and distributed power applications across air, land, sea, and space. Some potential applications include islanded micro-grids in austere/remote environments, electric vehicle battery recharging, and spacecraft power and propulsion.

	Location
	Contact Details	reachout@avalanche.energy
	Year founded	2018
	Founder Names	Robin Langtry, Brian Riordan
	Primary target markets	Space propulsion, Marine propulsion, Mobility
	Total declared funding to date	$53,000,000
	Employees (incl. full time consultants)	27
	General approach	Hybrid electrostatic confinement
	Specific approach	Magnetic-electrostatic confinement
	Fuel Source	DT
	Planned energy capture approach	Lithium neutron ‘blanket'
	Pilot plant timescale	Q4/2025 delivery of first prototype to DIU/DoD forqualification testing. Orbital demonstration in 2028.
	Anticipated MWe of your commercial operating facility?	0.005 MWe per module
	Milestones in past 12 months	Reached an operating voltage of 200 kV (kilovolts) with second generation fusion device "Marty", surpassing previous record of 190 kV set by University of Wisconsin at Madison.
	Key collaborators/partners	Defense Innovation Unit (DIU)
	Recent spin outs/patents/commercialinnovations	US Patent: US 11568999B2 Orbital ConfinementFusion Device
Recent published papers		A Compact, 300-kVDC Bushing for Operation under Ultra-High Vacuum Pressure, IEEE Conference on Electrical Insulation and Dielectric Phenomena (CEIDP) pp. 471-474. (October 2022).

BLUE LASER FUSION INC.

Blue Laser Fusion is developing an inertial confinement fusion device with a proprietary and novel laser source.

Location
Contact Details	Not provided
Year founded	2022
Founder Names	Shuji Nakamura and Hiroaki Ohta
Primary target markets	Electricity generation
Total declared funding to date	$500,000
Employees (incl. full time consultants)	4
General approach	Inertial confinement
Specific approach	Laser-driven inertial confinement
Fuel Source	pB11
Planned energy capture approach	Direct energy conversion
Pilot plant timescale	2030

COMMONWEALTH FUSION SYSTEMS

Commonwealth Fusion System’s (CFS) mission is to deploy fusion power plants to meet increased global energy demand and decarbonization goals as fast as possible. CFS leverages decades of research in tokamaks combined with new groundbreaking high-temperature superconducting (HTS) magnet technology. CFS is currently constructing SPARC, a Q\~10 demonstration plant based on peer-reviewed science, using fusion fuels.

Location	Devens, Massachusets
Contact Details Year founded	info@cfs.energy 2018
Founder Names	Bob Mumgaard, Dan Brunner, Brandon Sorbom, Dennis
Primary target markets	Whyte, Martin Greenwald, and Zach Hartwig
Total declared funding to date	Electricity generation > $2,000,000,000
Employees (incl. full time consultants)
General approach	>500
	Magnetic confinement
Specific approach Fuel Source	Tokamak
Planned energy capture approach	DT Lithium neutron 'blanket'
Pilot plant timescale	2025: SPARC demonstration fusion plant is operational Early 203Os: First fusion power plant, called ARC,
Anticipated MWe of first commercial	is completed 400MWe
operating facility Interim plants or facilities planned	2025: SPARC is operational - a machine that will demonstrate commercially relevant net energy from fusion, many fusion subsystems, and the delivery of a near
Recent company investments	full scale system. -Completed construction and moved into new HQ in Devens MA in Dec 2022 -Completed construction and moved into new Magnet Factory in Devens MA in Dec 2022 -Construction ongoing for SPARC facility in Devens, MA

Key collaborators/partners Recent published papers

Partial list includes: Massachusets Institute of Technology; Brookhaven National Lab; Columbia University; Idaho National Lab; Lawrence Berkeley National Lab; Lawrence Livermore National Lab; Max Planck Institute for Plasma Physics; National Renewable Energy Laboratory; Oak Ridge National Lab; Princeton Plasma Physics Lab; Robinson Research Institute; Sandia National Laboratory; Type One Energy; UKAEA; University of California at San Diego; University of Maryland; University of Rochester; University of Texas at Austin; University of Torino; University of Wisconsin; University of York. [1] FERMl: Fusion Energy Reactor Models Integrator, Fusion Science and Technology, 79:3, 345-379, DOl: 10.1080/15361055.2022.2151818. (2023) [2] Virtual prototyping of liquid metal blanket

performance in fusion pilot plant, Fusion Engineering and Design, Volume 191, 2023 T. Looby et al. 3D ion gyro-orbit heat load predictions for NSTX-U. 2022 Nucl. Fusion 62 106020 [3] Commonwealth Fusion Systems path to commercialization. Bulletin of the American Physical Society. 2022 Oct 17. [4] Design concepts for visible, UV and IR imaging and spectroscopy diagnostic systems for SPARC. Bulletin of the American Physical Society. 2022 Oct 20. [5] Brunner D. Overview of the high-field path to fusion energy. Bulletin of the American Physical Society. 2022 Oct 19. [6] Sircar A, Badalassi V. MHD turbulence models for fusion reactor blankets. Bulletin of the American Physical Society. 2022 Nov 22.

CROSSFIELD FUSION LTD

usion start-up, prototyping novel methods for accelerating and manipulating fusion fuel ions for fusion-neutron and isotope production.

Location	London, UK
Contact Details	enquires@crossfieldfusion.com
Year founded	2019
Founder Names	James McKenzie & Chris Macdonald-Bradley
Primary target markets	Medical; commercially relevant neutron source, including isotope manufacture and fusion-energy- spectrum relevant materials testing
Total declared funding to date	$500,000
General approach	Closed Orbit, velocity resonant systems
Specific approach	Electro-centripetal confinement with magnetic plasmas not in thermodynamic equilibrium
Fuel Source	DD
Anticipated MWe of your commercial operating facility?	Initial objective; ~10kW neutron flux (~Peta.neutron/s)
Interim plants or facilities planned	Commercially relevant neutron sources
Milestones in past 12 months	Operations on initial prototypes completed, IP in progress, not currently for disclosure
Key collaborators/partners	Venture and private capital
Spin outs/patents/innovations	Tritium handling

DEUTELIO

Deutelio aims to achieve nuclear fusion by magnetic confinement with the Polomac configuration, using the Deuterium-Deuterium reaction. It plans a small prototype to validate and tune the magnetic tunnels within three years, to design the first nuclear reactor in five years and achieve some electricity in ten years.

Location	Gavirate, Italy
Contact Details	info@Deutelio.com
Year founded	2022
Founder Names	Francesco Elio, Filippo Elio
Primary target markets	Electricity generation, Industrial Heat, District heating and electricity
Total declared funding to date	$534,300
Employees (incl. fulltime consultants)	2
General approach	Magnetic confinement
Specific approach	Poloidal magnetic confinement with shielded supports of the coil trapped inside the plasma, e.g. Levitron, Spherator, Intrap, LDX
Fuel Source	DD
Planned energy capture approach	Liquid metal with heat exchanger
Pilot plant timescale	2027: first nuclear D-D pilot power plant 10 MW for heat production. 2028: sales for district heating, food industry, agriculture green houses and pools. 2032: upgrade for electricity generation.
Anticipated MWe of your commercial operating facility	30 MWe
Milestones in past 12 months	Quotations for the supply of the vessel, copper magnets, support structure, power supply and basic plasma diagnostics of the small prototype. Assessment of the plasma confinement by particle path analyses and resistive MHD modelling. Establishment of collaborations with research institutions.

ELECTRIC FUSION SYSTEMS, INC.

Electric Fusion Systems was formed out of the founders’ mutual investigations of proton-lithium fusion and insights on how to virtually eliminate the coulomb barrier with Rydberg matter. It uses a supercritical dense liquid metal fuel condensate to create an ultra-low cost (<\$5/MWh) direct-to-electricity scalable aneutronic fusion power generator.

	Location	Broomfield, Colorado, USA
	Contact Details	info@electricfusionsystems.com
	Year founded	2020
	Founder Names	Ken E. Kopp and Ryan S. Wood
	Primary target markets	Electricitygeneration,Spacepropulsion,Off-grideergyCompact portable power 1-50kW
	Total declared funding to date	$400,000
	Employees (incl. fulltime consultants)	5
	General approach	Rydberg matter fuel-based fusion, nottraditional fusionconcept
	Specific approach	Pulsed magneto-plasma pressurized confinement
	Fuel Source	Proton-Lithium-7
	Planned energy capture approach Pilot plant timescale	Direct electricity (energy) capture and conversion2023
	Anticipated MWe of first commercial operating facility	5 kilowats to 100 megawatts depending on number of cartridges and modules.
	Milestones in past 12 months	Created heavy Rydberg matter room temperature stable liquid fusion fuel condensate. Filed 2nd patent.
	Key collaborators/partners	Voss Scientific, Energy Research Center,Brookline Consultants
Recent spin outs/patents/commercial innovations		Magnetohydrodynamic Cavitation Fusion EnergyGenerator PCT/US2022/53859 Aneutronic Fusion Plasma Reactor and Electric PowerGeneratorPCT/US2021/057875

ENN SCIENCE AND TECHNOLOGY DEVELOPMENT CO., LTD.

