2026 THE GLOBAL FUSION INDUSTRY Fusion Companies Survey by the Fusion Industry Association THE GLOBAL FUSION INDUSTRY REPORT 2026 CONTENTS Foreword 3 2026: The headline figures 7 The fusion industry in 2026 13 Profiles of today’s fusion players 25 2 2 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players 56 companies around the world Governments provide more than FOREWORD just funding In this year’s report, we feature 56 active fusion companies, three more than last year, continuing the trend of a growing With geographic diversity comes geopolitical competition. number of companies. There are six new companies in The benefit of commercial fusion is so great that it is this report, and three from last year that dropped from the inevitable that governments will aim to attract and nurture its fusion industry. The data shows a tremendous diversity of growth within their borders. technological approaches, showing that the market has not yet settled on the leading varieties of fusion technology. Beyond providing near-limitless, clean baseload power, the The transition of fusion energy from the national first nations to commercialize fusion could gain profound The geographical diversity of private fusion is growing lab to the marketplace is now firmly underway. leverage over global energy markets and an early push as well. American-based companies still dominate the to develop the global supply chains and jobs that follow. With $4.5 billion of new funding in the last 12 total numbers, with 28 based in the U.S., including all Energy has always been a tool for geopolitics, but the months, private companies are now the driving five of the largest companies that have raised over $1 combination of technological leadership required and factor in the development of fusion energy. For billion. Some of the greatest excitement, though, in the the energy availability fusion will provide means that the decades, governments had defined the way to last year has come from Germany, where two companies country that leads will have a leg-up in securing long-term announced significant raises and both federal and state fusion, through national labs and government influence and economic prosperity. governments announced investments into partnerships that R&D programs. Now, they are racing to will build fusion power plants. Finally, over the last two However, while the headlines talk about a “race” between write and revise their fusion strategies to take years, this report has tracked three emerging companies in countries like the United States and China, the ones advantage of the transition, moving timelines India, reflecting a need to serve the energy demand and running the race are the companies. This is not the 1960s forward, devising public-private partnerships that technological growth of the world’s most populous country. geopolitical race to the moon. What governments can do is build the infrastructure, provide the incentives, and ensure allow knowledge sharing, and adapting their Andrew Holland - CEO This year’s report includes four companies from China, the supply chain, workforce, and regulations are able to infrastructure to not only support the growth of the Fusion Industry Association including one new company. This reflects some of the support the growth of breakthroughs like fusion. new industry in their region, but to lead globally. continued growth and ambition of the industry in the country, but it is important to note that this provides an Like any other high-tech industry, industrial policy is a incomplete picture. Press reports have indicated several critical catalyst to support private-sector innovation and When we first published this report in 2021, this New hunger for energy is driving fusion more companies, backed by both government and private commercial deployment at scale. Success for countries trajectory was not the obvious outcome. With less than funding. Unfortunately, we were unsuccessful in contacting will be achieved by governments that treat fusion as a $2 billion invested in the sector, and 85% of that in just In the end, the prize is clear. A commercial fusion industry representatives from several of the companies that strategic commercial endeavor, leveraging public-private four companies, the private sector was emerging as an is a world-changing industry, and the returns on investment produced headlines of high-value investments. For those partnerships to scale production and secure domestic interesting new player, but governments still dominated. will be massive. It will be the industrial base of the 21st reading this report in China, consider this your invitation to supply chains before global competitors can establish a Since then, we have seen a 650% increase in industry century. In earlier years, when introducing this report, participate in upcoming reports. lasting market foothold. I identified environmental threats and energy security investment. The $4.5 billion invested in the industry this demands as important drivers of fusion development. The value of the FIA’s report is that its data comes directly year alone dwarfs any single government fusion budget These remain, but the last year has added an important from the companies themselves. External accounts can give for the same timeframe. The result is a growing fusion new driver: the energy demand of artificial intelligence. conflicting numbers, reflecting differences between those workforce comprising over 16,000 employees, rapid The need for a source of clean energy that can provide accounts and directly reported investment. construction of new facilities, and a maturing supply chain large amounts of power to drive the data centers fueling able to respond to fusion’s growing demands. the AI revolution has only grown. Firms that are building While companies focus on achieving their technical and the massive datasets required for more powerful AI models commercial milestones, governments should address (the hyperscalers) are faced with the problem of how to common challenges across the industry - in particular, power these energy-hungry chips that create the models. commercially-relevant science in resilient materials This is a business problem as well as a political problem, as and the fusion fuel cycle. In the last two years, leading energy consumers around the world are feeling the cost of governments have updated their fusion strategies and rising energy prices every day. roadmaps to reflect the new reality. In this increasingly Fusion will be the solution. Its approach of turning competitive marketplace, governments that maintain their abundant, energy dense fuel into power, without carbon programs and funding priorities along 2021 lines will fail emissions, make it the only source of energy that will be to capitalize and attract the emerging industry. able to scale up to meet constantly growing demand. What hasn’t changed is the timeline. Since the first report, Even though it cannot deliver today, the demand from the the majority of fusion companies have continued to report market is bringing fusion forward. We see this in the data that their goal is to produce commercial energy from fusion in this report. For the first time this year, we asked whether in the 2030s, with most saying that they expect to see companies had siting and power purchase agreements that goal hit in the early 2030s. These timelines remain for a commercial power plant. Six already have a siting consistent, which is notable for those who’ve been in agreement and four more are actively evaluating options. fusion for a while! With sufficient resources, the industry is Five had a power purchase agreement, offtake agreement, confident that fusion will meet its goals. or similar commercial offtake commitment, while two more were in discussions. These agreements provide the baseline for financing a fusion power plant, reducing market risk by ensuring that there will be buyers as soon as fusion has ©Zap Energy power to sell. 3 4 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of todays fusion players ©TAE Technologies The importance of setting milestones The role public markets can play in scaling transformative technology can be vital. The growth of the semiconductor, As companies and countries race to fusion, it is important for biotechnology, internet, and renewable energy sectors observers to be able to track where the players stand in the was accelerated by access to public capital that enabled race. This reflects an important principle: to be able to raise companies to finance large facilities, build supply chains, new funding, companies must be open and clear, at least hire talent, and bring products to market at scale. with their investors, about what they are aiming for, what their milestones are, and whether they are achieving them. Fusion companies that can tap those markets can help with those key challenges, as they provide an important mechanism Because the pathways to commercial fusion are diverse, for channeling long-term investment. Recent increases in value these milestones will inevitably differ from company to to companies in other energy and technology sectors make company. Some firms are pursuing revenue-generating the allure of access to the public markets an obvious choice for intermediate applications, while others are spinning out some. The arrival of fusion companies on public exchanges is a subsidiary businesses or focusing exclusively on licensing sign that the industry is entering a new era. It is now up to all of their technology. us in the industry to deliver. While peer review is the standard in the scientific community, that doesn’t mean that the commercial Conclusions: Fusion is on its way community doesn’t also have its version of peer review: the to commercialization global marketplace, which in some ways, can have a far Two years ago, in the introduction to our 2024 report, harsher discipline. The FIA has recently published a new I wrote that “Ambitious timelines require ambitious page on our website outlining the milestones already hit in resources,” as I explained after a difficult year in funding fusion, and the pathway fusion companies are following to that fusion would not meet its goals of commercial fusion achieve deployment: www.fusionindustryassociation.org/ in the 2030s with increases of only $1 billion new funding fusion-is-coming per year. Fortunately, that year was a product of broader Pioneering entrants into public markets difficult market conditions, and not an indicator of fusion’s pathway. Today, with over $4 billion invested in the last As we publish this report, two private fusion companies are year, I am confident that the industry is now being given in the process of joining the public markets through mergers. the private investment it needs to get across the line. With Participating in the stock market will provide access to new that increased investment comes increased scrutiny. Fusion investors, but will also bring a different type of scrutiny to companies are setting bold goals. As we enter the second fusion, with the day-to-day financial progress of companies half of the decade, companies will start to deliver on those able to be tracked simply on a minute-to-minute ticker symbol. goals. For companies that cannot meet their objectives, It expands access to capital, allows a broader range of market consequences will follow. When we emerge into a investors to participate in fusion's growth, and demonstrates fully commercial fusion industry, few expect there to be 56 increasing confidence that fusion is moving from a scientific companies in it. The race is on. endeavor toward a commercial energy industry. ©TAE Technologies 5 6 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players 2026: THE HEADLINE FIGURES ©Tokamak Energy 7 8 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players Total industry funding in 2026 Notable declared investments since the last survey Total funding to date: $14,242,143,000 $863m Total this year: $4,476,143,000 CFS Total Private: $13,261,437,000 Total Public: $980,706,000 $518m *Some reported figures have been converted to dollars/rounded. $465m Proxima Fusion Helion $450m $293m Inertia YAN FUSION Total industry funding over the years Enterprises (Shanghai) $240m Technology (annual total in brackets) SHINE $220m $240m Startorus $14.2bn Focused Energy ($4.5bn) $174.5m $14bn General Fusion $100m $13bn $35m Thea Energy $12bn Avalanche Energy $11bn $9.8bn ($2.6bn) $10bn $34m $25m $9bn Astral Systems First Light $8bn $7.1bn Fusion ($0.9bn) $17m $6.2bn $7bn ($1.4bn) EX-Fusion $6bn $4.8bn $5bn ($2.9bn) $4bn Companies with over $1bn investment $3bn $2bn $1.9bn $1bn 0 Up to 2021 2022 2023 2024 2025 2026 Commonwealth TAE Helion Energy Pacific Fusion SHINE Fusion Systems Technologies 9 10 THE GLOBAL FUSION INDUSTRY REPORT 2026 How much more funding do you estimate needing to deliver a commercial plant? Employed by fusion companies* 23 responses Estimated jobs supported by fusion companies’ supply chain* 11 12 +nb01$ nb01$ - nb1$ nb1$ - m001$ m001$ - 1$ Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players 2021 1,096 2022 1,545 2023 3,073 2024 4,107 2025 4,607 2026 5,606 3,000 (20 responses) 2023 2026 Average: $2.7bn Median: $1.2bn 5,900 (20 responses) 2025 2024 Average: $2.6bn Median: $694m 9,300 (30 responses) 2025 10,497 (34 responses, some responses carried from last year) 2026 *Not all companies reported headcount, so this represents an undercount but shows a trend over time THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players THE FUSION INDUSTRY IN 2026 ©TAE Technologies 13 14 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players 1. Location 2. Target markets By primary HQ Respondents could select multiple Primary Secondary/spin-off markets: Electricity generation 45 Electricity generation 1 Industrial heat 13 Industrial heat 14 Off-grid energy 10 Off-grid energy 7 Medical 5 Medical 7 1 2 Sweden Marine propulsion 4 Marine propulsion 3 Canada 4 Space propulsion 3 Space propulsion 3 UK 4 1 28 Germany Hydrogen and/or clean fuels 3 Hydrogen and/or clean fuels 10 France Hungary USA 3 1 1 4 3 Components (HTS, magnets etc.) 0 Components (HTS, magnets etc.) 7 Japan Switzerland Israel China 3 India Other named markets included: Nuclear waste transmutation, tritium and other fusion fuels 3. Employees 1 New Zealand 3 23% Washington 2 2 37% Wisconsin Massachusetts 3 10 1 New Jersey Fusion employees Scientists California 2 2 Maryland by role Engineers Colorado Virginia (38 responses)* Other 1 2 Tennessee New Mexico 21% 40% Fusion employees Male by gender Female (35 responses)* 79% 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. 