Read the new F4E Fusion Observatory with the latest data and an analysis of investment models in US, China and Europe.
The race for fusion energy is picking up pace and private initiatives are emerging in the market thanks to a growing investment. The F4E Fusion Observatory has published a new report analysing the latest data to provide a global picture and identify geographical trends.
This second edition captures major investments recorded in the summer. From June to September, the cumulative funding in private fusion surged from 9.9 billion EUR to 13 billion EUR. This last figure represents more than an eight-fold increase since 2020, when the total was at 1.5 billion EUR. The fusion private ecosystem is now larger than ever, with 77 companies identified.
Who is leading? The US comes first with 6.9 billion EUR, 53% of global funding, for its 42 companies. China follows with 4.4 billion EUR (34%), counting only 8 companies. Chinese investments are catching up, mainly thanks to state-controlled initiatives, and drawing a bipolar landscape. In fact, in both markets there are already some “unicorns”, valued at over $1 billion. These are Commonwealth Fusion Systems (US, 2.6 billion EUR), China Fusion Energy (China, 1.9 billion EUR), NEO Fusion (China, 1.9 billion EUR) and TAE Technologies (US, 1.3 billion EUR).
In contrast, the EU’s private ecosystem counts with 8 companies, securing 712 million EUR (roughly 5% of global funding). Germany is the bloc’s frontrunner, with its companies raising 605 million EUR, corresponding to 85% of the bloc’s investments. The largest sums in the EU are received by Marvel Fusion (256 million EUR) and Proxima Fusion (206.5 million EUR), a start-up that recently signed a collaboration agreement with F4E. Next on the ranking are the UK (417 million EUR), followed by Canada (74 million EUR) and Japan (234 million EUR).
The report goes on to describe the different models. It focuses on the US, with its venture-led approach and a broad private investor base, and China, guided by the government’s top-down strategy and with emerging public–private initiatives. The European Union shows a mix of public (33.9%), private (64%), and public-private (2.1%) funding.
As for the kinds of fusion concepts, magnetic confinement takes the lion’s share of global investment reaching 10,1 billion EUR, predominantly for Tokamaks (doughnut-shaped devices, similar to ITER). Instead, in Europe, inertial confinement technologies are the most funded in the private sector.
However, an analysis limited to the investment in private fusion companies is incomplete. To understand Europe’s position, the investments in the ITER industrial supply chain should be considered. To deliver the European contribution to the project (45% of the total), the EU has invested 6.8 billion EUR through F4E. This has shaped a strong European industry, capable of delivering complex technologies for fusion. That said, investment in the supply chain, while substantial, has a different impact than equity in a fast-scaling fusion company.
These and more findings are in the new F4E Fusion Observatory report. Download it here.
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