ENN is committed to generating fusion energy in an environment-friendly and cost-effective manner. A number of devices are being designed and built to support our vision for commercial ST p-11B fusion.

	Location	Langfang, China
	Contact Details	Langfang, China	qixudong@enn.cn
Year founded		ENN Science and Technology Development Co., Ltd founded in 2006 ENN Fusion Technology R&D Centerfounded in 2018
	Founder Names	Yusuo WANG
	Primary target markets	Electricity generation
	Total declared funding to date	$400,000,000
	Employees (incl. fulltime consultants)	150
	General approach	Magnetic confinement
	Specific approach	Spherical tokamak
	Fuel Source	pB11
	Planned energy capture approach	Direct energy conversion
	Anticipated MWe of your commercial operating facility?	200MWe
	Pilot plant timescale	15 years
Interim plants or facilities planned The existing spherical tokamak EXL-50 will be upgraded to EXL-50U by the end of 2023. Then our major activities are arranged in three phases. In Phase l, a spherical torus research and development platform will be built toconduct a feasibility study on p-11B fusion in a spherical torus from scientific and engineering perspectives.Construction of the next generation device EHL-2 is scheduled to complete by 2026. The main technologies issues including but not limited to high heat load materials, high power supply, high effcient ionheating, high temperature superconductor manufacture, low aspect ratio engineering and advanced divertor will be studied. In Phase Il, the plasma parameters will be increased, engineering constraints willbe explored to meet requirements for fusion reactors, which will include EHL- 3A and EHL-3B. In Phase ll, cost reduction strategieswill be developed, paving the way for commercial ST p-" B fusion.

Milestones in past 12 months	ENN created the roadmap for Proton-boron fusion based on spherical torus and began to upgrade the existing device EXL-50 and design EHL-2.
Recent company investments	Upgraded the existing device EXL-50 to EXL-50U.
Key collaborators/partners Recent Published papers	Peking University, Southwestern Institute of Physics, Academy of Science Institute of Plasma Physics ASIPP, Xi'an Jiaotong University, University of Science and Technology of China (USTC)
	[1] Fusion reactivities with drift bi-Maxwellian ion velocity distributions, Plasma Phys. Control. Fusion 65 (2023) 055019. [2] Solenoid-free current drive via ECRH in EXL-50
	spherical torus plasmas, Nucl. Fusion, 62 (2022) 086047. [3] A Study of the Requirements of p-11B Fusion Reactor by Tokamak System Code, Fusion Science and

ENERGY SINGULARITY FUSION POWER TECHNOLOGY

Energy Singularity was founded in 2021 in Shanghai, China. We are focusing on the R&D of high-field, highconfinement and compact tokamak with HTS magnets.

Location
	Contact Details	bd@energysingularity.cn
	Year founded	2021
	Founder Names	Zhao Yang
	Primary target markets	Electricity generation
	Total declared funding to date	$112,418,000
	Employees (incl. fulltime consultants)	80
	General approach	Magnetic confinement
	Specific approach	Tokamak
	Fuel Source	DT
	Planned energy capture approach	Lithium neutron ‘blanket'
Anticipated MWe of your commercial operating facility?

EX-Fusion

EX-FUSION

EX-Fusion is the first and only full-stack laser fusion company from Japan. Currently the company is focused on the development of laser control technologies as well as adaptive optics suited for high power laser operation. It aims to have a commercial laser fusion plant operational by 2035.

Location
	Contact Details	info@ex-fusion.com
	Year founded	2021
	Founder Names	Dr. Kazuki Matsuo, Dr. Yoshitaka Mori, and Dr. Shinsuke Fujioka
	Primary target markets	Electricity generation, Space propulsion, Hydrogen/ clean fuels
	Total declared funding to date	$1,000,000
	Employees (incl. fulltime consultants)	17
	General approach	Inertial confinement
	Specific approach	Laser-driven inertial confinement
	Fuel Source	DT
	Planned energy capture approach	Liquid metal with heat exchanger
	Pilot plant timescale	2035 for grid level competitive commercial electricity production
	Anticipated MWe of your commercial operating facility?	200MWe (by 2035), 1.4GWe (by 2045)
	Interim plants or facilities planned	-2025: EX-Fusion 1kJ Prototype Laser Demonstrator-2029: EX-Fusion 5kJ Technical Demo Facility -2035: EX-Fusion (XF-200) 200MWe Commercial-gradeFusion Plant -2045: EX-Fusion (XF-1400) 1.4GWe Highly CompetitiveLarge-scale Commercial Fusion Plant
	Milestones in past 12 months	Successful target tracking experiment with 98% accuracy for the laser to track the fuel target
	Recent company investments	Investing in a new facility for laser development, testing and experimentation in Hamamatsu (TBA around winter 2023)
	Key collaborators/partners	Osaka University， GPI (The Graduate School for the Creation of New Photonics Industries)
Recent spin outs/patents/commercial innovations

FIRST LIGHT FUSION

Oxford University’s fusion spinout is on a mission to solve the problem of fusion power with the simplest machine possible, using its unique ICF amplifier technology. This simplicity maximises scalability by enabling deployment via existing value chain, maximising both shareholder value and global impact of fusion power.

	Location	Oxford, UK
	Contact Details	enquiries@firstlightfusion.com
	Year founded	2011
	Founder Names	Dr Nicholas Hawker, Prof Yiannis Ventikos
	Primary target markets	Electricity generation
	Total declared funding to date	$97,000,000
	Employees (incl. full time consultants)	93
	General approach	Inertial confinement
	Specific approach	Shock-driven inertial confinement
	Fuel Source	DT
	Planned energy capture approach	Liquid metal with heat exchanger
	Pilot plant timescale	2032
	Anticipated MWe of your commercial operating facility?	>60MWe
	Interim plants or facilities planned	M4 gain demonstrator PP machine
	Milestones in past 12 months	Fusion via four discrete amplifier designs
	Recent company investments	Expanded operations to accommodate 150 employees
	Key collaborators/partners	Universities: Imperial, Oxford, York, Loughborough.Companies: IDOM, Machine Discovery, Engie National Labs: UKAEA, Canadian Nuclear Laboratories, Sandia
	Recent spin outs/patents/commercial innovations	Four new patent family applications
Recent published Papers [1] Electronic density response of warm dense mater. Physicsof Plasmas. Volume 30, Issue 3. 2023.[2]lmaginary-time correlation function thermometry: A new, high-accuracy and model-free temperature analysis technique for x-ray Thomson scattering data. Physics of Plasmas. Volume 3O, lssue 4. 2023.[3] Scaling of pulsed power produced convergent shockwaves in insulators kA to MA. Bulletin of the American Physical Society. 64th Annual Meeting of the APS Division of Plasma Physics. 2022.[4] Experimental measurement of planarity of a 1 TPa shock on exit from a shock amplification system. Bulletin of the American Physical Society. 64th Annual Meeting of the APS Division of Plasma Physics. 2022.

FOCUSED ENERGY

Focused Energy is a US/German startup. The company aims to use the best talent on both sides of the Atlantic to develop fusion as a clean energy source based on laser technology.

Location		Austin Texas, USA Darmstadt, Germany
	Contact Details	info@focused-energy.world
	Year founded	2021
	Founder Names	Thomas Forner, Markus Roth
	Primary target markets	Electricity generation
	Total declared funding to date	$82,000,000
	Employees (incl. full time consultants)	University of Texas, Technische Universitat Darmstadt, Extreme Light Infrastructure Prague, Lawrence Livermore National Laboratory, Los Alamos NationalLaboratory, Trumpf, Leonardo, Fraunhofer ILT and GSl Helmholtzzentrum fur Schwerionenforschung
	General approach		Inertial confinement
	Specific approach		Laser-driven inertial confinement
	Fuel Source
	Planned energy capture approach		Lithium neutron ‘blanket'
Key collaborators/partners			Pilot plant timescale
Key collaborators/partners			Anticipinted MWe ofyourcommercial

FUSE

Fuse is building Next Generation Pulsed Power (NGPP) machine based on the success of the Z machine at Sandia. Currently assembling the world’s first and highest power driver (1TW) and operating a pulsed neutron generator licensed to produce >10^13 thermonuclear neutrons. Fuse is the only US company committed to MagLIF.