15 16 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players 4. Selected* investors in fusion in the last 12 months 5. Public Private Partnerships Al Mirqab Capital Holystar Electrical Tech NVentures 16 companies Most funding declared Ankur Capital Host Plus Oaktree around $10m Aoki Super Icehouse Ventures OKANO VALVE MFG report being engaged in a Public Private Partnership that includes cost-share with Bessemer Venture Partners Industrial47 OKB Capital government (down from 20 from last year, DOE Milestone-Based Fusion Development Bhukhanwala Industries IP Group Outset Ventures though this may be due to non-responses to Program and INFUSE (Innovation Network this question) for Fusion Energy) most frequently cited Blast Club IQT Overlay Capital BMH Hessen JERA Co. Pelican Energy Partners BPI France JGC JAPAN CORP. pi Ventures Other named PPPs, collaborative programs and grant programs include: Brevan Howard Macro Venture KDDI Green Partners Fund Planet First Partners Washington State Green Energy Jobs, Japan Moonshot, BMFTR grants, Laureate France 2030 BPI, CRADA, Centre Fund Keio Innovation Initiative Playfair for Fusion Energy (Canada), ST40 LEAPS programme, ARPA-E CHADWICK grant, FIRE Collaborative Congruent Kinokisen Prime Impact Fund Counterpoint Global (Morgan Konoike Group Prime Movers Lab Stanley) Kyocera Venture Innovation Fund-I RA Capital CREST SKILL Partners Laukien Visionary Investment Fund RWE Crédit Mutuel Impact 6. Commercial agreements Leave a Nest Capital SBI Investment Daiwa House Ventures Leitmotif Silicon Roundabout Ventures Daphni Lightspeed Speedinvest DEEPCORE Do you have a siting agreement for a commercial plant? Long Journey STATION Ai Corp Deerfield Lowercarbon Capital Stanley Druckenmiller Development Bank of Japan Marseille Innovation Stonehill Technology East X Ventures Yes: 6 Mercia Capital Management Sumitomo Mitsui Ecrowd NEXT ENN Group Mitani Group Tees River In progress: 4 Mitsubishi Corp The Kansai Electric Power European Innovation Council Fund Company Mitsui & Co German Federal Agency for Threshold Ventures Disruptive Innovation (SPRIND) Mitsui Fudosan Tokai Tokyo Investment Fidelity Mitsui O.S.K. Lines Toyota Ventures Founders Fund Mizuho Capital Do you have a Power Purchase Agreement, offtake agreement, or similar FFA Private Bank Modern Capital Toyoda Gosei commercial offtake commitment? Uncork Capital Fujikura Neo WndrCo Galaxy Interactive Neva SGR (Intesa Sanpaolo Gigascale Capital Bank) Woori Venture Partners Yes: 5 Nichias X&KSK I Investment Limited Google Ventures Partnership In progress: 2 Nissay Capital HAKOBUNE Yamada Shokai Holding Noshiro Densetsu Kogyo Hasetora YNF Limited NTT HOF Capital * All of these investors have been publicly identified. The FIA is not responsible for the responses listed in this report from survey participants and does not intend to disclose any proprietary information. 17 18 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players 7. Approach 8. Fuel Source 56 responses Magnetic confinement 26 Deuterium - tritium 40 Stellarator: 8 Gas Dynamic Magnetic Trap: 1 Tandem magnetic mirror: 1 Proton - boron 5 Tokamak: 5 Centrifugal Magnetic Mirror: 1 Levitated Dipole: 1 Deuterium - deuterium 5 Spherical tokamak: 3 Open Magnetic confinement: 1 Levitron: 1 Deuterium - helium3 2 Field Reversed Configuration: 3 Pulsed Stellarator: 1 Multiple fuels 4 Inertial confinement 12 9. When do you anticipate your company will achieve… Laser-driven inertial confinement: 9 Quantum enhanced laser-driven inertial confinement: 1 Hybrid Fast Ignition: 1 Pulser-driven inertial confinement: 1 Net fusion energy gain (scientific)* Net energy gain (engineering)** Magneto-inertial 31 responses 33 responses 9 MagLif: 1 Laser-driven magneto-inertial fusion: 1 Sheared-flow-stabilized Before 2030 6 Before 2030 3 Z-pinch: 1 Magnetized target fusion: 1 Plectoneme: 1 2030-2035 24 2030-2035 16 Magnetized target impact fusion: 1 Dense Plasma Focus: 1 Plasma jet driven Z-pinch: 1 2036-2040 0 2036-2040 11 magneto-inertial fusion: 1 2040-2045 1 2040-2045 3 Hybrid electrostatic *The fusion reaction produces more energy than is directly delivered into the plasma to heat and sustain it. 7 **The entire fusion system produces more usable energy than the total electrical power consumed by the facility and its supporting systems. Magnetic-electrostatic confinement: 3 First pilot plant Electrostatic with a plasma cusp: 2 Inertial-electrostatic lattice confinement: 1 Augmented Beam-target fusion: 1 47 responses Before 2030 4 Muon catalyzed fusion 2030-2035 28 1 2036-2040 11 Muon catalyzed high density fusion cell: 1 2040-2045 4 19 20 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players 10. Predictions 11. Challenges When will the first fusion plant deliver commercial electricity? What do you see are the main challenges for fusion energy? (Last year’s responses in brackets) 44 responses 45 responses Near-term Challenge Long-term challenge 16 (21) 30 18 Funding 13 (14) 29 23 Fusion power efficiency; achieving high-enough gain (high Q) fusion power 9 (5) 29 25 Neutron resilient materials 25 23 Tritium self-sufficiency 3 (3) 3 (1) 19 10 Integrated systems engineering 1 (1) 15 7 Plasma science 2026-2030 2031-2035 2036-2040 2041-2045 2046-2050 After 2050 15 20 Supply chain readiness for specialized components 14 15 Skilled workforce availability 11 10 Pulse duration 11 12 Geopolitics When will the first fusion plant demonstrate a low enough cost/high enough 11 8 First-of-a-kind construction risk efficiency (Q) to be considered commercially viable? 10 11 (Last year’s responses in brackets) Nuclear safety/regulatory approval Full life-cycle issues (e.g. maintenance, waste, recycling, 10 14 decommissioning) 42 responses 9 7 Plasma exhaust 5 7 Site selection and permitting 4 3 Cryoplants (heat management) 14 (14) 2 6 Power purchase agreements and offtake 11 (12) 8 (10) 5 (5) 2 (3) 2 (0) 2026-2030 2031-2035 2036-2040 2041-2045 2046-2050 After 2050 21 22 THE GLOBAL FUSION INDUSTRY REPORT 2026 LaserFusionX • Blue Laser Fusion • Anubal Fusion 12. Timeline of companies founded Deutelio AG • • GenF Gauss Fusion • Companies new to the survey in orange GmbH Maritime Fusion • • Realta Fusion Pranos Fusion • • Avalanche Energy Stellarex Terra Fusion Magneto-Inertial Fusion • • Energy Technologies, Inc. Commonwealth Thea Energy Corporation (MIFTI) First Light Fusion Systems (formerly Princeton • Energy Matter • Fusion • Stellarators) Inertia Enterprises Conversion Corp TAE Tokamak • Tibbar Plasma Helicity Space • • (EMC2) Technologies LPPFusion Energy Pulsar Fusion Technologies Corporation Xcimer Energy Infroton Fusion Renaissance Fusion 1992 2002 2008 2010 2013 2017 2019 2021 2023 2025 1985 1998 2003 2009 2011 2015 2018 2020 2022 2024 Princeton General Horne SHINE Helion ENN Science Fuse Astral Systems Acceleron Fusion ASPL Fusion Satellite Systems Fusion Technologies Technologies and Technology • • • • Development Kyoto EX-Fusion Pacific Fusion Liberty Fusion • Fusioneering • • • Zap Energy • Focused Energy Proxima Fusion YAN FUSION Total number of private fusion companies by year Marvel Fusion • (Shanghai) • Helical Fusion Technology Novatron Fusion • Group Longview Fusion • Energy Systems nT-Tao Compact • Fusion NearStar Fusion 60 • • Type One Energy OpenStar 50 Group Technologies Limited • • 40 Crossfield Fusion Startorus Fusion 30 20 10 0 23 24 5891 2991 8991 2002 3002 8002 9002 0102 1102 3102 5102 7102 8102 9102 0202 1202 2202 3202 4202 5202 6202 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players PROFILES OF TODAY’S FUSION PLAYERS ©First Light Fusion Limited 25 26 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA FIA MEMBER MEMBER ACCELERON FUSION ANUBAL FUSION Acceleron Fusion is developing muon-catalyzed fusion as an abundant new source of clean energy. Inertial Confinement Fusion. Fuel: Hydrogen Boron. Driver: Petawatt laser using Plasma optics. Primary location Cambridge, Massachusetts, USA Primary location Hyderabad, India Contact details [email protected] Contact details [email protected] Year founded 2023 Year founded 2024 Founder names Ara Knaian, Seth Newburg Founder names Pravin Kini, Mukul Jain and Special Invest Primary target market(s) Electricity generation Primary target market(s) Electricity generation Total declared funding $26,500,000 Total declared funding $500,000 Employees 20 Employees 10 General approach Muon-catalyzed fusion General approach Inertial confinement Specific approach Active-target muon production and high density fusion cell Specific approach Laser-driven inertial confinement Fuel Source DT Fuel Source pB11 Planned energy capture approach Lithium neutron ‘blanket’ Planned energy capture approach Lithium neutron ‘blanket’ Target: First pilot plant Early 2030's Target: First pilot plant 2030 Anticipated MWe of your 200 MWe Anticipated MWe of your 200 MWe commercial operating facility commercial operating facility ©RAcceleron Fusion 27 28 THE GLOBAL FUSION INDUSTRY REPORT 2026 ASPL FUSION Agnira Sanlayan Private Limited (ASPL) Fusion is India’s leading private nuclear fusion company, incorporated in August 2025. It is being incubated at Institute for Plasma Research (IPR), Department of Atomic Energy (DAE), India. We pursue a phased magnetic-mirror roadmap towards a sub critical fusion-fission hybrid and pure-fusion electricity, with near-term revenue streams via BNCT and NDT/NAA channels. Primary location Gandhinagar, Gujarat, India Contact details [email protected] Year founded 2025 Founder names Prof Prabhat Ranjan, Mr Abhay Jha and Mr Abhinav Jha Primary target market(s) Electricity generation, Medical Total declared funding $2,000,000 Employees 7 General approach Magnetic Mirror Specific approach Gas Dynamic Magnetic Trap (GDMT) / Gas Dynamic Trap (GDT) Fuel Source D-T Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain 2031-36 (scientific) Target: Net energy gain (engineering) 2036-41 Target: First pilot plant 2041 Anticipated MWe of your commercial 250 MWe operating facility Milestones in past 12 months 1) Company incorporated in August 2025 and incubation process started at the IPR, Gandhinagar. 2) Secured operational site in GIDC, Gandhinagar Interim plants or facilities planned prior 1) P RABHA-BNCT: accelerator-based clinical BNCT facility with additional shared but independent to your commercial pilot plant? NDE vault. 2) P RABHA- HTS: Volumetric neutron-source based on magnetic mirror technology for isotopes production. 3) P RABHA-HYBRID: Sub-critical fusion-fission hybrid reactor with multiple applications including 35 MW of power production. 4) PRABHA-ENERGY: Pure fusion power plant with a target of 250 MW. Major investments made in past 12 1) Purchased site for initial experimental facilities. months 2) Set-up R&D office at Infocity in Gandhinagar. Key collaborators/partners Being incubated at IPR, DAE, India. Ongoing discussions with industries and academia. ©ASPL Fusion 29 30 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players ASTRAL SYSTEMS Astral Systems is a manufacturer of commercial compact fusion reactors. Our Multi-State Fusion reactors provide continuously operable, high-flux, fusion neutrons to support R&D, materials research, and component testing in the fusion industry. Beyond that, we aim to decentralise medical radionuclide production and enable fissile waste transmutation. Primary location Bristol, UK Contact details [email protected] Year founded 2021 Founder names Talmon Firestone & Dr. Tom Wallace-Smith Primary target market(s) Medical Total declared funding $40,000,000 Employees 35 General approach Multi-State Fusion Specific approach Inertial-electrostatic lattice confinement Fuel Source DD and DT Planned energy capture approach Fission-fusion hybrid Target: First pilot plant 2027 Fusion-Fission hybrid validation testing Milestones in past 12 months 1) Now offering large volume, continuously operated, DD and DT irradiation services for customers in the fusion and other industries. New customers welcome. 2) Completed hundreds of hours of commercial irradiations supporting research on multiple tritium breeder blanket materials including solid lithium, FLiBe, and composite breeder materials. 3) Validated production of multiple medically relevant isotopes including: 64Cu, 67Cu, 131I, 161Tb, 44Sc, and 47Sc. Interim plants or facilities planned prior 1) Bristol HQ - DD & DT neutron irradiation facility currently open. to your commercial pilot plant? 2) Berkeley, UK - High-flux DT neutron irradiation facility to be opened in Q4, 2026 3) A dditional sites under consideration within 2026 or 2027 in Brazil, Canada, Sweden, USA, and Germany. Major investments made in past 12 Completed a 150 ton shielded vault, allowing us to begin operating our high flux DT volumetric months neutron source. Commercial irradiation campaigns can now be booked directly. ©Astral Systems Key collaborators/partners UKAEA, University of Bristol, Bangor University, McMaster University, Technical University Munich, King's College London, IPEN 31 32 THE GLOBAL FUSION INDUSTRY REPORT 2026 ©Avalanche Energy FIA MEMBER AVALANCHE ENERGY Avalanche Energy is developing a modular 100 kWe to 5 MWe range of compact fusion machines, based on the Orbitron plasma confinement scheme for hard-to-decarbonize applications. Its compact size and modularity are game changers for dual-use, 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. Primary location Seattle, WA Contact details [email protected] Year founded 2018 Founder names Robin Langtry & Brian Riordan Primary target market(s) Electricity generation, Space propulsion, Marine propulsion, Off-grid energy Total declared funding $104,200,000 Employees 55 General approach Magnetic Mirror Specific approach Magnetic-electrostatic confinement Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain 2029 (scientific) Target: Net energy gain (engineering) 2029 Target: First pilot plant 2030 Anticipated MWe of your commercial 0.1 MWe operating facility Milestones in past 12 months 1) Stable plasma formation 2) Pure hydrogen plasma 3) 1 keV Plasma Temperature Interim plants or facilities planned prior FusionWERX commercial test facility for developing and qualifying fusion technologies and hardware. to your commercial pilot plant? Major investments made in past 12 FusionWERX test facility including tritium handling equipment and superconducting magnets for months future fusion neutron test stands. Key collaborators/partners DARPA, DIU, AFWERX, WA State, Fusion Fuel Cycles (FFC) Spin outs/patents/commercial High Voltage Feedthroughs, Alphavoltaics, High Entropy Alloys innovations Published papers from last 12 months 1) Hammerhead: a compact 300 kV vacuum