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US Announces $46 Million In Funds To Eight Nuclear Fusion Companies - Slashdot

 1 year ago
source link: https://hardware.slashdot.org/story/23/05/31/2331256/us-announces-46-million-in-funds-to-eight-nuclear-fusion-companies
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US Announces $46 Million In Funds To Eight Nuclear Fusion Companies

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The US Department of Energy has announced that eight American companies working on nuclear fusion energy will receive $46 million in government funding to pursue pilot plants aimed at generating power from fusion reactions. Reuters reports: The Energy Department's Milestone-Based Fusion Development Program hopes to help develop pilot-scale demonstration of fusion within a decade. "The Biden-Harris Administration is committed to partnering with innovative researchers and companies across the country to take fusion energy past the lab and toward the grid," Energy Secretary Jennifer Granholm said in a release. The awardees are: Commonwealth Fusion Systems, Focused Energy Inc, Princeton Stellarators Inc, Realta Fusion Inc, Tokamak Energy Inc, Type One Energy Group, Xcimer Energy Inc, and Zap Energy Inc

The funding, which comes from the Energy Act of 2020, is for the first 18 months. Projects may last up to five years, with future funding contingent on congressional appropriations and progress from the companies in meeting milestones.

Looking to launch fusion plants that use lasers or magnets, private companies and government labs spent $500 million on their supply chains last year, according to a Fusion Industry Association (FIA) survey. They plan to spend about $7 billion by the time their first plants come online, and potentially trillions of dollars mainly on high-grade steel, concrete and superconducting wire in a mature industry, estimated to be sometime between 2035 and 2050, the survey said.

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