Location		Palo Alto, California, USA; Napierville, Quebec, Canada
	Contact Details	hello@f.energy
Planned energy capture approach Recent published papers		Year founded	2019
		Founder Names	JC Btaiche
		Primary target markets	Electricity generation, Off-grid energy
		Total declared funding to date	$18,000,000
		Employees (incl. full time consultants)	20+
		General approach	Magneto-inertial
		Specific approach	Magnetized Liner Inertial Fusion (MagLIF)
			DT
		Planned energy capture approach	Molten salt (FLiBe) with heat exchanger
		Pilot plant timescale	2030s
		Anticiaged MWeoffrs commercal	~300MW
			We are currently designing a 15TW intermediate user facility with the objective of running 1,OOO shots per year allowing for rapid iteration and technically high-risk experiments that often drive innovation. The facility would be the world's first Next Generation Pulsed Power fusion facility based on Impedance Matched Marx Generator(IMG) architecture.
			- Producing the highest thermonuclear neutron yield in the private sector.- Design and simulation of world's first and highest power Impedance Matched Marx Generator (IMG)
		Key collborators/patners	L3 Harris, Voss Scientific, University of Nevada Reno, Institute of National Scientific Research
		Recent spin ins/yatents/	License to operate up to 10^13 neutrons year.
		https://iopscience.iop.org/article/10.1088/2058-6272/ac78cchttps://iopscience.iop.org/article/10.1088/1361-6587/ac7b49

GAUSS FUSION

Gauss Fusion is a European green technology start-up aiming to produce renewable, clean fusion energy as the ultimate base-load power renewable in a solar-wind-fusion triad. It was founded in 2022 by medium-sized companies from France, Germany, Italy, and Spain, all of them with industrial expertise in fusion technologies.

Location	Hanau, Germany; Garching, Germany
Contact Details	info@gauss-fusion.com
Year founded	2022
Founder Names	Founded from industry: Alcen, Bruker, Hofima (ASG Superconductor), IDOM, Rl Research Instruments
Primary target markets	Electricity generation
Total declared funding to date	$8,550,000
Employees (incl. full time consultants)	10
General approach	Magnetic confinement
Specific approach	Tokamak, Stellarator
Fuel Source	DT
Anticipated MWe of first commercialoperating facility	100 MWe+
Key collaborators/partners	IPP Garching, KIT Karlsruhe, CERN, ENEA, CIEMAT

GENERAL ATOMICS

An American energy and defense corporation headquartered in San Diego, California, specializing in research and technology development. This includes physics research in support of nuclear fission and nuclear fusion energy.

	Location	San Diego, California, USA
	Contact Details	Zabrina.Johal@ga.com
	Year founded	Founded in 1955, commercial fusion eforts beganin 2022
	Founder Names	Frederic de Hoffmann with assistance from notablephysicists Edward Teller and Freeman Dyson
	Primary target markets	Electricity generation
	Total declared funding to date	$113,000,000
	Employees (incl. full time consultants)	40 dedicated to commercial fusion effort (12,500 in total)
	General approach	Magnetic confinement
	Specific approach	Advanced Tokamak
	Fuel Source	DT
	Planned energy capture approach	Liquid metal with heat exchanger
	Pilot plant timescale	2030s
	Anticipated MWe of first commercial operating facility	200 MWe
	Milestones in past 12 months	Conceptual design of GA modular blanket
Recent published papers		[1] General Atomics Roadmap for an AdvancedTokamak Fusion Pilot Plant, Bulletin of the American Physical Society, BM10.8, Oct. 17 (2022), https:// meetings.aps.org/Meeting/DPP22/Session/BM10.8[2] A dual-cooled fusion blanket using SiC-based structures, Fusion Engineering and Design180 (2022) 113155, https://doi.org/10.1016/i.fusengdes.2022.113155

GENERAL FUSION

General Fusion is pursuing a fast, practical path to bring fusion power to the market by the 2030s using its proprietary Magnetized Target Fusion (MTF) technology.

Locations		Vancouver, Canada; London, UK;Tennessee, USA
	Contact Details	info@generalfusion.com
	Year founded	2002
	Founder Names	Dr Michel Laberge
	Primary target markets	Electricity generation
	Total declared funding to date	$300,000,000+
	Employees (incl. full time consultants)	150
	General approach	Magneto-inertial
	Specific approach	Magnetized Target Fusion
	Fuel Source	DT
	Planned energy capture approach	Liquid metal with heat exchanger
	Pilot plant timescale	Underway: MTF machine - LM26 - to be built in Richmond, B.C. LM26 is designed to achieve fusion conditions of over 100 million degrees Celsius by 2025, with a goal of achieving breakeven by 2026. The data gathered from LM26 will be incorporated into the design of the company's planned near-commercial machine in the UK. 2030s: First commercial fusion power plant
	Anticipated MWe of first commercial operating facility	Approx. 230 MWe from two machines operating in-tandem
Milestones in past 12 months - Demonstrated plasma energy confinement times, plasma temperatures, and compression system performance that support meeting the company's goal of 10 keV (100 million degrees Celsius) in our MTF machine.- Selected for two new funding awards through the Officeof Fusion Energy Science's Innovation Network for Fusion Energy program. The awards will advance MTF for use in commercial fusion power plants through collaboration with the Savannah River National Laboratory and Oak Ridge National Laboratory.- Signed a collaborative agreement with UKAEA to kick off projects to advance the commercialization of magnetized target fusion energy. - Partnered with Canadian Nuclear Laboratories to pursue α series of joint projects to accelerate the deployment of commercial fusion power in Canada.

Recent company investments	General Fusion relocated and expanded its headquarters to Richmond, B.C. The new facility will provide space for General Fusion's LM26 MTF demonstration machine designed to achieve fusion conditions of over 1OO million degrees Celsius by 2025, with a goal of achieving breakeven by 2026.
Key collaborators/partners	Selected partners and suppliers: Canadian Nuclear Laboratories, General Atomics, University of llinois, McGill University, Oakridge National Laboratory, Princeton Plasma Physics Laboratory, Queen's University, Savannah River National Laboratory, Simon Fraser University, TRIUMF, United Kingdom Atomic Energy Authority, Uppsala University and University of Wisconsin Market Development Advisory Committee: ACEN,
Recent spin outs/patents/commercial	Bruce Power, Duke Energy, Eneco, E.ON UK, Southern Company, Tennessee Valley Authority, H2 Green Steel, Renexia
innovations Recent published papers	170 patents and patents pending Magnetohydrodynamics Solver for a Two-Phase Free Surface Flow Developed in OpenFOAM. Victoria

HB11 ENERGY HOLDINGS

HB11 Energy aims to create a new source of clean, safe and reliable energy using laser technology to fuse Hydrogen and Boron-11.

	Location	Sydney, Australia
	Contact Details	contact@hb11.energy
	Year founded	2017
	Founder Names	Heinrich Hora, Warren McKenzie, Jan Kirchhoff
	Primary target markets	Electricity generation, Hydrogen/clean fuels, Industrial heat
	Total declared funding to date	$5,100,000
	Employees (incl. fulltime consultants)	10
	General approach	Non-thermal laser fusion
	Specific approach	Direct laser-driven pB11
	Fuel Source	pB11
	Planned energy capture approach	Direct energy conversion
	Pilot plant timescale	2030s
	Anticipated MWe of first commercial operating facility	300-500 MWe
	Milestones in past 12 months	- Five experimental campaigns demonstrating pB11 fusion (on international laser facilities) - Proton energies above 50MeV- Q= 0.01% - Demonstrated target nanofabrication capability
	Key collaborators/partners	- CLPU Salamanca (Spain) - ILE Osaka (Japan)- Australian Nuclear Science and TechnologyOrganisation (ANSTO, Australia) - PROBONO network (Europe).
	Recent spin outs/patents/commercial innovations	HB11 Energy USA LLC (US subsidiary)
Recent published Papers		[1] Path to Increasing p-B11 Reactivity via ps and ns Lasers -https://doi.0rg/10.1155/2022/2355629[2] HB11 Understanding Hydrogen-Boron Fusion as a New Clean Energy Source - htps://link.springer.com/article/10.1007/s10894-023-00349-9 Full list of papers here: https://hb11.energy/technical-papers/

HELICAL FUSION CO., LTD.

Helical Fusion Co., Ltd. is Japan’s first startup aiming for the early realization of fusion energy using magnetic confinement of high-temperature plasmas.