bushing, Nature 2) Mode-enhanced ion loading in a 100 kV orbitrap, AIP Physics of Plasmas 3) An Overview of Vacuum Insulation Technology for the Orbitron Fusion Device, IEEE 1st International Symposium on Discharges and Electrical Insulation in Vacuum 33 34 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER BLUE LASER FUSION Blue Laser Fusion (BLF) is a U.S. corporation commercializing a novel and proprietary laser technology to enable laser-inertial fusion energy production. The BLF laser employs coherent beam combined fiber laser amplifiers coupled to an optical enhancement cavity to efficiently and cost-effectively generate high energy laser pulses for driving fusion reactions. Primary location Goleta, California, USA Contact details [email protected] Year founded 2022 Founder names Shuji Nakamura, Richard Ogawa, Hiroaki Ohta Primary target market(s) Electricity generation Total declared funding $37,500,000 Employees 18 General approach Inertial confinement Specific approach Laser-driven inertial confinement Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain 2033 (scientific) Target: Net energy gain (engineering) 2034 Target: First pilot plant 2035 Anticipated MWe of your commercial 1000 MWe operating facility Milestones in past 12 months Demonstrated >100,000X laser optical power enhancement in the optical enhancement cavity. Developed and demonstrated >99.999% R mirrors on thermally managed substrates. Built 8-channel coherent beam combination laser input system. Interim plants or facilities planned prior Full scale, >1kJ pulse energy laser demonstration facility. Mirror & optics development, testing, to your commercial pilot plant? characterization and production facility. Major investments made in past 12 Fiber laser amplifier inputs to the optical enhancement cavity. Mirror performance characterization months capabilities. Mirror thermal sensing & control systems. Key collaborators/partners Caltech, UCSD, Osaka University, RSE Italy, Cal Poly San Luis Obispo, Colorado State University. Spin outs/patents/commercial We have made innovations to develop high energy pulse generation, including optical innovations enhancement cavity controls, very high reflectivity mirrors, and optics thermal management in vacuum. Published papers from last 12 months 1) "Progress for commercializing IFE based on a novel high efficiency MJ class laser." Optical Technologies for Inertial Fusion Energy II. 2) "Laser-based inertial fusion energy system enabled by optical enhancement cavities and a direct- drive configuration reactor." Optics Express. 35 36 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER COMMONWEALTH FUSION SYSTEMS Commonwealth Fusion Systems is the world’s leading and largest private fusion company. The company’s marquee fusion project, SPARC, will generate net energy, paving the way for limitless carbon-free energy. The company has raised close to $3 billion in capital since it was founded in 2018. Primary location Devens, Massachusetts, USA Key collaborators/partners Massachusetts Institute of Technology, Brookhaven National Lab, Columbia University, Dominion Energy, Dutch Institute for Fundamental Energy Research (DIFFER), ENI, Equinor, Google Contact details [email protected] DeepMind, Idaho National Lab, Lawrence Berkeley National Lab, Lawrence Livermore National Lab, Max Planck Institute for Plasma Physics, National Renewable Energy Laboratory, NVIDIA, Year founded 2018 Oak Ridge National Lab, Pacific Northwest National Laboratory, Princeton Plasma Physics Lab, Founder names Bob Mumgaard, Dan Brunner, Brandon Sorbom, Dennis Whyte, Martin Greenwald, and Zach Realta Fusion, Robinson Research Institute, Sandia National Laboratory, Swiss Federal Technology Hartwig Institute of Lausanne (EPFL), Type One Energy, United Kingdom Atomic Energy Authority, University of California at San Diego, University of Maryland, University of Michigan, University of Rochester, Primary target market(s) Electricity generation University of Texas at Austin, University of Torino, University of Wisconsin, University of York. Total declared funding $3,000,000,000 Published papers from last 12 months The separatrix operational space of next-step fusion experiments: From ASDEX Upgrade data to SPARC scenarios, Nuclear Materials and Energy 2025. Employees 1,000 Overview of the physics basis for the ARC fusion power plant, Journal of Plasma Physics (JPP), June 2026 General approach Magnetic confinement (Tokamak, Stellarator) Power and particle exhaust for the ARC fusion power plant, Journal of Plasma Physics (JPP), June 2026 Specific approach Tokamak ARC disruption physics and strategy, Journal of Plasma Physics (JPP), June 2026 Fuel Source DT Performance and transport in the ARC tokamak, Journal of Plasma Physics (JPP), June 2026 Planned energy capture approach Lithium neutron ‘blanket’ ARC physics basis–magnetohydrodynamics, Journal of Plasma Physics (JPP), April 2026 Target: Net fusion energy gain 2027 (scientific) Target: First pilot plant Break ground on the Fall Line Fusion Power Station in 2027, first power on the grid in early 2030s Anticipated MWe of your commercial ~400MWe operating facility Siting agreement for a commercial Joint development agreement with Dominion Energy and a conditional use permit for Fall Line Fusion plant Power Station in Chesterfield County, VA Power purchase agreement, offtake PPA’s with Google and Eni agreement, or similar commercial offtake commitment Milestones in past 12 months 1) SPARC vacuum vessels onsite and under assembly, SPARC utilities wing undergoing commissioning 2) First TF magnet produced at CFS factory in SPARC Tokamak Hall for assembly 3) Fall Line Fusion Power Station received Conditional Use Permit (zoning) and applied for PJM interconnection Interim plants or facilities planned prior 1) SPARC is the world’s first commercially relevant fusion energy machine to produce more energy to your commercial pilot plant? from fusion than it needs to power the process. SPARC will derisk 13 of 17 systems for the ARC power plant. 2) FLiBe (Lithium Fluoride-Beryllium Fluoride) R&D thermal loop for the ARC power plant, utilizing molten salt for heat transfer and power generation. Major investments made in past 12 Assembly of the SPARC machine is ongoing, with assembly ~80% complete and commissioning of months subsystems underway. ©Commonwealth Fusion Systems 37 38 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players CROSSFIELD FUSION LTD. DEUTELIO AG Deutelio aims to achieve nuclear fusion by magnetic confinement with the Polomac configuration, using the Deuterium-Deuterium (DD) reaction. It plans a small prototype to validate and tune the magnetic tunnels, to design the first nuclear reactor and then achieve electricity. Primary location London, UK Primary location Switzerland Contact details [email protected] Contact details [email protected] Year founded 2019 Year founded 2022 Founder names James McKenzie, Chris Macdonald-Bradley Founder names Francesco Elio, Filippo Elio Primary target market(s) Fusion-industry relevant neutron source, including isotope manufacture, fusion-energy spectrum Primary target market(s) Electricity generation, Industrial heat relevant materials testing, tritium breeding and breeder blanket testing Total declared funding $540,000 Total declared funding $500,000 Employees 5 General approach Augmented beam-target systems General approach Magnetic confinement (Tokamak, Stellarator) Specific approach Beam-target methodologies based on results of early stage research reactors Specific approach Poloidal configuration with shielded supports of the coil trapped inside the plasma (e.g. Levitron, Fuel Source DD, with DT from prompt breeding Spherator, Intrap, LDX) Planned energy capture approach IP in progress (with options analysed for lithium, liquid metals, fluoride salts and/or fission/fertile Fuel Source DD breeding) Planned energy capture approach Liquid metal with heat exchanger Anticipated MWe of your commercial Initial objective; 10^15 neutrons/s/cm^2 Target: Net fusion energy gain 2034 operating facility (scientific) Milestones in past 12 months Breeder blanket test stand prototype design; commenced Target: Net energy gain (engineering) 2045 Interim plants or facilities planned prior The interim objective is for a peta.neutron/s class source for isotope/tritium breeding and medical Target: First pilot plant 2034 to your commercial pilot plant? applications, as a first realistic step towards stand-alone energy reactors. Anticipated MWe of your commercial 30 MWe operating facility Milestones in past 12 months Detailed particle path analysis, MHD analysis Key collaborators/partners University of Tuscia (IT), SUPSI (CH), Accelerator Modelling and Advanced Simulations; Group of Paul Scherrer Institute (CH) 39 40 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players ENERGY MATTER CONVERSION CORP (EMC2) ENERGY SINGULARITY FUSION POWER TECHNOLOGY EMC2 pioneers Polywell Fusion for electricity, neutron sources, and propulsion, backed by 40 years of expertise. Its stable magnetic cusp Energy Singularity was founded in 2021 in Shanghai, China. We are focusing on the R&D of high-field, high confinement and compact enables high-density, compact operation with natural divertors. This provides low-cost, scalable solutions for fusion energy and high-flux tokamak neutron production. Primary location San Diego, USA Primary location Pudong, Shanghai, China Contact details [email protected] Contact details [email protected] Year founded 1985 Year founded 2021 Founder names Dr Robert Bussard Founder names Zhao Yang Primary target market(s) Electricity generation, 14MeV Neutron Source, Materials Testing, Nuclear Waste Transmutation Primary target market(s) Electricity generation Total declared funding $40,000,000 Total declared funding $112,500,000 Employees 5 Employees 120 General approach Magneto-Electrostatic General approach Magnetic confinement Specific approach High-beta cusp plasma combined with an electrostatic potential well Specific approach Tokamak Fuel Source DT Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain 2033 Anticipated MWe of your commercial 500 MWe (scientific) operating facility Target: Net energy gain (engineering) 2035 Target: First pilot plant 2038 Anticipated MWe of your commercial 100-500 MWe operating facility Milestones in past 12 months 1) Updated on Polywell fusion scaling using 6D PIC simulations in a peer reviewed publication 2) Filed two patent applications in the areas of Polywell power plant operation, high-flux neutron source, and Polywell plasma thrusters 3) Completed the development of 6D PIC simulation capability for future Polywell device design and optimization Interim plants or facilities planned prior Ion beam driven Polywell DT fusion neutron source facility for FPNS/VNS. to your commercial pilot plant? Major investments made in past 12 Completed the development of 6D PIC simulation capability for future Polywell device design and months optimization Key collaborators/partners SHINE Technologies, Korea Atomic Energy Research Institute Princeton Plasma Physics Laboratory, Los Alamos National Laboratory, KU LEUVEN, EHT Ventures Spin outs/patents/commercial Filed two patent applications in the areas of Polywell power plant operation, high-flux neutron innovations source, and Polywell plasma thrusters. Published papers from last 12 months "Polywell Revisited" - Journal of Fusion Energy (2026) 41 42 THE GLOBAL FUSION INDUSTRY REPORT 2026 ©ENN Science and Technology Development ENN SCIENCE AND TECHNOLOGY DEVELOPMENT CO., LTD. with HTS magnets. Primary location Langfang, China Year founded 2017 Founder names Yusuo WANG Primary target market(s) Electricity generation Total declared funding $720,000,000 Employees 291 General approach Magnetic confinement (Tokamak, Stellarator) Specific approach Spherical tokamak Fuel Source pB11 Planned energy capture approach Direct energy conversion Target: Net fusion energy gain 2030 (scientific) Target: Net energy gain (engineering) 2035 Target: First pilot plant 2035 Anticipated MWe of your commercial 1,000-1,200 MWe operating facility Milestones in past 12 months Through a series of experiments, EXL-50U has achieved several key milestones: the generation of 1 MA plasma current using hydrogen–boron fuel; the first high-confinement mode in proton–boron plasma; sustained electron temperatures of 100 million degrees; and sustained ion temperatures of 50 million degrees. Interim plants or facilities planned prior EHL-2 will test and verify scientific and technological solutions for p–B11 fusion plasmas, followed to your commercial pilot plant? by EHL-3 to test and demonstrate engineering solutions for reactor-scale p–B11 burning plasmas. Major investments made in past EXL-50U experiment and upgrade 12 months Published papers from last 12 months 1) Overview of EXL-50 research progress, Nuclear Fusion 2) Experimental and simulation studies on the 12 T D-shaped high temperature superconducting toroidal field coil for compact fusion reactor applications, Superconductor Science and Techonology 3) Active optical boundary recognition with boron powder injection in a magnetic confinement device, Scientific Reports 43 44 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER EX-FUSION EX-Fusion is the first full-stack laser fusion company from Japan. The company is focused on R&D in three areas: laser drivers capable of highpower, high-repetition operations; beam control for high-power laser systems; and target injection systems. It aims to demonstrate power generation using laser fusion in the 2030s. Primary location Osaka, Japan Contact details [email protected] Year founded 2021 Founder names Dr. Kazuki Matsuo, Dr. Yoshitaka Mori, Dr. Shinsuke Fujioka Primary target market(s) Electricity generation Total declared funding $38,000,000 Employees 41 General approach Inertial confinement Specific approach Laser-driven inertial confinement (quantum enhanced) Fuel Source DT Planned energy capture approach Liquid metal with heat exchanger Target: First pilot plant System-level demonstration of core components for a fusion power plant in 2030. Anticipated MWe of your commercial Power plant with net electricity output in the 2030s, followed by gigawatt-class reactor by 2045. operating facility Milestones in past 12 months June 2025: Successfully demonstrated 10 Hz continuous target supply and multi-beam irradiation at our in-house research facility. Major investments made in past Kyoto R&D Facility for the Application of Laser Fusion Technology (opened in 2025) 12 months Spin outs/patents/commercial Laser Cutting Machine advancements provided from the laser beam control know-how innovations (demonstration capacity available at Kyoto R&D facility) 45 46 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of todays fusion players ©First Light Fusion Limited FIA MEMBER FIRST LIGHT FUSION LIMITED With FLARE, First Light is lowering the barrier to economic fusion energy: a development pathway that is rapidly reducing risk at low cost; a simplified, high Q, tritium-rich power plant that sidesteps many challenges of Inertial Fusion; all de-risked by an adjacent commercial pathway that monetises the fusion enabling technologies. Primary location Oxford, England Contact details [email protected] Year founded 2011 Founder names Professor Yiannis Ventikos and Dr Nicholas Hawker Primary target market(s) Electricity generation Total declared funding $156,379,800 Employees 75 General approach Inertial confinement Specific approach Hybrid Fast Ignition Fuel Source DT Planned energy capture approach Liquid metal with heat exchanger Target: Net fusion energy gain Early 2030s (scientific) Target: Net energy gain (engineering) Early 2030s Target: First pilot plant Late 2030s Anticipated MWe of your commercial 333 MWe operating facility Milestones in past 12 months 1) Publication of FLARE Hybrid Fast Ignition scheme White Paper 2) Validation of TBR of 1.8 in natural isotope lithium 3) Isentropic compression demonstration on BFG Interim plants or facilities planned prior Extension of in-house M3 facility to include laser capability for integrated FLARE experiments. Low to your commercial pilot plant? Power Pulsed Power / Laser hybrid Gain facility (with partners). Key collaborators/partners Sandia National Laboratory, Imperial College London, University of Oxford, University of York, STFC. Spin outs/patents/commercial FLARE patent filings (core system and power plant). Commercial sales of VIPER velocity amplifier for innovations hyper velocity (space) relevant testing. RODA - Robust Optimisation Design Accelerator - AI tool released to market. Published papers from last 12 months 1) A Bayesian approach to time-domain Photonic Doppler Velocimetry analysis, Review of Scientific Instruments. 