	Location	Tokyo, Japan; Newark, Delaware, USA (subsidiary)
	Contact Details	contact@helicalfusion.com
	Year founded	2021
	Founder Names	Dr. Junichi Miyazawa, Takaya Taguchi, Dr. Takuya Goto, Prof. Nagato Yanagi
	Primary target markets	Electricity generation
	Total declared funding to date	$6,500,000
	Employees (incl. full time consultants)	10
	General approach	Magnetic confinement
	Specific approach	Stellarator
	Fuel Source	DT
	Planned energy capture approach	Liquid metal with heat exchanger
	Pilot plant timescale	By 2034
	Anticipated MWe of first commercial operating facility	50 - 100 MWe
	Interim plants or facilities planned	Planning to construct and operate "non-nuclear" prototype before ourfirst 5O MWe Fusion Pilot Plant (FPP) for the comprehensive demonstration of various new technologies, with a reduced device size compared withthe FPP.
	Milestones in past 12 months	Raised 85O mil. JPY in total and successfully started collaboration with Japanese universities and national institutes.
	Key collaborators/partners	National Institute for Fusion Science, Tohoku Univ., Aoyama-gakuin Univ., Tokushima Univ., SONY, KDDI, Mitsui Kinzoku, Canon
	Recent spin outs/patents/innovations	HTS, High-manganese steel
Recent published papers		Development of Steady-State Fusion Reactor by HelicalFusion, Physics of Plasmas 30, 050601 (2023). DOl:10.1063/5.0145222

HELICITYSPACE CORPORATION

Helicity Space Corporation is a privately funded company dedicated to developing compact fusion space propulsion and power systems of a spacefaring civilization. The vision is to enable space colonization and a clean Earth with fusion power & propulsion technology.

		Pasadena, California, USA
	Contact Details	marta.calvo@helicityspace.com
Fuel Source Planned energy capture approachKey collaborators/partners	Year founded	2018
	Founder Names	Stephane Lintner, Marta Calvo, Setthivoine You
	Primary target markets	Space propulsion
	Total declared funding to date	$2,400,000
	Employees (incl. fulltime consultants)	5
	General approach	Magneto-intertial
	Specific approach	Plectoneme
		DD
	Planned energy capture approach	Lithium neutron 'blanket'
	AntitigtedMWe ofyor commrcial	DOE via INFUSE public-private partnership, Caltech, UMBC, Swarthmore, Los Alamos National Laboratory, Limitless Space Institute
	Interim plants or facilities planned		Space propulsion prototype demonstration
	Milestones in past 12 months		First Plasma achieved April 2023
	Recent company investments		Built laboratory facilities

HELION

Building the world’s first fusion power plant to enable a future with unlimited clean electricity.

	Everett, Washington, USA
Contact Details	inquiries@helionenergy.com
Year founded	2013
Founder Names	David Kirtley, Chris Pihl, George Votroubek, JohnSlough
Primary target markets	Electricity generation
Total declared funding to date	$577,000,000
Employees (incl. full time consultants)	170
General approach	Magneto-intertial
Specific approach	Field Reversed Configuration
Fuel Source	DHe3
Planned energy capture approach	Direct energy conversion
Pilot plant timescale	2028
Anticipated MWe of your commercial operating facility?	At least 50 MWe
Interim plants or facilities planned	Helion is currently building its 7th fusion prototype, Polaris, which is expected to be the first fusion device to demonstrate electricity production from fusion. Helion also announced its plans to build the world's first fusion power plant, which will be operational in 2028. Microsoft willbe the end customer of the electricity delivered from this WA-based facility.
	- Successfully operated pulsed power submodule at full power - Power Purchase Agreement between Helion,Microsoft, and Constellation to deliver fusion electricity in 2028 - Built out a new prototype capacitor manufacturing center - Built and began operations of a Polaris test section

HORNE TECHNOLOGIES, INC.

Horne Technologies is a commercial fusion company targeting rapid and affordable advancement of fusion technology for near-term energy and neutron production. Horne Technologies’ hybrid approach enables lowcost iteration with fusion-capable, continuously operating devices. energy.

Location	Longmont, Colorado, USA
Contact Details	hornetech@protonmail.com
Year founded	2008
Founder Names	Tanner Horne
Primary target markets	Electricity generation, Marine propulsion, Off-grid energy
Total declared funding to date	$2,000,000
Employees (incl. fulltime consultants)	4
General approach	Hybrid magnetic and electrostatic confinement
Specific approach	Spindle cusp, superconducting shielded-grid IEC
Fuel Source	DD, pB11
Planned energy capture approach	Hybrid system
Pilot plant timescale	3-5 years
Anticipated MWe of your commercial operating facility?	Less than 1 MWe
Interim plants or facilities planned	New facility completed 2022 which satisfies needs until pilot pclant.
Milestones in past 12 months	All subsystems qualified and operational, experiments ongoing with positive indication.Upgraded cryogenic system capable of driving the HTS system at 2OK. Two new ion injection systemsdeveloped and in use. Design and preparation for full power device.
Recent company investments	Major investments in cryogenics, software,facilities, and vacuum systems. Major investment and advancement in designs for manufacturing and scaling.
Recent spin outs/patents/ commercial innovations	US 11,482,342 B2 Issued

KYOTO FUSIONEERING

Kyoto Fusioneering (KF) is a privately funded start-up headquartered in Japan. Our mission is to develop advanced technologies that are critical for commercial fusion, including systems for plasma heating, the fusion fuel cycle, and energy conversion. We support global fusion developers to accelerate the realization of fusion energy.

Location	Tokyo,Japan (Headquarters); Kyoto, Japan(Laboratory); Reading, UK (Regional office); Seattle, WA, USA (Regional office)
	Contact Details	info@kyotofusioneering.com
	Year founded	2019
		Satoshi Konishi, Taka Nagao, Richard Pearson, Shutaro Takeda
	Primary target markets	Electricity generation, Industrial heat
	Total declared funding to date	$91,000,000
	Employees (incl. full time consultants)	80
	General approach	N/A
		DT
	Planned energy capture approach	Lithium neutron ‘blanket'
		N/A - KF willbe ready to provide technologies for developers pursuing construction of a fusion power plant by the end of the 2020s.
		- UNITY-1 (UNique Integrated Testing facilitY for fusion thermal/power cycle)- UNITY-2 (UNique Integrated Testing facilitY for fusionfuel cycle)
Milestones in past 12 months - Constructed the first SiCf/SiC (silicon carbide composite) module mock-up, which is a prototypeof Kyoto Fusioneering's advanced SCYLLA tritiumbreeding blanket, and which is to be installed onUNITY-1.- Designed and built a lab-scale FLiBe test loop, and commenced FLiBe salt purification.- Gyrotron Factory Acceptance Test (FAT) completed for KF gyrotron to be installed on UKAEA's MAST-U tokamak.- Manufactured the first titium-compatible roughing pump, to be tested with tritium in 2023.- Entered into collaboration agreement with UKAEA on advanced materials, with KF SiCf/SiC tolen now undergoing irradiation testing and materialcharacterisation.

	- Signed MOU with Canadian Nuclear Labs (CNL) to develop tritium fuel technologies, and released the pre- conceptual design of a fusion power plant relevant fuel cycle (UNITY-2). - Completed detailed design of large-scale lithium-lead loop for UNITY-1,and placed order. - Designed and manufactured 9.5T magnet for 236GHz gyrotron, working with Japanese supply chain.
Recent company investments	- lnvested in manufacture of the first tritium-compatible roughing pump (delivered, ready for testing). - Placed order for KF design of large-scale lithium-lead loop for UNITY-1 from Japanese supply chain (on order, to be installed on site in late 2023). - Invested in manufacture of 2-off dual-frequency gyrotrons for global customers. - Invested in manufacture of 9.5T magnet for prototype
Key collaborators/partners	of 236 GHz gyrotron. Kyoto University, Japan; UKAEA, UK; Tsukuba University, Japan; NIFS, Japan; QST, Japan; Osaka University, Japan; Canadian Nuclear Laboratories, Canada; Canon Electron Tubes & Devices
Recent published papers	[1] Kyoto Fusioneering's Mission to Accelerate Fusion Energy: Technologies, Challenges and Role in Industrialisation https://doi.0rg/10.1007/s10894-023-00346-y [2] Kyoto Fusioneering's Unique Integrated Testing Facility for Fusion Power Generation https://doi.org/10.108 0/15361055.2023.2176689 [3] Overview of Kyoto Fusioneering's SCYLLA@ ("Self Cooled Yuryo Lithium-Lead Advanced") Blanket for Commercial Fusion Reactors https://doi.0rg/10.1109/TPS.2022.3211410 [4] Development of Blanket and Intermediate Heat Exchanger with SiC Composite htps://www. jspf.or.jp/Journal/PDF_JSPF/ispf2022_08/ jspf2022_08-349.pdf

LASERFUSIONX INC.

Advance direct drive laser fusion energy using the deep UV ArF laser the ArF laser.