2) Equation of state measurements of additively manufactured tantalum up to 437 GPa, Journal of Applied Physics. 3) A Multi-MA Pulsed Power Facility for Implosion Hydrodynamics Experiments 47 48 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players ©Focused Energy GMBH FIA MEMBER FOCUSED ENERGY GMBH Focused Energy is a German-American fusion company developing a laser-based fusion technology with the goal of making clean, safe, and virtually inexhaustible energy industrially usable. Focused Energy pursues a consistently industry-oriented approach: Building on decades of international fusion research and the technological expertise of its founders, the company combines scientific excellence with the speed and scalability of a privately funded high-tech company. Primary location Darmstadt, Germany Contact details [email protected] Year founded 2021 Founder names Markus Roth, Thomas Forner Primary target market(s) Electricity generation Total declared funding $500,000,000 Employees 200 General approach Inertial confinement Specific approach Laser-driven inertial confinement Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain 2031 (scientific) Target: Net energy gain (engineering) 2034 Target: First pilot plant 2035 Anticipated MWe of your commercial 1 Gwe operating facility Siting agreement for a commercial Yes, with RWE plant Power purchase agreement, offtake Yes agreement, or similar commercial offtake commitment Milestones in past 12 months Building Site, Targetry Site, University of Rochester Invest Interim plants or facilities planned prior Laser Test Facilitator, Target Robotics Test facility, etc to your commercial pilot plant? Major investments made in past 12 25 Million in Targetry facility Darmstadt, 28 Million In LDRS Facility Biblis, 6 Million in University of months Rochester Lasersite Key collaborators/partners Please see our existing MoU and strategic partnerships with RWE, the State of Hesse, Technical University of Darmstadt, and the University of Rochester. 49 50 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA FIA MEMBER MEMBER FUSE GAUSS FUSION Fuse’s mission is to ensure US energy dominance through fusion energy while providing radiation-as-a-service now for the U.S. Gauss Fusion is a European fusion company developing stellarator-based power plants. It focuses on superconducting magnets, tritium Department of War for both strategic and conventional systems, as well as critical infrastructure and commercial customers. The technology breeding and closed fuel cycles, as well as advanced materials and remote handling, aiming to deliver safe, continuous, carbon-free that allows Fuse to provide radiation resilience testing today is the same technology delivering fusion tomorrow. electricity to the grid in the early 2040s. Primary location San Leandro, California, USA Primary location Garching, Germany Contact details [email protected] Contact details [email protected] Year founded 2019 Year founded 2022 Founder names JC Btaiche Founder names IDOM, Bruker EAS, Hofima (ASG), Alcen, RI Research Instruments, among others. Primary target market(s) Electricity generation Primary target market(s) Electricity generation, Industrial heat Total declared funding $65,000,000 Total declared funding $31,530,930 Employees 60 Employees 35 General approach MagLif General approach Magnetic confinement (Tokamak, Stellarator) Specific approach MagLif Specific approach Stellarator Fuel Source DD, DT Fuel Source DT Planned energy capture approach NA Planned energy capture approach Lithium neutron ‘blanket’ Anticipated MWe of your commercial 50 MWe Target: Net fusion energy gain 2041 operating facility (scientific) Interim plants or facilities planned prior Facilities in San Leandro, Albuquerque Target: Net energy gain (engineering) 2045 to your commercial pilot plant? Target: First pilot plant 2045 Major investments made in past 12 Albuquerque facility for radiation effects testing. Anticipated MWe of your commercial 1,000 MWe months operating facility Siting agreement for a commercial A study on potential fusion power plant (FPP) sites has been completed and published plant Milestones in past 12 months Conceptual Design Report published, Demountable Coil tech patented, start of tritium project (Tritium Breading Blanket and Tritium Fuel Cycle)) Interim plants or facilities planned prior For component-level testing and validation, Gauss Fusion relies on critical external infrastructures to your commercial pilot plant? such as IFMIF-DONES and future Compact Accelerator Neutron Source (CANS) facilities, which are expected to be developed in the coming years to provide relevant fusion neutron environments. Major investments made in past 12 Magnet and Tritium technology months Key collaborators/partners founders, IPP, KIT, TUM, CERN, ENEA Spin outs/patents/commercial Patents on demountable coils innovations Published papers from last 12 months Multi-machine scaling laws for detachment in fusion devices, Nuclear Fusion 51 52 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER GENERAL FUSION General Fusion’s practical Magnetized Target Fusion (MTF) is designed to provide clean and cost-efficient baseload energy to utility and industrial steam heat users. The company operates LM26—a world-first fusion demonstration machine at its Canadian facility. LM26 is targeting transformational near-term technical milestones that position the company to deliver a first-of-a-kind plant producing energy around 2035. Primary location Vancouver, Canada Major investments made in past Operating a world-first large-scale Magnetized Target Fusion demonstration, compressing plasmas 12 months at 50% commercial scale, advancing toward key technical milestones of 1keV (10 million degrees), Contact details [email protected] 10 keV (100 million degrees), and 100% Lawson. Year founded 2002 Key collaborators/partners Selected partners and suppliers: Bertin Technologies; Canadian Nuclear Laboratories; General Atomics; Hatch; Kinectrics; Lawrence Livermore National Laboratory; McGill University; Motus Design; Founder names Dr. Michel Laberge Oak Ridge National Laboratory; Princeton Plasma Physics Laboratory; Queen’s University; Savannah Primary target market(s) Electricity generation River National Laboratory; Simon Fraser University; TRIUMF; United Kingdom Atomic Energy Authority; Université de Sherbrooke; University of Illinois; University of Lisbon; University of Waterloo Total declared funding ~$500,000,000 Market Development Advisory Committee: ACEN; BC Hydro; Bruce Power; Duke Energy; Eneco; General approach Magnetized Target Fusion (MTF) ENGIE; E.ON; FortisBC; BC Hydro; Ontario Power Generation; Renexia; Southern Company; Stegra; Tennessee Valley Authority Specific approach Magnetized target fusion Spin outs/patents/commercial General Fusion has a strong global patents portfolio including 167 patents issued, and more than Fuel Source DT innovations 43 pending patents. Planned energy capture approach Liquid metal with heat exchanger Published papers from last 12 months 1) Comparison of Fuel Cycles for Lead-Lithium and Pure Lithium Liquid Metal Walls in a Magnetized Target: Net fusion energy gain (scientific) Lawson criterion by 2028. Target Fusion Power Plant, Fusion Science and Technology 2) Ion Temperature Inference from Neutron Counting in Maxwellian Deuterium Plasmas, Fusion Target: Net energy gain (engineering) First-of-a-Kind plant producing energy by 2035 Science and Technology Target: First pilot plant Approximately 2035. 3) Compressing Magnetic Fields by the Electromagnetic Implosion of a Hollow Lithium Cylinder: Anticipated MWe of your commercial Approximately 300MWe from two machines operating in tandem. Experimental Test Beds Simulated with OpenFOAM, Fluids MDPI operating facility Siting agreement for a commercial plant Engaged end users to join the company’s Market Development Advisory Committee (MDAC) on commercialization. Signed MOU with MDAC member Bruce Power in Ontario, Canada, to evaluate potential deployment of a fusion power plant in Ontario. Milestones in past 12 months 1) C urrently executing LM26 demonstration program, compressing large-scale magnetized plasmas with a lithium liner. 2) I n June, we announced significant progress toward the company’s next major technical milestone with LM26. The results show meaningful plasma heating to electron temperatures of approximately 8.4 million degrees Celsius, or 0.72 keV, driven by the compression of a plasma with a lithium liner. This is a key indicator of success for the company’s uniquely practical approach to fusion energy. These results, submitted for peer review and publicly available, demonstrate significant progress toward the key 1 keV electron temperature milestone. 3) G eneral Fusion and Renexia S.p.A., a Toto Group company specializing in renewable energy, announced a framework agreement to advance the commercial deployment of General Fusion’s fusion energy technology in Italy. 4) G eneral Fusion was recently ranked first on TIME’s prestigious list of the World’s Top GreenTech Companies of 2026 for its leadership in fusion energy. 5) At the beginning of 2026, we announced plans to become the first publicly traded pure-play fusion company through a Business Combination Agreement with Spring Valley Acquisition Corp. III Interim plants or facilities planned prior As we make progress with LM26, we intend to move into our commercialization program, which is to your commercial pilot plant? an engineering program to design and demonstrate key commercial systems and components such ©General Fusion as seals and valves and heat exchange systems. 53 54 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER GENF GenF's mission is to develop the first inertial confinement nuclear fusion reactor triggered by lasers. A winner of the France 2030 program 2024, GenF is leading the Taranis project in collaboration with CNRS and CEA to harness fusion energy. Primary location Elancourt, France Contact details [email protected] Year founded 2024 Founder names Thales Company Primary target market(s) Electricity generation Total declared funding $10,800,000 Employees 40 General approach Inertial confinement Specific approach Laser-driven inertial confinement Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain 2035 (scientific) Target: Net energy gain (engineering) 2037 Target: First pilot plant 2040 Anticipated MWe of your commercial 1 Gwe operating facility Milestones in past 12 months 1) Validation of high gain (>94) fusion operating point (optimized target design & laser specifications) by CEA codes 2) First cryogenic impregnation of innovative target technology 3) First experimental campaign Interim plants or facilities planned prior Fusion Hub 2028: demonstrate high frequency inertial fusion pilar by injecting and intercepting to your commercial pilot plant? with laser a cryogenic target, with frequency > 10 Hz. Progressive intégration of DPSS kJ Laser line Key collaborators/partners CEA, CNRS, Polytechnique school, Assystem Published papers from last 12 months 1) Perspectives in laser-driven inertial fusion reactor system, AIP Advances 2) Implosion and Illumination designs for laser-driven fusion energy, 13th International Conference on Inertial Fusion Sciences and Applications 3) Addressing the first wall challenges for an ICF power plant, 13th International Conference on Inertial Fusion Sciences and Applications 55 56 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players ©Helical Fusion FIA MEMBER HELICAL FUSION Helical Fusion (HF) is aiming to deploy fusion power plants to meet global clean energy demand. HF leverages decades of helical- stellarator research at National Institutes for Fusion Science in Japan, combined with new groundbreaking technology, such as HTS magnets and liquid metal blankets. Primary location Tokyo, Japan Contact details [email protected] Year founded 2021 Founder names Takaya TAGUCHI, Junichi MIYAZAWA, Takuya GOTO Primary target market(s) Electricity generation, Off-grid energy Total declared funding $65,000,000 Employees 46 General approach Magnetic confinement (Tokamak, Stellarator) Specific approach Stellarator Fuel Source DT Planned energy capture approach Liquid metal with heat exchanger Target: Net energy gain (engineering) late 2030s Target: First pilot plant late 2030s Anticipated MWe of your commercial 50MWe operating facility Power purchase agreement, offtake Commercial offtake commitment from retail company, AOKI SUPER agreement, or similar commercial offtake commitment Milestones in past 12 months 1) HTS pancake coil test success (40kA x 9T) 2) Offtake commitment from a retail company Interim plants or facilities planned prior Helix HARUKA: aim to demonstrate steady state operation(>1day) with its proprietary HTS magnet to your commercial pilot plant? and Liquid Metal blanket integrated into a plant. Major investments made in past 12 1) LM blanket/diverter testing facility "GALOP" being operational Q2 2025. months 2) HTS magnet development(double-pancake coil) suitable for demonstration in Q3 2025 experience. 