Location
Contact Details	laserfusionx@outlook.com
Year founded	2022
Founder Names	Stephen Obenschain
Primary target markets	Electricity generation
Total declared funding to date	$70,000
Employees (incl. fulltime consultants)	1 full time, two part time
General approach	Inertial confinement
Specific approach	Laser-driven inertial confinement
Fuel Source	DT
Planned energy capture approach	Lithium neutron ‘blanket'
Pilot plant timescale	16 years
Anticipated MWe of your commercial operating facility?	400 MW pilot power plant
Interim plants or facilities planned	Full scale ArF beamline (3O kJ), high gain ArF implosionfacility (650 kJ)
Milestones in past 12 months	Publication in Physics of Plasmas advantages of ArF light for target physics and obtaining high gain atreduced laser energy.
Key collaborators/partners	PLEX LLC, Woodruff Scientific, NRL laser fusion
Recent published papers	https://www.optica-opn.org/home/articles/ volume_34/june_2023/features/fusion_s_direct_drive/https://pubs.aip.org/aip/pop/article/30/1/012701/2867678/The-importance-of- laser-wavelength-for-driving

LONGVIEW FUSION ENERGY SYSTEMS

Longview is a technology and power plant integration company whose pathway to the energy market is through laser inertial confinement fusion plants. Our mission is commercialization of fusion energy.

Location			Orinda, California, USA
Contact Details			info@longviewfusion.com
Year founded			2021
Founder Names			Edward Moses, Aaron Khandros, lgor Khandros
Primary target markets			Electricity Generation and Industrial Heat
Employees (incl. fultime consultants)			10
General approach			Inertial confinement
Specific approach			Indirect Drive Laser Fusion. The design basis for Longview power plants builds from the >$10OM Laser Inertial Fusion Energy (LIFE) program, developed by Lawrence Livermore National Laboratory (LLNL) and partners
Fuel Source			DT
Planned energy capture approach			Liquid lithium metal/alloy
Pilot plant timescale			Our commercialization goal is to design and build a Fusion Pilot Plant (FPP) to be operational in the mid-203Os based on fusion physics demonstrated on the National Ignition Facility (NIF). The FPP willinitially operate at 50 MWe to the grid with 440 MWe capability.
Anticipated MWe of first commercialoperating facility			Designs developed with range of 440 MWe to 1600 MWe to the grid
Interim plants or facilities planned			(i) Physics: Longview will be using the National Ignition Facility to demonstrate the required physics performance. Already, and uniquely among all fusion schemes, the NIF has demonstrated fusion energywith net scientific gain, Qsci>1,and multiple shots demonstrating a burning plasma and ignition using the same hohlraum-based approach being adopted by Longview.(ii) Rep-rated operation: A high-fidelity integrated laser- target engagement demonstration facility ("Big Shot") using a full-scale laser beamline and target injector, operating at the plant repetition rate

	Dec 2022: Fusion Qsci > 1 demonstrated on the NIF using the target design approach being adopted by Longview (indirect drive laser fusion).
Key collaborators/partners	DOE: Lawrence Livermore National Laboratory, Savannah River National Laboratory, Oak Ridge National Laboratory Industrial: Fluor Corporation, several laser systems technology partners, Marathon Petroleum Corporation, General Atomics Workforce development and education: University of Oklahoma, University of New Mexico, Prairie View A&M, University of Science and Arts Oklahoma Community guidance: Chickasaw Tribal Nation Legal and Regulatory: Pillsbury Winthrop Shaw Pittman LLC
Recent published papers	Economic analysis: Bates White US Patent (2022), "Inertial Confinement Fusion System Which Decouples Life-Limited Component From Plant Availability", https://tinyurl.com/uspatentlink. Co-authors of "Lawson Criterion for lgnition Exceeded in an Inertial Fusion Experiment", Physical Review Leters 129, 075001 (2022) and related papers.

LPPFUSION, INC.

Fusion R&D with a view to developing fastest route to fusion, using techniques based on the Dense Plasma Focus device and hydrogen-boron fuel.

	Location	Middlesex, New Jersey, USA
	Contact Details	fusionfan@lppfusion.com
	Year founded	2003
	Founder Names	Eric J. Lerner
	Primary target markets	Electricity generation, Space propulsion, Marine propulsion, Off-grid energy, Industrial heat
	Total declared funding to date	$10,000,000
	Employees (incl. fulltime consultants)	4
	General approach	Magnetic confinement
	Specific approach	Dense Plasma Focus
	Fuel Source	pB11
	Planned energy capture approach	Direct energy conversion
Recent published papers		Pilot plant timescale	2025
		Antipagted MWe ofyour commercial	5 MWe
		Milestones in past 12 months	Developed new switches, increased peak current
		Focus Fusion: Overview of Progress Towards p-B1l Fusion with the Dense Plasma Focus https://link.springer.com/article/10.1007/s10894-023-00345-z

MAGNETO INERTIAL FUSION TECHNOLOGIES, INC.

MIFTI is trying to achieve fusion energy based on the idea of stabilized Staged Z-pinch where a high Z-liner implodes on a fusible target by multi-MA current machines. This approach will produce compact, low cost and scalable reactor, which it hopes will provide the fastest path to achieve fusion power.

	Location	Tustin, California, USA
	Contact Details	contact@miftec.com
	Year founded	2009
	Founder Names	Hafiz Rahman, Jerry Simmons, Mohammad Arshad,Norman Rostoker
	Primary target markets	Electricity generation, Space propulsion, Medical, Hydrogen/clean fuels
	Total declared funding to date	$12,000,000
	Employees (incl. fulltime consultants)	6
	General approach	Magneto-Inertial
	Specific approach	Z-pinch
	Fuel Source	DT
	Planned energy capture approach	Lithium neutron 'blanket'
	Pilot plant timescale	2030
	Anticipated MWe of your commercial operating facility?	50 MWe
Recent spin outs/patents/commercial The same generator of much smaller size can be used to innovations produce nuclear isotopes by neutron activation. These isotopes are used as nuclear medicines.Two patents are granted to date.

[2] Study of stability in a liner-on-target gas puff Z-pinch as a function of pre-embedded axial magnetic field, Phys. Plasmas 27, 012702 (2020).

[3] Ar and Kr on deuterium gas-puff staged Z-pinch implosions on a 1-MA driver: Experiment and simulation, Phys. Plasmas 26,052706(2019).

MARVEL FUSION

Marvel Fusion pursues a non-thermal direct drive inertial confinement approach with the goal of commercialising fusion energy using low-neutronic fuels. Highly intense short-pulsed lasers and proprietary nanostructured fuel targets enable a highly efficient fusion process with a clear path to commercialization.

	Location	Munich, Germany
	Contact Details	info@marvelfusion.com
	Year founded	2019
	Founder Names	Moritz von der Linden, Dr. Georg Korn, Dr. Karl-Georg Schlesinger, Dr. Pasha Shabalin
	Primary target markets
	Total declared funding to date		$112,180,000
	Employees (incl. full time consultants)		70
	General approach		Inertial confinement
	Specific approach		Laser-driven Direct Drive Inertial Confinement Fusion
	Fuel Source		pB11
	Anticipated MWe of your commercialoperating facility?		200-1000 MWe
	Interim plants or facilities planned		2027: Proof-of-concept Demonstration facility constructed
	Milestones in past 12 months		German Federal Agency for Disruptive Innovation develops proprietary laser systems needed for Marvel Fusions technology 2,000 experiments conducted at leading laser facilities(Colorado State University, Texas Petawatt Laser, Extreme Light Infrastructure for Nuclear Physics, CALA of the Ludwig Maximilians University Munich), validating key physics aspects.
	PRecent company investments
	Key collaborators/partners
Recent published Papers - High current ionic flows via ultra-fast lasers for fusion applications; htps://doi.org/10.48550/arXiv.2212.12941- Volume ignition of mixed fuel; https://doi.org/10.48550/arXiv.2302.06562- Numerical validation of a volume heated mixed fuel reactor concept; htps://doi.org/10.48550/arXiv.2306.03731 - Investigation of Proton Beam-Driven Fusion ReactionsGenerated by an Ultra-Short Petawatt-Scale Laser Pulse; https://doi.org/10.1155/2022/2404263

NEARSTAR FUSION INC.

NearStar Fusion is a Virginia based company developing magneto inertial confinement fusion power plants using hypervelocity plasma armature rail guns to drive pulsed fusion reactions. Our simple and modular approach will enable development of a utility scale power plant in a decade and performance growth to use advanced fusion fuels.