3) Helix HARUKA assembly starting from Mar 2026 Key collaborators/partners Various Japanese manufacturing and supply chain companies(e.g. TOSHIBA, IHI, Fuji Electrics, Fujikura, etc), and National Institute for Fusion Science (NIFS) and other academic institutes. Spin outs/patents/commercial 1) HTS cable development innovations 2) 3D neutronics simulation 3) Blanket structures 57 58 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of todays fusion players FIA MEMBER HELICITYSPACE CORP. Space Propulsion Primary location Pasadena, California, USA Contact details [email protected] Year founded 2019 Founder names Dr. Setthivoine You, Marta Calvo, Dr. Stephane Lintner Primary target market(s) Space propulsion Total declared funding $10,000,000 Employees 9 General approach Magneto-inertial Specific approach Plectoneme Fuel Source DD Planned energy capture approach Thrust Target: Net fusion energy gain 2032 (scientific) Target: First pilot plant 2035 Flight in Lower Earth Orbit (LEO) Anticipated MWe of your commercial 100kWe first space flight operating facility Siting agreement for a commercial In orbit... plant Interim plants or facilities planned prior Test flights with sub scale jet configurations to your commercial pilot plant? Key collaborators/partners Caltech, Los Alamos, NASA, UMBC, Unv. Tokyo. 59 60 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER HELION Helion is a fusion energy company focused on generating zero-carbon electricity from fusion. Its mission is to build fusion power plants to fully satisfy the world’s need for clean abundant energy. Primary location Everett, Washington, USA Key collaborators/partners Microsoft, Nucor, Constellation, University of California, Berkeley, Massachusetts Institute of Technology, Pacific Northwest National Laboratory, University of Michigan, AwareAbility Contact details [email protected] Technologies, Florida State University, Idaho National Laboratory, Michigan State University, Nalu Scientific, North Carolina State University, The Ohio State University, Princeton Plasma Physics Year founded 2013 Laboratory, Radiation Monitoring Devices, Inc., Texas A&M, UKAEA, University of Illinois at Urbana Founder names David Kirtley, Chris Pihl, George Votroubek Champaign, University of Maine, University of New Mexico, University of Washington, Washington State University, Oak Ridge National Lab, General Atomics, Los Alamos National Laboratory Primary target market(s) Electricity generation Published papers from last 12 months Development of an SRAM Neutron Detector for Pulsed Fusion Experiments, IEEE Total declared funding $1,500,000,000 Employees 700 General approach Magneto-inertial Specific approach Field Reversed Configuration Fuel Source DHe3 Planned energy capture approach Direct energy conversion Target: First pilot plant 2028 Anticipated MWe of your commercial Signed a PPA with Microsoft for at least 50 MWe operating facility Siting agreement for a commercial plant Currently building onsite in Malaga, WA Power purchase agreement, offtake Microsoft, Nucor agreement, or similar commercial offtake commitment Milestones in past 12 months 1) Achieved a first for the private fusion sector by reaching 150 M°C plasma temperatures and demonstrating deuterium-tritium fuel operation in Polaris, Helion's 7th fusion prototype 2) Initiated construction of Orion, the world’s first fusion power plant, following receipt of all required environmental approvals and regulatory permits 3) Commissioned a dedicated manufacturing facility for in-house production of pulsed power capacitors, a critical component for Helion’s commercial fusion systems Major investments made in past 12 1) Opened Omega, a new 165,000 sq. ft. facility, dedicated to pulsed power manufacturing for months Helion's commercial fusion power plants 2) Awarded $4 million across 20 institutions as part of the HERCULES program, advancing technologies for scaled commercial fusion operations 3) Donated more than $70,000 to local organizations in Washington state that support STEM learning and energy education ©Helion 61 62 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA FIA MEMBER MEMBER HORNE TECHNOLOGIES INERTIA ENTERPRISES, INC. Horne Technologies is advancing a modular, low-capital path to fusion energy through its dual-confinement hybrid approach. With Inertia leads laser-based fusion, the only category of fusion energy based on proven physics – achieving ignition, burn, and net energy minimal funding, Horne has validated core technology through multiple reactor prototypes and developed a digital twin to accelerate gain. We’re taking the most direct, lowest-risk path. High efficiency, high repetition-rate lasers coupled with mass-manufactured targets for development. The company is also commercializing a high-flux neutron source for near-term revenue generation. affordable fuel, and power plants that that deliver fusion energy at grid-scale. Primary location Longmont, Colorado, USA Primary location Livermore, California, USA Contact details [email protected] Contact details [email protected] Year founded 2008 Year founded 2024 Founder names Tanner Horne Founder names Jeff Lawson, Mike Dunne, Annie Kritcher Primary target market(s) Electricity generation, Off-grid energy, Industrial heat Primary target market(s) Electricity generation, Industrial heat Total declared funding $4,772,000 Total declared funding $450,000,000 Employees 7 Employees >50 General approach Hybrid magnetic/electrostatic confinement General approach Inertial confinement Specific approach Spindle cusp, superconducting shielded-grid IEC Specific approach Laser-driven indirect drive Fuel Source DD, DT, pB11 Fuel Source DT Target: First pilot plant 5-10 years Planned energy capture approach Lithium neutron ‘blanket’ Anticipated MWe of your commercial 0.1 - 10MWe Target: Net energy gain (engineering) 2037-2040 operating facility Target: First pilot plant 2037-2040 Milestones in past 12 months We have developed a digital twin of our reactor leveraging WarpX and several other advanced Anticipated MWe of your commercial 1,500 MWe modeling and simulation softwares. Horne implemented additional sensors and data collection into operating facility it's reactor to supply data for digital twin validation. Stood up partnerships with National Labs. Milestones in past 12 months 1) Demonstration of fusion gain (Qsci) > 4 on the NIF by the LLNL team, using a target design that Interim plants or facilities planned prior Horne technologies will stand up a commercial neutron testing facility for materials development Inertia will directly adopt to take to market. to your commercial pilot plant? and testing. 2) Public launch of Inertia with $450M initial capital raise Major investments made in past 12 Expanded facilities including manufacturing equipment and a clean room. In-house modeling, months simulation, and computational infrastructure. Ecosystem development through event coordination 3) Largest ever private funded public partnership, unique in the history of the DOE Key collaborators/partners Lawrence Berkeley National Laboratory, Princeton Plasma Physics Laboratory, University of Interim plants or facilities planned prior 1) Thunderwall – Full-scale IFE laser beamline demonstrator – the unit cell of the power plant Wisconsin - Madison, HTS Inc., MetOx Inc., to your commercial pilot plant? 2) Thunderbolt – IFE fuel target mass manufacture production line prototype facility 3) Thunderstruck – IFE fuel target injection, tracking and engagement test facility ©Horne Technologies 4) Thunderdome – First Wall and Blanket thermal, chemical and mechanical test facility Major investments made in past 12 1) Inertia's development and prototyping facility in Livermore CA months 2) CRADA and SPPs with LLNL on IFE laser technology development, IFE target design and target manufacture 3) Laser and semiconductor industry investments to test state of the art performance and scaling to the power plant Published papers from last 12 monthss 1) “Design of the first fusion experiment to achieve target energy gain 𝐺>1”,PRE109,025204 2) “Progress on fusion target gain using 2.2MJ of laser energy at the NIF”, High Power Lasers for Fusion Research VIII 63 64 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of todays fusion players INFROTON FUSION INC INFROTON has independently demonstrated Deuterium-Deuterium (D-D) fusion using its Magneto-Inertial Fusion (MIF) approach, achieving fusion with only kilojoule-class laser energy. With the underlying physics validated, the company is now focused on engineering a globally scalable, containerized fusion energy platform while developing fusion fuel production and digital energy infrastructure. Primary location Darien, Connecticut, USA; Interim plants or facilities planned prior 1) A manufacturing facility for WGM–MIF–CPA magnetic field generators. to your commercial pilot plant? EU Research Base: Budapest, Hungary 2) A production facility for WGM–MIF–CPA fusion fuel pellets (LiD, B18H22, cryogenic deuterium). Contact details [email protected] 3) An assembly facility for WGM–MIF–CPA reactors, capable of integrating and testing kJ-class Year founded 2024 lasers, reactors, and energy converters supplied by subcontractors. Founder names Dr Andras Pungor, Janos Dobos Key collaborators/partners General Atomics, Georgia Institute of Technology, Cambridge Isotope Laboratories, XRnanotech, Exaddon, Nanoscribe, Wigner, Hamamatsu Photonics, Dipol Laser Systems, Coherent, Laserlab Primary target market(s) Electricity generation, Tritium and helium-3 fusion fuel Europe, Antora Energy, HolosGen, ICT LIONS, Lockheed Martin Employees 4 Spin outs/patents/commercial 1) Six US patent applications covering WGM–MIF–CPA fusion technology. General approach WGM-MIF-CPA innovations 2) Containerized 35 MWe fusion power plant concept for commercial deployment. Specific approach KJ-class whispering gallery mode (WGM) laser-driven cavity pressure acceleration (CPA)-assisted magneto-inertial fusion (MIF) Fuel Source DD Planned energy capture approach Helium-cooled ceramic pebble bed reactor Target: Net fusion energy gain March 30, 2027 (scientific) Target: Net energy gain (engineering) March 30, 2027 Target: First pilot plant December 10, 2028 Anticipated MWe of your commercial 1-35 MWe operating facility Siting agreement for a commercial plant In discussions with multiple defense companies. Milestones in past 12 months 1) Validation of WGM-MIF technology: a 100-tesla plasma-compressing magnetic field, and ion and electron temperatures of 169 keV (~1.96 billion °C) in hot spots sustained for 10 ns. 2) Validation of CPA technology: D–D fusion producing 109 neutrons and 1010 protons at ~3 MeV; hypersonic plasma jet velocity of 0.7×108 cm/s. 3) Scaling validation by combining WGM-MIF and CPA technologies: we have secured support from the Laserlab EU Scientific Council for a 7-day experiment in Prague at the PALS laser facility. 4) Validation of the CPA technology: – Demonstration of D–D fusion – ≈109 neutrons per shot – ≈1010 protons (~3 MeV) – Hypersonic plasma jet velocity: 0.7 × 108 cm/s (≈700 km/s) 65 66 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER KYOTO FUSIONEERING Kyoto Fusioneering (KF) develops the advanced technologies and integrated systems critical for commercial fusion: plasma heating, fusion fuel cycle, and breeding blanket systems. With operations in Japan, the US, the UK and Germany, and a joint venture in Canada, KF partners with fusion developers, national laboratories, and industrial suppliers worldwide to accelerate the realization of fusion energy. Primary location (1) Global Headquarters: Tokyo, Japan (2) North American Headquarters: Oak Ridge, Tennessee Spin outs/patents/commercial 1) Starlight Engine Ltd. published a preliminary design report for Fusion by Advanced (3) UK Headquarters: Culham, United Kingdom (4) EU Headquarters: Karlsruhe, Germany innovations Superconducting Tokamak (FAST), covering technical feasibility, project direction, performance requirements, and cost and schedule. Contact details [email protected] 2) Announced UNITY-3 in collaboration with ORNL and DOE as an extension of the UNITY™ Year founded 2019 Program, to validate next generation breeding blankets under prototypic fusion conditions. Founder names Dr. Satoshi Konishi, Taka Nagoa, Dr. Richard Pearson, Dr. Shutaro Takeda Published papers from last 12 months 1) The Fusion Fuel Cycle Simulator — towards integrated dynamic process simulation of fusion fuel cycles, Fusion Engineering and Design Primary target market(s) Electricity generation, Industrial heat 2) Preliminary Design of the self-cooled lithium-lead SCYLLA blanket for a spherical tokamak, Fusion Total declared funding $143,854,890 Engineering and Design Employees 164 3) Conceptual Design of UNITY-2: The Fuel Cycle Test Facility for Fusion Pilot Plants, Fusion Engineering and Design General approach Agnostic Specific approach Agnostic Fuel Source Agnostic, with primary investments in DT technology Planned energy capture approach Lithium neutron ‘blanket’ Milestones in past 12 months 1) Kyoto Fusioneering launched a new R&D Center for Gyrotron Systems in Adogawa, Takashima City, Shiga Prefecture, Japan. 2) Kyoto Fusioneering and Shimadzu Corporation jointly developed a prototype of a turbomolecular pump designed for operation in tritium environments, to be tested and validated on UNITY-2. 3) Kyoto Fusioneering demonstrated reliability of hydrogen recovery for fusion power plants in UNITY-1, using a vacuum sieve tray (VST) technology. Interim plants or facilities planned prior 1) UNITY-1, a blanket component and thermal cycle facility in Kyoto, Japan to your commercial pilot plant? 2) UNITY-2, a full deuterium-tritium fuel cycle technology demonstration facility located in Chalk River, Canada 3) UNITY-3, which will be housed at ORNL and serve to validate breeding blanket performance with prototypic neutrons. 