	Location	Chantilly, Virginia, USA
	Contact Details	amit@nearstarfusion.com
	Year founded	2021
	Founder Names	Doug Witherspoon, Chris Faranetta
	Primary target markets	Electricity generation, Spacecraft propulsion
	Total declared funding to date	$500,000
	Employees (incl. full time consultants)	7
	General approach	Magneto Inertial Confinement
	Specific approach	Hypervelocity Gradient Field Fusion & Advanced FuelImpact Fusion
	Fuel Source	DT, DD, pB11
	Planned energy capture approach	Lithium neutron ‘blanket' for tritium breeding and advanced fuel direct energy conversion
	Pilot plant timescale	10 years
	Anticipated MWe of your commercial operating facility?	50 MWe to 1 GWe
	Interim plants or facilities planned	Expanded test facility for high performance fusion driver development and experimental power plant.
	Milestones in past 12 months	Plasma gun driver side injector under development, computer performance modelling being conducted
Key collaborators/partners		University of Alabama at Huntsville (UAH)

NK LABS, LLC

NK Labs, LLC, is an engineering company. We are developing muon-catalyzed fusion for production of clean energy and clean fuels. Our approach builds on decades of work by government labs worldwide and leverages recent developments in advanced materials and computational optimization.

Location	Cambridge, Massachusetts, USA
Contact Details	sales@nklabs.com
Year founded	2008
Founder Names	Ara Knaian, Seth Newburg
Primary target markets	Electricity generation, Medical, Hydrogen/clean fuels, Industrial heat, Tritium Production
Total declared funding to date	$2,500,000
Employees (incl. full time consultants)	20
General approach	Muon-catalyzed fusion
Specific approach	Muon-catalyzed fusion with high density fuel
Fuel Source	DT
Planned energy capture approach	Liquid metal with heat exchanger
Pilot plant timescale	2032
Anticipated MWe of first commercial operating facility	100 MWe
Milestones in past 12 months	- Measured fusion neutrons from muon-catalyzed D-D fusion in our system - Awarded plus-up funding by ARPA-E- Awarded approved experiment status at the Paul Scherrer Institute- Filed for patents on our core technology
Key collaborators/partners	ARPA-E, Fermilab, Paul Scherer Institute, Universityof Rochester Laboratory for Laser Energetics, York College
Recent published papers

NOVATRON FUSION GROUP AB

Fusion power to the grid through industrialization of a novel fusion reactor concept - www. novatronfusion.com

Location		Alvik, Stockholm, Sweden
	Contact Details	info@novatronfusion.com
Fuel Source Interim plants or facilities plannedMilestones in past 12 months Key collaborators/partners		Year founded	2019
		Founder Names	Jan Jäderberg
		Primary target markets	Electricity generation
		Total declared funding to date	$3,205,000
		Employees (incl. fulltime consultants)	25
		General approach	Magnetic confinement
		Specific approach	Mirror machine
			DT
		Planned energy capture approach	Lithium neutron ‘blanket'
		Pilot plant timescale	2036 - 2039
		Anticipinted MWe of your comercial	1 - 1,5 MWe
		2023: Novatron 1 - Validation of plasma confinement method 2026: Novatron 2 - Fusion conditions, DD-reactionsdetected 203X: Novatron 3 - Continuous fusion, DT-fuel, Q=1 203Y: Novatron 4 - Commercial viable fusion power plant blueprint
		- MHD and PIC-Simulations predicting a stable plasma confinement- Novatron specific, patented add-ons for increasing Tau-e and mitigate potential plasma disturbances
		Recent company investments		Equipment and parts for the Novatron 1- EUR 700 000
		NTG, Scanditronix, KTH, InnoEnergy, Tsukuba University, UK Culham Fusion Cluster

NT-TAO LTD

NT-Tao is focused on breakthrough compact fusion technology with the goal to democratize clean and affordable energy worldwide.

	Location
	Contact Details	mail@nt-tao.com
	Year founded	2019
	Founder Names	Oded Gour-Lavie, Doron Weinfeld, Boaz Weinfeld
	Primary target markets	Electricity generation, Off-grid energy, Industrial heat
	Total declared funding to date	$28,000,000
	Employees (incl. full time consultants)	18
	General approach	Magnetic confinement
	Specific approach	Modified Stellarator
	Fuel Source	DT
	Planned energy capture approach	Lithium neutron ‘blanket'
	Pilot plant timescale	2030
	Anticipated MWe of first commercial operating facility	10-20 MWe
	Milestones in past 12 months	Third full prototype finished and in experimental stage.
Key collaborators/partners		Partnered with MOE and leading academic institutes to create the lsraeli Fusion and Hot plasma Institute. Membersof the Andlinger Center E-filiates.

OPENSTAR TECHNOLOGIES

OpenStar Technologies is developing the Levitated Dipole reactor concept. This unlocks rapid iteration cycles, inherently stable plasma physics, and ground-breaking high-temperature superconductor technologies within a framework of reliable magnetic confinement fusion. This results in cost-effective scaling of infrastructure and swift development pathways, ensuring fast and affordable risk retirement.

Location		Wellington, New Zealand
	Contact Details	info@openstar.nz
Fuel Source Planned energy capture approachMilestones in past 12 months Key collaborators/partners		Year founded	2021
		Founder Names	Ratu Mataira-Cole
		Primary target markets	Electricity generation
		Total declared funding to date	$6,800,000
		Employees (incl. fulltime consultants)	26
		General approach	Magnetic confinement
		Specific approach	Levitated Dipole
			Tritium suppressed DD
		Planned energy capture approach	Liquid metal with heat exchanger
		Pilot plant timescale	First reactors installed late 2020s
		Anticinged MWeofyourcommercial	~ 800 MWe for early D-D or D-He3 reactors
		Interim plantsfailis planhed	Ignited D-T reactor to prove out final details of plasma physics at fusion temperatures.
		- 5.2 metre vacuum vessel and 30 kW ECRH - system designed and purchased. - HTS power supplies tested to 1.4 kA. - HTS magnet winding machine successfullywinding magnets.
		Robinson Research Institute, Victoria University ofWellington

PRINCETON FUSION SYSTEMS

PFS is developing compact fusion reactors for modular and portable power systems. The Princeton FRC utilizes a novel configuration of rotating magnetic fields invented at the Princeton Plasma Physics Lab. The PFRC is uniquely dual-use for both terrestrial use and space power and propulsion.

Location	Plainsboro, New Jersey, USA
Contact Details	info@princetonfusionsystems.com
Year founded	Princeton Satellite Systems - 1992. dba Princeton Fusion Systems since 2017
Founder Names	Michael Paluszek, Marilyn Ham
Primary target markets	Off-grid energy
Total declared funding to date	$3,600,000
Employees (incl. full time consultants)	6
General approach	Magnetic confinement
Specific approach	Field Reversed Configuration
Fuel Source	DHe3
Planned energy capture approach	Brayton cycle
Pilot plant timescale	2030
Anticipated MWe of first commercialoperating facility	1 MWe
Interim plants or facilities planned	The PFRC-3 facility is planned to demonstrate fusion- relevant plasma conditions using superconducting magnets. The follow-on facility, PFRC-4, is planed todemonstrate D-3He fusion and produce net electricity.
Recent company investments	New capacitors were installed on the PFRC-2 allowing a lower operating frequency of the rotating magnetic fields for improved ion heating.
Key collaborators/partners	PPPL, GE Vernova, University of Rochester, Princeton University, NREL, Qorvo
Recent published papers	[1] A Fusion-Propelled Transportation System to Produce Terrestrial Power Using Helium-3 From Uranus, AIAASciTech 2023, DOl: 10.2514/6.2023-0555[2] The Princeton Field-Reversed Configuration forCompact Nuclear Fusion Power Plants, J Fusion Energ 42,4 (2023), DOl: 10.1007/s10894-023-00342-2
		rrestri	strialPow

PROXIMA FUSION

Proxima Fusion is aiming to commercialize fusion energy in the 2030s via optimized stellarator technology.

Location		Munich, Germany
	Contact Details	info@proximafusion.com
	Year founded	2023
	Founder Names	Francesco Sciortino, Lucio Milanese, Jorit Lion, Jonathan Schilling, Martin Kubie
	Primary target markets	Electricity generation, Industrial heat
	Total declared funding to date	$8,190,000
	Employees (incl.full time consultants)	13
	General approach	Magnetic confinement
	Specific approach	Quasi-isodynamic stellarator
	Fuel Source	DT
	Planned energy capture approach	Lithium neutron ‘blanket'
	Pilot plant timescale	2030s
	Anticipated MWe of your commercialoperating facility?	750MWe
Key collaborators/partners		Interimplantsclisle	Demonstration of scientific and technological milestones in "Proxima Alpha" in early 2030s
Key collaborators/partners		Max Planck Society Institute for Plasma Physics, MIT, Istituto Superior Tecnico LisbonKarlsruhe Institute of Technology, Bilfinger Noel GmbH

REALTA FUSION

Realta Fusion is developing compact magnetic mirror technology as the lowest capex and least complex path to commercially competitive fusion energy. Realta is targeting the need to decarbonize industrial process heat for early adoption of fusion. The company spun out of an ARPA-e funded project at the University of Wisconsin.