4) Experimental campaigns with the FLiBe Research Japan Advanced (FREJA) Loop (formerly “Kyoto FLiBe loop”) equipped with a FLiBe refining system, and the Kyoto Liquid Lithium Loop (KL3) which is a lab-scale forced convection liquid lithium loop with an inventory of 3.7 kg of molten lithium. Major investments made in past Kyoto Fusioneering has made investments in design and early procurements for UNITY-3, a 12 months breeding blanket test facility that will validate tritium breeding blanket performance with prototypic neutrons and component geometries. Key collaborators/partners Alloyed Ltd., Canadian Nuclear Laboratory, Fujikura, Idaho National Laboratory, Karlsruhe Institute of Technology, Kyoto University, Kyushu University, Mikuni Jukogyo, Oak Ridge National Laboratory, Pacific Northwest National Laboratory, Princeton Plasma Physics Laboratory, Realta ©Kyoto Fusioneering Fusion, Savannah River National Laboratory, Tohoku University, Tsukuba University, TWI Ltd., United Kingdom Atomic Energy Authority, United Kingdom Industrial Fusion Solutions (UKIFS), University of Illinois, University of Tokyo 67 68 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA FIA MEMBER MEMBER LASERFUSIONX INC. LIBERTY FUSION LaserFusionX is advancing a unique and very attractive approach to laser fusion energy. We leverage the deep UV light from the argon Liberty Fusion is a New Mexico-based deep-tech startup founded in 2025 as a spin-out from Los Alamos National Laboratory. Led by fluoride (ArF) laser to substantially reduce the laser energy required for high-energy-gain direct drive implosions. This enables the CEO Koichi Masuda, the company aims to deliver clean, low-cost commercial electricity utilizing scalable Plasma-Jet-Driven Magneto- development of smaller lower-cost laser-fusion power plants. Inertial Fusion (PJMIF) technology. Primary location Springfield, Virginia, USA Primary location Santa Fe, New Mexico, USA Contact details [email protected] Contact details [email protected] Year founded 2022 Year founded 2025 Founder names Stephen Obenschain Founder names Koichi Masuda Primary target market(s) Electricity generation Primary target market(s) Electricity generation Total declared funding $458,000 Employees 6 Employees 2 General approach Magneto-inertial General approach Inertial confinement Specific approach Plasma jet driven magneto-inertial fusion Specific approach Laser-driven inertial confinement Fuel Source DT Fuel Source DT Planned energy capture approach Liquid metal with heat exchanger Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain 2031 (scientific) Target: Net energy gain (engineering) 2040 Target: Net energy gain (engineering) 2034 Target: First pilot plant 2041 Target: First pilot plant 2038 Anticipated MWe of your commercial 425 MWe operating facility Anticipated MWe of your commercial 200 MWe operating facility Milestones in past 12 months Publication of high energy ArF laser design Key collaborators/partners Los Alamos National Laboratory Interim plants or facilities planned prior Construction of full size (30 kJ) ArF beamline. Construction and utilization of 60 kJ ArF facility to to your commercial pilot plant? refine target physics Spin outs/patents/commercial Patent application for reactor chamber design that enables high TBR. innovations Published papers from last 12 months "Argon fluoride laser system for high gain direct drive fusion," Opt. Express 33, 48423-48450 (2025) 69 70 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA FIA MEMBER MEMBER LONGVIEW FUSION ENERGY SYSTEMS LONGVIEW FUSION ENERGY SYSTEMS, INC. LPPFUSION, INC. Longview Fusion Energy Systems is building on demonstrated fusion energy gain. While others are still pursuing ignition, Longview will build the Fusion R&D with a view to developing the fastest route to fusion, using techniques based on the Dense Plasma Focus device and hydrogen- world's first laser fusion power plant: a 440 MWe facility operational in the mid-2030s, developed with Fluor and vetted by eight major U.S. boron fuel. utilities. Longview fusion is ready to move from the laboratory to the grid, to behind the meter, and to commodity production. Primary location Livermore, California, USA Primary location Middlesex, New Jersey, USA Contact details [email protected] Contact details [email protected] Year founded 2021 Year founded 2003 Founder names Edward Moses, Aaron Khandros, Igor Khandros Founder names Eric J. Lerner Primary target market(s) Electricity generation, Medical, Off-grid energy, Hydrogen and/or clean fuels, Industrial heat Total declared funding $12,000,000 Employees 15 Employees 3 General approach Inertial confinement General approach Magnetic confinement Specific approach Laser-driven inertial confinement Specific approach Dense Plasma Focus Fuel Source DT Fuel Source pB11 Planned energy capture approach Liquid metal with heat exchanger Planned energy capture approach Direct energy conversion Anticipated MWe of your commercial 440MWe-1600MWe, 3000MWt for industrial heat Target: First pilot plant 2029 operating facility Anticipated MWe of your commercial 5 MWe Milestones in past 12 months 1) Demonstrated fuel capsule acquisition and illumination at plant-relevant parameters. operating facility 2) Developed integrated performance, cost and economic models. Milestones in past 12 months 1) Confirmation of important theoretical predictions. 3) Advanced the Longview IP portfolio across fusion technologies and plant configuration. 2) More new record fusion yields with deuterium. Interim plants or facilities planned prior 1) Physics: Based on indirect-drive gain achieved at the National Ignition Facility (Qsci ≈ 4). 3) Demonstration of new cleaning shots. to your commercial pilot plant? 2) Rep-rated operation: Integrated laser-target demonstration at full plant repetition rate. 3) Engine operation: Demonstration of line replacement units for cooling and tritium production. 4) Tritium Fuel Processing: Integrated capture, isolation, and storage. 5) Fuel Pellet Manufacturing: Operational production line at full plant demonstration rate. Key collaborators/partners DOE: Lawrence Livermore National Laboratory, Savannah River National Laboratory, National Laboratory of the Rockies, and Battelle National Laboratories; EPC: Fluor Corporation; Industrial Partners: Laser and optics companies, target developers, and process designers; Legal and Regulatory: Pillsbury Winthrop Shaw Pittman LLC; Economic analysis: Bates White 71 72 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA FIA MEMBER MEMBER MARITIME FUSION MARVEL FUSION GMBH Low power density tokamaks for marine and off-grid applications Marvel Fusion is a Munich-based fusion energy company developing an advanced concept that combines a proprietary fast ignitor approach with innovations in lasers, targets, and power plant technology. Founded in 2019, it operates in Germany and the United States, with key sites in Munich and Fort Collins, Colorado. Primary location San Francisco, California, USA Primary location Munich, Germany Contact details [email protected] Contact details [email protected] Year founded 2025 Year founded 2019 Founder names Justin Cohen, Jason Kaufmann Founder names Moritz von der Linden, Dr. Georg Korn, Dr. Karl-Georg Schlesinger, Dr. Pasha Shabalin Primary target market(s) Marine propulsion, Off-grid energy, Hydrogen and/or clean fuels, Industrial heat Primary target market(s) Electricity generation Total declared funding $4,700,000 Total declared funding $440,000,000 Employees 6 Employees 120 General approach Magnetic confinement (Tokamak, Stellarator) General approach Inertial confinement Specific approach Tokamak Specific approach Laser-driven inertial confinement Fuel Source DT Fuel Source Mixed fuels Planned energy capture approach Liquid metal with heat exchanger Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain 2032 Target: First pilot plant Mid 2030s (scientific) Anticipated MWe of your commercial 300-500 MWe Target: Net energy gain (engineering) 2032 operating facility Target: First pilot plant 2032 Milestones in past 12 months Finalization of ATLAS facility in Fort Collins, Colorado, and launch of Marvel Fusion's technology demonstrator, including two 200J lasers. Anticipated MWe of your commercial 25 MWe operating facility Published papers from last 12 months 1) Properties of non-cryogenic DTs and their relevance for fusion – Journal of Applied Physics Milestones in past 12 months Demonstrated HTS cable, finalized initial physics basis 2) Implementation of a spherical double-plasma-mirror telescope for a multi-petawatt laser – High Power Laser Science and Engineering Major investments made in past 12 REBCO tape months Key collaborators/partners Columbia University, DIIID Department of Energy Spin outs/patents/commercial HTS cable for power distribution, especially for datacenters innovations ©Marvel Fusion GMBH 73 74 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA FIA MEMBER MEMBER MIFTI FUSION NEARSTAR FUSION INC. MIFTI Fusion has pioneered a simple and direct way to generating fusion power using our patented Staged Z-Pinch approach. This involves NearStar Fusion's Magnetized Target Impact Fusion (MTIF) will deliver simple, modular 100–1,000 MW deuterium-fueled power plants built imploding a high Z-liner on a fusible target via a Z-pinch. from commercial off-the-shelf materials and technology — enabling rapid development and global deployment. MTIF also has the potential generate near-term revenue by producing medical isotopes for cancer treatment and diagnostics. Primary location Tustin, California, USA Primary location Chantilly, Virginia, USA Contact details [email protected] Contact details [email protected] Year founded 2009 Year founded 2021 Founder names Hafiz Rahman, Norman Rostoker, Gerald Simmons, Mohammad Arshad Founder names Doug Witherspoon and Chris Faranetta Primary target market(s) Electricity generation Primary target market(s) Electricity generation, Medical Total declared funding $24,000,000 Total declared funding $2,000,000 Employees 8 Employees 5 General approach Magneto-inertial General approach Magneto-inertial Specific approach Z-pinch Specific approach Magnetized Target Impact Fusion Fuel Source DT Fuel Source D-D with potential for performance growth to advanced fusion fuels. Planned energy capture approach Lithium neutron ‘blanket’ Planned energy capture approach Liquid metal with heat exchanger Target: Net fusion energy gain 2028 Target: First pilot plant 2034 (scientific) Milestones in past 12 months 1) Development and testing of first and second generation plasma armature railgun fusion drivers Target: Net energy gain (engineering) 2030 firing solid projectiles. Target: First pilot plant 2035 2) Design of a prototype fusion neutron source. 3) On-going fusion fuel target R&D. Anticipated MWe of your commercial 50MWe-100MWe operating facility Interim plants or facilities planned prior 1) Fusion neutron source for medical isotope production & first wall fusion materials testing Milestones in past 12 months 1) Experimental demonstration of Z Pinch stability and neutron production on the Double Eagle to your commercial pilot plant? 2) High performance fusion neutron source for the transmutation of nuclear materials 3.5MA pulsed power driver. 3) Fusion process heat plant 2) Validation and advanced simulation using the FLASH MHD code. Key collaborators/partners University of Alabama in Huntsville 3) Began design of 12 MA intermediate test facility. Interim plants or facilities planned prior 12 MA pulsed power driver for continued testing at better than breakeven conditions. to your commercial pilot plant? Key collaborators/partners University of California, San Diego (UCSD). Lawrence Livermore National Laboratory (LLNL), FLASH center at the University of Rochester. Published papers from last 12 months 1) "A two-dimensional numerical study of the magneto-Rayleigh–Taylor instability with FLASH: Application to the staged Z-pinch concept", Phys. Plasmas 32, 033901 (2025) 2) “Investigating radiation effects on liner and target compression dynamics in gas-puff Z-pinches implosions”, Phys. Plasmas 32, 123302 (2025) 3) “Staged Z-pinch experiment at the Double-EAGLE pulsed power facility”, Plasma Physics and Controlled Fusion 75 76 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of todays fusion players ©Novatron Fusion Group FIA MEMBER NOVATRON FUSION GROUP Fusion power to the grid through development of a mirror machine concept. Primary location Stockholm, Sweden Contact details [email protected] Year founded 2019 Founder names Jan Jäderberg & Erik Odén Primary target market(s) Electricity generation, Industrial heat Total declared funding $34,449,240 Employees 80 General approach Magnetic Mirror Specific approach Open Magnetic confinement Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain 2030 (scientific) Target: Net energy gain (engineering) 2035 Target: First pilot plant 2035 Anticipated MWe of your commercial 1.5 MWe operating facility Milestones in past 12 months 1000+ plasma experiments in Novatron 1, almost doubled number of employees including key strategic recruitments, Interim plants or facilities planned prior N2 proof of concept, N3 pilot plant to your commercial pilot plant? Key collaborators/partners KTH Royal Institute of Technology, UKAEA, Studsvik, VTT, St1, InnoEnergy, Freemelt, F4E Spin outs/patents/commercial Ponderomotive double trap of ions and electrons - a way to confine plasma by ponderomotive force innovations Published papers from last 12 months 1) Axial confinement in the Novatron Mirror Machine 2) Novatron: Equilibrium and Stability 77 78 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER NT-TAO nT-Tao is building a compact, modular fusion system designed to deliver clean, firm and affordable on-site power where demand is, on- or off-grid. Primary location Hod Hasharon, Israel Contact details [email protected] Year founded 2019 Founder names Oded Gour-Lavie, Doron Weinfeld, Boaz Weinfeld Primary target market(s) Electricity generation, Critical infrastructure, Marine propulsion and offshore power, remote and Off-grid energy Total declared funding $34,000,000 Employees 33 General approach Magnetic confinement (Tokamak, Stellarator) Specific approach Compact Pulsed Stellarator Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Anticipated MWe of your commercial 20 MWe operating facility Interim plants or facilities planned prior 3 more prototypes to your commercial pilot plant? Siting agreement for a commercial plant Preliminary agreement (MoU) with Mekorot, Israeli National Water Company Key collaborators/partners An international Maritime consortium: American Bureau of Shipping (ABS), nT-Tao, Siemens Energy, P&P Marine Consultants, and TEMISTh, announced the Fusion Power Barge (FusPoB) project. R&D collaborations and partners: MIT, Princeton University., Max Planck Institute, The Technion (Israel Institute of Technology), Ben Gurion University, Bar Ilan University ©NT-Tao Milestones in past 12 months C3 Prototype Reaches Operational Status and First Plasma in Under Three Months Published papers from last 12 months 1) “Nonlinear Controller for Keeping Pulsed-Power Resonant Inverter Driving Time-Varying Series RLC Load in Resonance” 2) Quasi-Axisymmetric Stellarator at nT-Tao 3) Plasma Characterization in a Plugged Theta-Pinch 4) Pulsed Power Plasma Applications Driven by Power Elctronic Switches and Resonant Converters 5) Stellarator Optimization: Surface Current Optimization and Coil-Cutting Algorithms for Stage-Two 79 80 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER OPENSTAR TECHNOLOGIES OpenStar is pursuing the development of levitated dipole fusion reactors for baseload power to the grid. Building upon the groundbreaking experiments of the levitated dipole pioneered by LDX at MIT and RT-1 at the University of Tokyo, OpenStar embraces the natural stability inherent to the dipole field - creating fusion reactors to power the future. Primary location Wellington, New Zealand (HQ/facility) Contact details [email protected] Year founded 2021 Founder names Ratu Mataira-Cole, Thomas Berry Primary target market(s) Electricity generation Total declared funding $29,400,000 Employees 65 General approach Magnetic Confinement Specific approach Levitated Dipole Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain 2030 (scientific) Target: Net energy gain (engineering) 2034 Target: First pilot plant 2034 Anticipated MWe of your commercial 200 MWe operating facility Milestones in past 12 months 1) Achieved levitated plasma in first machine, Junior, alongside the Prime Minister of NZ 2) Secured $18M USD non-dilutive New Zealand government funding. 3) Published Deuterium-Tritium Levitated Dipole Fusion Power Plants study Interim plants or facilities planned prior 1) Junior [complete] - Demonstrate the elegance and viability of the levitated dipole approach to your commercial pilot plant? 2) Tahi - Scientific and engineering performance demonstrator 3) Maui - Breakeven device & Volumetric neutron source Published papers from last 12 months Deuterium-Tritium Levitated Dipole Fusion Power Plants, in review 81 82 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER PACIFIC FUSION Pacific Fusion aims to power the world with abundant, affordable energy. We are rapidly building a pulser-driven inertial fusion system to achieve net facility gain, and in parallel are developing the components required for scalable commercial fusion power systems. Primary location Fremont, Califonia, USA Contact details [email protected] Year founded 2023 Founder names Will Regan, Eric Lander, Keith LeChien, Carrie von Muench, Leland Ellison Primary target market(s) Electricity generation Total declared funding $1,000,000,000 Employees 200 General approach Inertial confinement Specific approach Pulser-driven inertial confinement Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain (scientific) 2030 Target: Net energy gain (engineering) 2030 Milestones in past 12 months 1) Published a series of peer-reviewed papers, including our technology roadmap and the development/benchmarking of our plasma simulation tools. 2) Validated key elements of our lower-complexity target designs through a successful experimental campaign on Sandia's Z Machine. Key collaborators/partners Lawrence Livermore National Laboratory, Sandia National Laboratories, General Atomics, University of Rochester, and others Published papers from last 12 months 1) "Affordable, manageable, practical, and scalable (AMPS) high-yield and high-gain inertial fusion" in Physics of Plasmas 2) "Validation of FLASH for magnetically driven inertial confinement fusion target design" in Physics of Plasmas 83 84 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER PRANOS FUSION PRIVATE LIMITED Pranos Fusion is an Indian deep-tech company developing low aspect ratio tokamak technology while establishing India's supply chain in fusion-critical verticals of high-temperature superconducting magnets and plasma control systems. These technologies are integrated onto India's first privately developed in-house tokamak, PRAGYA. Primary location Bengaluru, India ©Pranos Fusion Private Limited Contact details [email protected] Year founded 2024 Founder names Dr. Shaurya Kaushal and Roshan George Primary target market(s) Electricity generation, Off-grid energy Total declared funding $7,217,000 Employees 17 General approach Magnetic confinement (Tokamak, Stellarator) Specific approach Tokamak Fuel Source DT Planned energy capture approach Both the 'Fission-Fusion Hybrid' & 'Lithium Blanket' concepts remain viable options at this stage. Target: Net fusion energy gain (scientific) 2030 Target: Net energy gain (engineering) 2034 Anticipated MWe of your commercial 50 MWe operating facility Milestones in past 12 months 1) PRAGYA: India's first privately built low aspect ratio tokamak, our core prototype for plasma confinement validation - Commenced commissioning and targeting first plasma in 2026. 2) MAGGA (Magnetic Gain): Our in-house magnet development vertical, building HTS magnet technology for compact fusion reactor - Commenced construction of a dedicated magnet development facility encompassing tape testing, characterisation, and coil winding capabilities. 3) JENGA: Our integrated tokamak design, simulation, and digital twin platform built to accelerate fusion device development -Benchmarked core simulation capabilities and initiated collaboration with IPR to integrate JENGA into live tokamak operations, with a focus on plasma control and real-time equilibrium reconstruction. Major investments made in past 12 1) PRAGYA: Gas injection, mechanical handling, microwave heating and power supply systems. months 2) MAGGA: Coil winding, high-temperature superconducting (HTS) tape testing and characterisation facility for our magnet technology vertical. 3) JENGA: Second office at the Institute of Plasma Research, Gandhinagar, India to facilitate our collaboration with IPR-tokamaks for integration with JENGA. Key collaborators/partners Institute of Plasma Research (IPR), Gandhinagar, Jawaharlal Nehru Centre For Advanced Scientific Research (JNCASR), Bengaluru, Indian Institute of Science (IISc), Bengaluru, Indian Institute of Technology (IIT), Kharagpur. Published papers from last 12 months 1) Design and mechanical analysis of the PRAGYA tokamak vacuum vessel, [arXiv] 2) Jenga framework for integrated design and modeling of tokamaks: A case study on MAST-U, [arXiv] 3) Electromagnetic design and simulation of the magnet system for the PRAGYA tokamak, [arXiv] 85 86 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players PRINCETON SATELLITE SYSTEMS We develop advanced aerospace, energy and biomedical technology. Primary location Plainsboro, New Jersey, USA Contact details [email protected] Year founded 1992 Founder names Michael Paluszek, Marilyn Ham Primary target market(s) Space propulsion, Medical, Off-grid energy Total declared funding $100,000 Employees 6 General approach Magnetic confinement (Tokamak, Stellarator) Specific approach Field Reversed Configuration Fuel Source DHe3 Planned energy capture approach Combined cycle heat engine Target: First pilot plant 2030 Anticipated MWe of your commercial 1 MWe operating facility Interim plants or facilities planned prior A version with 1 T fields ( 5 keV heating) to validate the plasma physics. to your commercial pilot plant? Key collaborators/partners Princeton Plasma Physics Laboratory 87 88 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER PROXIMA FUSION Proxima Fusion is building QI stellarators, leveraging experience from W7-X at the Max Planck Institute for Plasma Physics, together with advances in high-temperature superconducting (HTS) technology and computational optimization. Primary location Munich, Germany Contact details [email protected] Year founded 2023 Founder names Francesco Sciortino, Lucio Milanese, Jorrit Lion, Jonathan Schilling, Martin Kubie Primary target market(s) Electricity generation, Hydrogen and/or clean fuels, Industrial heat Total declared funding $752,000,000 Employees 100 General approach Magnetic confinement (Tokamak, Stellarator) Specific approach Stellarator Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain (scientific) 2030s Target: Net energy gain (engineering) 2030s Target: First pilot plant 2030s Anticipated MWe of your commercial 750 MWe operating facility Siting agreement for a commercial plant Preliminary agreement (MoU) with utility RWE Milestones in past 12 months 1) Signed MoU with Max Planck Institute for Plasma Physics, Bavarian Government and RWE for the construction of the net-energy-gain stellarator "Alpha" and the FOAK fusion power plant "Stellaris". Bavarian government is committing up to 400M to the realization of Alpha. 2) Manufacturing of HTS non-planar magnet prototypes. Interim plants or facilities planned prior Construction of "Alpha", a net-energy stellarator in the early 2030s. to your commercial pilot plant? ©Proxima Fusion Key collaborators/partners Max Planck Institute for Plasma Physics, Paul Scherrer Institute, Karlsruhe, Institute of Technology, Forschungszentrum Jülich, Bilfinger Nuclear & Energy Transition, University of Wisconsin, Commissariat à l'Énergie, Atomique, University of Bonn, Technical University of Munich, Swiss Plasma Center 89 90 THE GLOBAL FUSION INDUSTRY REPORT 2026 ©Realta Fusion FIA MEMBER REALTA FUSION Realta Fusion is developing compact, scalable, modular - CoSMo fusion™ - energy systems based on the magnetic mirror concept. Realta offers the lowest capex path to commercial fusion and is targeting industrial heat and power applications including data centers, chemical plants, metal recycling, remote mining, and other heavy industry. Primary location Madison, Wisconsin, USA Contact details [email protected] Year founded 2022 Founder names Kieran Furlong, Cary Forest, Jay Anderson, Ben Lindley, Oliver Schmitz Primary target market(s) Electricity generation, Industrial heat Total declared funding $58,800,000 Employees 50 General approach Magnetic Mirror Specific approach Tandem magnetic mirror Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Anticipated MWe of your commercial 50-500 MWe operating facility Milestones in past 12 months 1) Announced partnerships with Commonwealth Fusion Systems and Kyoto Fusioneering to source HTS magnets and plasma heating devices respectively. 2) Modeled commercially viable energy gain of Q>5 in a tandem magnetic mirror configuration, or Q>10 with a longer center cell. 3) Completed all technical milestones as part of the first budget period of DOE's Milestone-Based Fusion Development Program, and received approval to proceed with second budgetary period. 4) Became the first commercial fusion company to demonstrate direct energy conversion (DEC) of plasma kinetic energy into electricity. Interim plants or facilities planned prior Realta Fusion will begin operations in its own purpose-built research and development facility, to your commercial pilot plant? known as The Realta Forge, in 2026. Key collaborators/partners US Department of Energy (Office of Science/FES and ARPA-E), University of Wisconsin-Madison, Commonwealth Fusion Systems, Kyoto Fusioneering, Oak Ridge National Laboratory, Lawrence Berkeley National Laboratory, Los Alamos National Laboratory, CompX Published papers from last 12 months 1) Equilibrium reconstruction in axisymmetric mirrors, Physics of Plasma 2) Confinement performance predictions for a high field axisymmetric tandem mirrors, Journal of Plasma Physics 3) Drift-cyclotron loss-cone instability in 3D simulations of a sloshing-ion simple mirror, Journal of Plasma Physics 91 92 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER RENAISSANCE FUSION ©Renaissance Fusion Renaissance Fusion is developing the technologies needed to industrialize fusion, combining large-scale HTS manufacturing with an innovative stellarator design to strengthen the fusion supply chain and accelerate commercial deployment. Primary location Fontaine, France Contact details [email protected] Year founded 2020 Founder names Francesco Volpe, Martin Kupp Primary target market(s) Fusion, magnet producers, energy storage and transport (AI data centers, electric motors etc.) Total declared funding $65,675,200 Employees 120 General approach Magnetic confinement (Tokamak, Stellarator) Specific approach Stellarator Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Milestones in past 12 months 1) We completed the installation of our HTS pilot line and carried out the first deposition tests. 2) We demonstrated for the first time a stellarator magnetic field using a laser-engraved copper magnet operating at liquid nitrogen temperature. 3) We successfully integrated and tested Nicola100 HTS magnets with a 700 C flowing liquid metal loop. Interim plants or facilities planned prior An HTS manufacturing site to your commercial pilot plant? Major investments made in past 12 HTS pilot line installation (machinery, building adaptation) and first depositions; headcount increase months Key collaborators/partners CEA, Bpifrance, ESRF, University of Eindhoven 93 94 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER SHINE SHINE is a fusion energy company. Headquartered in Janesville, Wisconsin, we're building toward commercial fusion power through a series of revenue-generating milestones — neutron testing, medical isotopes, and nuclear waste recycling — each one funding the next, and proving the technology that will deliver fusion energy at scale. Primary location Janesville, Wisconsin, USA Major investments made in past 12 1) Investing in staffing, facility, and maintenance costs to support significant increase in production months output for neutron radiography through Phoenix, doubling Monday-Friday output and adding Contact details [email protected] single shift operations on Saturday/Sunday. Year founded 2010 2) Continued investment in the Mo-99 production facility (Chrysalis) via the cooperative agreement with DOE/NNSA throughout 2025 and early 2026. Founder names Greg Piefer Key collaborators/partners UKAEA, Department of Energy National Nuclear Security Administrations, Department of Energy Primary target market(s) Neutron imaging and radiation effects testing for advanced industrial inspection, Medical isotopes, (Office of Science, Fusion Energy Science program), Argonne National Lab, Oak Ridge National Transmutation of nuclear waste, Electricity generation (long-term) Lab, Savannah River National Lab, Lawrence Livermore National Lab, National Ignition Facility, Total declared funding $1,100,000,000 Sandia National Labs, Y-12 National Security Complex, Orano USA, Department of Energy, ARPA-E, GE-Hitachi, Department of Defense (all services, joint agencies, and key contractors). Employees 293 Spin outs/patents/commercial 1) Completed Acquisition of Lantheus’ SPECT Business adding 33 issued patents and 3 pending General approach Hybrid electrostatic confinement is closest to what we’re planning in future innovations applications across 3 patent families to SHINE’s portfolio Specific approach Test: beam-target, Medical: plasma-target / fission hybrid, Recycling: warm plasma target/fission 2) 2025 Patent Portfolio Growth: 37 patents issued; 111 patent applications filed; 9 new patent hybrid, Energy: thermonuclear plasma families added Fuel Source DT 3) 2025 EOY Patent Portfolio (including SPECT patents): 234 issued patents; 245 pending patent applications; 63 total patent families Planned energy capture approach Fission-fusion hybrid 4) Additional US patents issued covering SHINE’s Yb-176 enrichment proces; Lu/Yb bulk Target: Net fusion energy gain (scientific) 2035 separation process; particle accelerator technology; and plasma window technology Target: Net energy gain (engineering) 2040 Published papers from last 12 months 1) “Tritium Breeding Testing with an Intense DT Neutron Source,” Proceedings of the 2025 American Nuclear Society Annual Meeting Target: First pilot plant Pilot facilities leveraging fusion already commercialized 2) “Isotope Recovery from UNF Recycling and Transmutation,” Transactions of the 2025 American Milestones in past 12 months 1) Receipt of conditional commitment from EDF for $263M loan to complete the Chyrsalis for Nuclear Society Annual Meeting domestic Mo-99 production. 