	Location	Madison, Wisconsin, USA
	Contact Details	info@realtafusion.com
	Year founded	2022
	Founder Names	Cary Forest, Kieran Furlong,Jay Anderson, Ben Lidley, Oliver Schmitz
	Primary target markets	Off-grid energy, Industrial heat
	Total declared funding to date	$12,000,000
	Employees (incl. fulltime consultants)	5
	General approach	Magnetic confinement
	Specific approach	Magnetic mirror
	Fuel Source	DT
	Planned energy capture approach	Lithium neutron ‘blanket'
	Pilot plant timescale	10 years
	Anticipated MWe of your commercial operating facility?	100 MWe
	Interim plants or facilities planned	BEAM - Break-Even Axisymmetric Miror. A simple mirror device that demonstrates net energy generating relevant conditions and can be a volumetric neutron source.
Key collaborators/partners		Department of Energy. Realta Fusion is one of the awardees in the Milestone-Based Fusion Development Program. The company spun out of an ARPA-e funded project at the University of Wisconsin-Madison.
Recent published papers		Fusion by beam ions in a low collisionality, high mirror ratio magnetic mirror. J. Egedal et al 2022 Nucl. Fusion62 126053

RENAISSANCE FUSION

Renaissance Fusion builds on the success of stellarator experiments, makes them reactor ready by quadrupling the magnetic field and simplifies them using proprietary High- Temperature Superconductors manufacturing and flowing liquid-metal walls.

Location
Contact Details	contact@renfusion.eu
Year founded	2021
Founder Names	Francesco Volpe
Primary target markets	Electricity generation
Total declared funding to date	$17,625,000
Employees (incl. full time consultants)	30
General approach Specific approach	Magnetic confinement Stellarator
Fuel Source	DT
Planned energy capture approach	Liquid metal with heat exchanger
Pilot plant timescale	2032
Anticipated MWe of your commercialoperating facility?	1,000 MWe
Interim plants or facilities planned	Experimental reactor proving Q greater than 2 andcontinuous operations
Milestones in past 12 months	Liquid metal closed loop with induction pump, Designreview on HTS machines
Recent company investments	Materials for HTS machines & Liquid demonstrator, various experimental devices
Key collaborators/partners	BPI France, CEA, CNRS, INRIA, Université de Lorraine, University of Houston, Universita della Tuscia
Recent spin outs/patents/commercialinnovations	11 patents have been filed in April and June 2022

SHINE TECHNOLOGIES

SHINE is commercializing and industrializing near-term applications of fusion, like inspecting industrial components through neutron imaging and producing medical isotopes. These applications create tremendous social and economic value and allow us to build and practice the capabilities we believe are essential for deploying fusion energy to billions of people.

	Janesville, Wisconsin, USA; Fitchburg, Wisconsin, USA; Groningen, Netherlands
Contact Details	info@shinefusion.com
Year founded	2005
Founder Names	Greg Piefer, founder and CEO
Primary target markets	Electricity generation, Medical, testing for advanced industrial inspection; transmutation of nuclear waste
Total declared funding to date	$700,000,000
Employees (incl. full time consultants)	370
General approach	Phase 1: beam-solid target, Phase 2: beam-gas target, Phase 3: beam-plasma target, Phase 4: high temperature plasma. Hybrid electrostatic confinement is closest to what we are planning in the future
Specific approach	Magnetic-electrostatic confinement
Fuel Source	DT
Planned energy capture approach	Fission-fusion hybrid in phase 3 (if energy capture isvaluable enough in the context of waste recycling). Lithium neutron blanket will most likely be our approach in phase 4.
Pilot plant timescale	Already done Phase 1; Phase 2 2024; Phase 3, 2030;Phase 4, 2040(ish).
Anticipated MWe of your commercial operating facility?	Phase 1: 10-1000 W, Phase 2: 1 MW, Phase 3: 10 MW, Phase 4: 100 MW

Milestones in past 12 months	- Our Phoenix Imaging Center, located in Fitchburg, WI, is commercial and uses fusion technology to inspect industrial components through neutron imaging, radiation effects testing, and other forms of non-destructive testing.
	- Achieved profitability with Phase 1 testing business - Demonstrated neutron image quality equal to or better than reactors with fusion-technology approach - Cold commissioning completed on full-scale tritium- deuterium separation and purification system, hot commissioning expected to complete in June 2023 - Safety Evaluation Report (SER) issued by Nuclear Regulatory Commission (NRC) for the Chrysalis - Demonstrated advanced plasma window technology, allowing for high power density (>100 kW /cm2) particle beams to enter regions of more dense matter while minimizing pumping requirements - Deployed hot cells capable of processing a few hundred million doses per year of Lu-177, which willbe produced
Recent company investments	in the Chrysalis. We are converting designated space in our Building One facility to be used for our FLARE testing service. We have completed acceptance testing of four of our current generation fusion systems, of which there willbe eight when our Chrysalis fusion-driven medical isotope production facility is fully operational. Our investment totaled over $ 100 million.
Key collaborators/partners	Department of Energy, National Nuclear Security Administration, Department of Energy (Ofice of Science, Fusion Energy Science program), Argonne National Lab, Oak Ridge National Lab, Savannah River National Lab, Lawrence Livermore National Lab, Y-12 National Security Complex, Orano USA, Department of Energy ARPA-E, GE-Hitachi
Recent spin outs/patents/commercial innovations	SHINE filed 50 patent applications between May 2022 and May 2023 across a total of 24 patent families. 14 of these patent families were newly generated in this l2-month stretch. This represents a ~33% increase in total SHINE patent applications and granted patents, and a ~60% increase in total SHINE patent families.
Recent published papers	[1] A Plasma-Window Enhanced Accelerator-Based Deuterium-Tritium Neutron Generator System, Fusion Science and Technology (2023) [2] New ECR Source lon Implanter with Advanced Wafer Temperature Control for Material Modification, MRS Advances (2022) 7: 1289-1294

STELLAREX, INC.

Stellarex is a fusion energy technology development company, building on recent science and technology breakthroughs at several major fusion laboratories, research foundations and projects. Stellarex is focussed on the stellarator approach to magnetic fusion, leveraging a novel high temperature superconductor and a proprietary strategy for power and particle control.

Location
Contact Details	info@stellarex.energy
Year founded	2022
Founder Names	Richard Carty, Amitava Bhattacharjee, Michael Zarnstorff
Primary target markets	Electricity generation, Off-grid energy, Industrial heat
General approach	Magnetic confinement
Specific approach	Stellarator
Fuel Source	DT
Planned energy capture approach	Lithium neutron ‘blanket'
Pilot plant timescale	SX1 - ignited, operational in 2030's
Anticipated MWe of first commercial operating facility	250 MWe
Interim plants or facilities planned	SX0 - Q > 1 in 2020's
Milestones in past 12 months	Company formation, IP strategy developed, detailed planning, pre-concept design activities
Recent spin outs/patents/commercial innovations

TAE TECHNOLOGIES

TAE Technologies (pronounced T-A-E) is developing safe, non-radioactive, cost-effective, commercial fusion energy capable of sustaining the planet for centuries. Through its unique approach to fusion, TAE has developed spinoff applications in life sciences, energy storage, electric mobility, and fast charging to create a complete clean energy ecosystem. Multidisciplinary and mission-driven by nature, TAE is leveraging proprietary science and engineering to create a bright future.

Location
	Contact Details	press@tae.com; pga@tae.com
	Year founded	1998
	Founder Names	Numerous founders
	Primary target markets	Electricity generation
	Total declared funding to date	>$1,200,000,000
Milestones in past 12 months Recent company investments		Employees (incl. fulltime consultants)
		General approach	Magnetic confinement
		Specific approach	Field-Reversed Configuration
			Pursuing p-B11; TAE configuration can also accommodate other fusion fuel cycles such as D-T, D-He3,and D-D
		Planedenergycaptue approach	Heat capture and conventional thermal cycle and/or future direct energy conversion
			2030s: Da Vinci device, prototype p-B11 /hydrogen-boron fusion power plant
		Aticitinged MWeoffirstcommercial	350-500 MWe
			Copernicus device will demonstrate the viability of TAE's concept at fusion-relevant conditions by operating withhydrogen fuel at the D-T breakeven operating point. For more device timeline, see htps://tae.com/history
		- First-ever measurements of hydrogen-boron fusion in a magnetically confined fusion plasma in collaborationwith Japan's National Institute for Fusion Science - Started construction of Copernicus facility
		- New fusion device construction and facility in CA - Launched TAE Power Solutions subsidiary - Acquired two UK power technologies companies - UK office expansion and battery testing facilities

Key collaborators/partners	Argonne National Laboratory, Chinese Academy of Science - Institute of Plasma Physics, General Atomics, Google, Lawrence Berkeley National Laboratory, Lawrence Livermore National Laboratory, Los Alamos National Laboratory, Massachusetts Institute of Technology, National Institute for Fusion Science - Japan, Nihon University, Oak Ridge National Laboratory, Princeton Plasma Physics Laboratory, Swarthmore College, University of California - Irvine, University of California - Los Angeles, University of Pisa, University of Rochester, University of Texas at Austin, University of Wisconsin - Madison See Collaborators page on TAE.com for complete list https://tae.com/collaborators
Recent spin outs/patents/commercial innovations	- TAE Life Sciences: Targeted cancer treatment leveraging accelerator beams developed for TAE fusion began human trials. - TAE Power Solutions: Commercializing technologies for battery energy storage systems, e-mobility powertrains, off-grid/micro-grid, fast charging, second life of batteries and more.
Recent published papers	- ~1400 granted patents to date Nature Communications, February 2023: "First measurements of p11B fusion in a magnetically confined plasma" See Research Library on TAE.com for complete list https://tae.com/research-library

THEA ENERGY (FORMERLY PRINCETON STELLARATORS)

Thea Energy reinvented the stellarator, enabling systems to be simpler than previously thought possible. The Company’s proprietary system architecture leverages arrays of planar coils to replace the complex and highly precise modular coils required in all other stellarators, allowing for accelerated deployment of fusion power plants.

	Location
	Contact Details	info@thea.energy
	Year founded	2022
Fuel Source Milestones in past 12 months Key collaborators/partners		Founder Names
		Primary target markets	Electricity generation, Medical
		Total declared funding to date	$23,000,000
		Employees (incl. fulltime consultants)	20
		General approach	Magnetic confinement
		Specific approach	Stellarator
			DT
		Planned energy capture approach	Lithium neutron ‘blanket'
		Pilot plantimescale	Pilot plant in the 2030s.
		Antipated MWe ofrstcmmercial	>200 MWe
		Interim plantsrfcilispanhed	Steady-state neutron source stellarator system operationbefore 2030.
		Development of a new, proprietary stellarator architecture utilizing an array of smaller, simple,and more economical HTS planar coils. This redesign of the stellarator allows for an unprecedented degree of control and configurabilitywith better confinement than ever before and allows for entire system sectors to be accessed for maintenance. Selected for a DOE Milestone-Based Fusion Development Program award.
		Numerous collaborations with national labs, academic institutions, and industrial partners.

Tokamak Energy

TOKAMAK ENERGY

Tokamak Energy is the only private fusion company to have more than 10 years’ experience of designing, building and operating tokamaks. It is focussed on developing fusion pilot plants for the 2030s using spherical tokamaks and high temperature superconducting (HTS) magnets, as well as developing its HTS magnet technology for other industry applications.

	Location
	Contact Details	Media Enquiries: media@tokamakenergy.com, Investor Relations: ir@tokamakenergy.com, Careers: careers@ tokamakenergy.com
	Year founded	2009
	Founder Names	David Kingham, Mikhail Gryaznevich, Alan Sykes
	Primary target markets	Electricity generation, Marine propulsion, Off-grid energy, Hydrogen/clean fuels, Industrial heat
	Total declared funding to date	$250,000,000
	Employees (incl. full time consultants)	255
	General approach	Magnetic confinement
	Specific approach	Spherical tokamak
	Fuel Source Planned energy capture approach	DT Lithium neutron ‘blanket'
	Pilot plant timescale	2033
	Anticipated MWe of first commercialoperating facility	500 MWe
	Interim plants or facilities planned	ST80-HTS in 2027
	Milestones in past 12 months	100 million degree Celsius plasma ion temperature and record triple product for a private company and for a spherical tokamak. Built a world-first set of new generation HTS magnets to be assembled and tested in fusion power plant-relevant scenarios.
	Recent company investments
	Key collaborators/partners	Oak Ridge, Princeton, Los Alamos and Sandia National Labs; UKAEA; Superpower/Furukawa and General Atomics
Recent published papers

TYPEONE E∩ERGY

TYPE ONE ENERGY GROUP

Type One Energy Group uses stellarator physics and engineering to bring its stellarator fusion power system to international energy markets. The globally-recognized team brings a strong track record of building stellarators and applies proven innovations in advanced manufacturing, modern computational physics and high-field superconducting magnets to optimize its stellarator for power production.

Location	Madison, Wisconsin; Boston, Massachusetts, U
Contact Details	media@typeoneenergy.com
Year founded	2019
Founder Names	Randall Volberg, David Anderson, John Canik, Paul Harris, Chris Hegna
Primary target markets	Electricity generation, Hydrogen/clean fuels, Industrialheat
Total declared funding to date	$30,000,000
Employees (incl. full time consultants)	30
General approach	Magnetic confinement
Specific approach	Stellarator
Fuel Source	DT
Planned energy capture approach	Lithium neutron 'blanket'
Milestones in past 12 months	World's first HTS Stellarator Magnet
Pilot plant timescale	2033
Anticipated MWe of first commercial operating facility	500 MWe
Interim plants or facilities planned	Risk Retirement Platform - small scale stellarator incorporating HTS magnets, advanced optimization, and advanced manufacturing. Staging device prior tobuilding Fusion Power Plant (FPP).
Milestones in past 12 months	Completed world's first HTS Stellarator Magnet under ARPA-E grant, which met all technical milestones.
Recent company investments	New facilities in Madison, Wl and Boston, MA, acceptance into DOE Milestone-Based FusionDevelopment Program, long term collaboration agreements for fusion power plant development
Key collaborators/partners	MIT, CFS, ORNL, UW-Madison, LBNL, PPPL, and thers
Recent published papers	Development of the first multi-turn non-planar REBCO stellarator coil using VIPER cable (2023)

XCIMER ENERGY CORPORATION

XCIMER ENERGY INC.

Xcimer Energy is developing an inertial fusion energy system that will overcome long-standing obstacles to viable fusion power by integrating low-cost and high-energy excimer laser technology with the HYLIFE thickliquid-wall chamber concept.

Location
	Contact Details	media@xcimer.energy
	Year founded	2021
	Founder names	Conner Galloway, Alexander Valys, Benjamin Wheeler
	Primary target markets	Electricity generation
	Total declared funding to date	$12,000,000
	Employees (incl. full time consultants)	30
	General approach	Inertial confinement
	Specific approach	Laser-driven inertial confinement
	Fuel Source	DT
Key collaborators/partners		Planned energy capture approach
		Pilot plant timescale	10
		Antiated MWe ofrstcommercial	400
		Interimplantsrfacilies lanhed	Prototype laser systems. Commercial breakeven targetdemonstration.
		Laboratory for Laser Energetics,Naval Research Laboratory, LLNL, General Atomics, Westinghouse, LANL, ORNL, SRNL

ZAP ENERGY

Zap Energy is building a low-cost, compact and scalable fusion energy platform that confines and compresses plasma without magnetic coils or high-power lasers. Zap’s quickly-advancing sheared-flow-stabilized Z-pinch technology provides compelling fusion economics and requires orders of magnitude less capital than conventional approaches.

	Location	Everett & Mukilteo, Washington, USA
	Contact Details	reachout@zap.energy
	Year founded	2017
	Founder Names	Benj Conway, Brian A. Nelson, Uri Shumlak
	Primary target markets	Electricity generation, Industrial heat
	Total declared funding to date	$208,000,000
	Employees (incl. full time consultants)	140
	General approach	Magnetic confinement
	Specific approach	Z-pinch
	Fuel Source	DT
	Planned energy capture approach	Liquid metal with heat exchanger
	Pilot plant timescale	Pilot plant siting feasibility study underway.
	Recent company investments	Follow progress at zapenergy.com
	Key collaborators/partners	University of Washington, Lawrence Livermore National Laboratory, UC Berkeley, Los Alamos National Laboratory, UC San Diego, UniversityofNevada, Reno, TransAlta
	Anticipated MWe of first commercialoperating facility	Each module is anticipated to be roughly 50 MWe, allowing scaling from small plants to GWe.
Recent published Papers [1] "Fusion Gain and Triple Product for the Sheared-Flow-Stabilized ZPinch," Fusion Science and Technology (2023) htps://doi.org/10.1080/15361055.2023.2198049;[2] "Engineering Paradigms for Sheared-Flow-Stabilized Z-Pinch FusionEnergy," Fusion Science and Technology (2023) https://doi.org/10.1080/15361055.2023.2209131[3] Computationally eficient high-fidelity plasma simulations by coupling multi-species kinetic and multi-fluid models on decomposeddomains,Journal of Computational Physics (2023) htps://doi.org/10.1016/i.jcp.2023.112073;[4] Probing local electron temperature and density inside α sheared flow stabilized Z-pinch using portable optical Thomson scattering, Review of Scientific Instruments (2023) https://aip.scitation.org/doi/10.1063/5.0135265; For further publications, see zapenergy. com/research

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