3) "Operation of a State-Licensed Multi-Gram Tritium Facility to Support DT Fusion Linear 2) Design, production, and successful testing of our Plasma Window, an enabling technology Accelerator for Radiation Effects (FLARE)." Proceedings of the 26th Topical Meeting on the upgrade to our core neutron driver system. Designed specifically to fit within and work as an Technology of Fusion Energy (TOFE 2024), American Nuclear Society, July 22, 2024. upgrade to our existing neutron driver platform. Validation testing indicates pressures that can increase both neutron strength(fluence) and flux. 3) Completion of EMIS system for Gd-152, Gd-155, Gd-160 enrichment alongside chemical ©SHINE separation for the production of Tb-161 as a therapeutic isotope. Interim plants or facilities planned prior 1) In Wisconsin, Building One houses our steady-state DT fusion source that set a world record in to your commercial pilot plant? 2019 2) Cassiopeia, produces up to 100,000 patient doses of non-carrier-added lutetium-177 per year 3) Imaging Center provides neutron-based industrial inspection. 4) Our isotope manufacturing and distribution campus is in North Billerica, Massachusetts, making TechneLite Tc-99m generators and related SPECT diagnostic products. 5) Chrysalis, our hybrid fusion-fission medical isotope production facility in Wisconsin is nearing completion and is designed to deliver up to one megawatt of thermal output for commercial molybdenum-99 supply. 95 96 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER STARTORUS FUSION STELLAREX ENERGY Startorus Fusion is a Chinese fusion innovator developing compact reactors featuring repetitive pulse operation and magnetic reconnection Stellarex is focused on the design and construction of an intermediate deuterium-tritium device that will demonstrate net energy gain. heating in HTS spherical tokamaks. We adopt a novel fusion technical route to 'Make Tokamaks Simple Again', and thus achieve fusion energy rapidly and cost-effectively. Primary location Xi’an, Shaanxi Province, China Primary location Toronto, Ontario, Canada Contact details [email protected] Contact details [email protected] Year founded 2021 Year founded 2022 Founder names Yi TAN, Rui CHEN Founder names Dr. Spencer Pitcher, Prof. Amitava Bhattacharjee, Dr. Mike Zarnstorff, Ali Lodi Primary target market(s) Electricity generation, Off-grid energy Primary target market(s) Electricity generation, Off-grid energy, Industrial heat Total declared funding $138,900,000 General approach Magnetic confinement (Tokamak, Stellarator) Employees 154 Specific approach Stellarator General approach Magnetic confinement (Tokamak, Stellarator) Fuel Source DT Specific approach Spherical tokamak Planned energy capture approach Lithium neutron ‘blanket’ Fuel Source DT Target: Net fusion energy gain (scientific) 2031 Planned energy capture approach Lithium neutron ‘blanket’ Target: Net energy gain (engineering) 2030s Target: First pilot plant 2028 Target: First pilot plant 2030s Anticipated MWe of your commercial 100 MWe Anticipated MWe of your commercial 230 MWe operating facility operating facility Interim plants or facilities planned prior Net energy gain demonstration device, scientific Q > 1 to your commercial pilot plant? Key collaborators/partners Princeton University, Savannah River National Lab, Max-Planck Institute for Plasma Physics, Canadian Nuclear Labs, Kinectrics, Hatch Engineering, The Hidden Symmetries in Fusion Energy Collaboration @ the Simons Foundation, NY, Princeton Plasma Physics Lab. 97 98 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER TAE TECHNOLOGIES TAE Technologies is developing a sustainable and economically competitive solution to deliver abundant fusion energy to grids and carbon- intensive industries. TAE’s proprietary advanced neutral beam-driven FRC platform is designed to enable fuel-agnostic fusion, an approach that has also produced fusion-derived technologies for non-fusion applications. TAE Life Sciences develops technologies and drugs for treating cancer patients. TAE Power Solutions provides power management and energy storage technologies for stationary storage, critical power applications and electric mobility. Primary location Foothill Ranch and Irvine, California, USA Spin outs/patents/commercial 1) TAE Life Sciences: Targeted cancer treatment leveraging accelerator beams developed for innovations TAE Fusion Power. Signed landmark MOU with University of Wisconsin–Madison to develop Contact details [email protected]; [email protected] the first accelerator-based BNCT center in the U.S.; international human clinical trials currently underway. Year founded 1998 2) TAE Power Solutions: Commercializing advanced power management and energy storage Founder names Numerous founders technologies for fast-response electrical infrastructure. Developing differentiated system Primary target market(s) Electricity generation and power management architectures for data center and industrial applications to stabilize highly variable loads, reduce grid impact and address utility integration challenges; deployed prototype systems and Total declared funding $1,500,000,000 progressing toward broader field deployment through collaboration with MARA Holdings, Inc.” Employees 400 3) More than 1,600 patents granted worldwide. General approach Field-Reversed Configuration Published papers from last 12 months 1) Advanced neutral beam injection in a field-reserved configuration plasma, Nuclear Fusion (2026). Specific approach Field-Reversed Configuration 2) Magnetic feedback control of a Field Reversed Configuration, Nuclear Fusion (2026). 3) Increased p-11B fusion reaction rate through fast-ion acceleration by ion cyclotron range of Fuel Source p-B11 frequencies heating in LHD, Nuclear Fusion (2026). Planned energy capture approach Heat capture and conventional thermal cycle and/or future direct energy conversion See complete list: https://tae.com/research-library Target: First pilot plant 2031 Anticipated MWe of your commercial 50 MWe. Subsequent commercial plants expected to operate in the 350-500 MWe range. ©TAE Technologies operating facility Milestones in past 12 months Success on TAE’s current machine, Norm, has enabled the company to leapfrog its previously planned sixth-generation device, Copernicus, and move directly into the development of its first commercial plant, Da Vinci. Siting process for Da Vinci underway. Interim plants or facilities planned prior TAE plans to upgrade Norm to explore higher plasma temperature operations while constructing Da to your commercial pilot plant? Vinci. Major investments made in past 12 1) Neutral beam power upgrade and radio-frequency (RF) power upgrade on Norm to increase months plasma temperature and extend confinement time scaling into collisionless regime. 2) TAE Beam UK joint venture with UKAEA to commercialize neutral beam and particle accelerator technology for fusion and non-fusion applications such as food safety, homeland security and targeted radiotherapy for poor-prognosis cancers, currently in development by TAE Life Sciences. Key collaborators/partners Argonne National Laboratory, 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, Oxy Low Carbon Ventures, Princeton Plasma Physics Laboratory, Sumitomo Corporation of Americas, 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 complete list: https://tae.com/collaborators 99 100 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER TERRA FUSION ENERGY CORPORATION Terra Fusion Energy Corporation is developing fusion energy systems to provide carbon free, sustainable electrical and thermal energy with engineering simplicity and high reliability. The company builds on the Centrifugal Mirror Fusion Experiment (CMFX), a superconducting magnetic mirror experiment funded by ARPA-E and led by the University of Maryland, Baltimore County (UMBC). Primary location Maryland, USA Contact details [email protected] Year founded 2024 Founder names Carlos A. Romero Talamás, Oliver M. Barham Total declared funding $1,500,000 Employees 5 General approach Magnetic confinement Specific approach Centrifugal Magnetic Mirror Fuel Source DT Planned energy capture approach Lead-lithium neutron blanket Target: First pilot plant 2032 Anticipated MWe of your commercial Range of units from 5 MWe to 100 MWe operating facility Major investments made in past 12 Established the new company headquarters in Baltimore, Maryland, to develop and test centrifugal months mirror components. Published papers from last 12 months Measurements of fusion yield on the Centrifugal Mirror Fusion Experiment, 2026 Nucl. Fusion 66, 016010. ©Terra Fusion Energy Corporation 101 102 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER THEA ENERGY Thea Energy is commercializing scalable and economical fusion energy systems via its planar coil stellarator architecture. The Company has validated its core technology, arrays of mass-manufacturable magnets and dynamic software controls. Its Helios power plants have the clearest path to deploy fusion energy at scale. Primary location Kearny, New Jersey, USA Contact details [email protected] Year founded 2022 Founder names Brian Berzin, David Gates, Matt Miller Total declared funding $130,000,000 Primary target market(s) Electricity generation Employees 100 General approach Magnetic confinement (Tokamak, Stellarator) Specific approach Stellarator Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain (scientific) 2030 Target: Net energy gain (engineering) First 'Helios' fusion power plant in the 2030s Target: First pilot plant 2030s Anticipated MWe of your commercial 390 MWe operating facility Milestones in past 12 months 1) Finalized and published the design of the most mature fusion stellarator power plant architecture, which included several breakthroughs for commercial operation, scalability, and economics. 2) F irst DOE’s Milestone-Based Fusion Development Program awardee company to receive certification for its power plant pre-conceptual design review, and to complete the first phase of the program. 3) Built and operated the first full-field and full-current Eos-spec magnets required for its first integrated system, and confirmed the Company’s manufacturing capabilities to scale production to hundreds of these simpler, programmable planar magnets. Interim plants or facilities planned prior Steady-state large-scale stellarator system operation by 2030. to your commercial pilot plant? Major investments made in past 12 1) Upgraded HTS magnet production infrastructure to manufacture Eos-spec planar magnets. months ©Thea Energy 2) Doubled the capacity of the Company’s in-house manufacturing and test facilities, including core systems infrastructure. 3) Expansion of the Company’s operations in Northern New Jersey, including opening a new manufacturing facility. Key collaborators/partners Numerous collaborations with national labs, academic institutions, and industrial partners including, Argonne National Laboratory, Kyoto Fusioneering, Max Planck Institute for Plasma Physics, MagCorp, NVIDIA, Oak Ridge National Laboratory, Princeton Plasma Physics Laboratory, Stony Brook University, Synopsys, University of California San Diego, University of Madison- Wisconsin, among others. Published papers from last 12 months 1) Prototyping and Test of the “Canis” HTS Planar Coil Array for Stellarator Field Shaping, IEEE Transactions on Applied Superconductivity. 2) Overview of the Helios Design: A Practical Planar Coil Stellarator Fusion Power Plant, ArXiv. 103 104 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA FIA MEMBER MEMBER TIBBAR PLASMA TECHNOLOGIES, INC. ©Tibbar Plasma Technologies Our company specializes in Plasma Physics, with particular emphasis on electrostatic confinement fusion machines. Primary location Los Alamos, New Mexico, USA Contact details [email protected] Year founded 2015 Founder names Richard Nebel Primary target market(s) Electricity generation, Space propulsion, Marine propulsion, Off-grid energy Total declared funding $4,790,860 Employees 4 General approach Electrostatic confinement Specific approach Magnetic-electrostatic confinement Fuel Source pB11 Planned energy capture approach Direct energy conversion Target: Net fusion energy gain (scientific) 2035 Target: Net energy gain (engineering) 2035 Target: First pilot plant 2040 Anticipated MWe of your commercial 50 Mwe operating facility Milestones in past 12 months 1) Producing plasma in the device 2) Demonstrating plasma rotation 3) Observing plasma rings Interim plants or facilities planned prior Proof of principle device to your commercial pilot plant? Published papers from last 12 months Advanced Fuel Oscillating Fusion Reactor, Fusion Science and Technology ©Tibbar Plasma Technologies 105 106 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER TOKAMAK ENERGY Tokamak Energy is a superconducting and fusion energy technology company with end-to-end expertise in high temperature superconducting (HTS) systems, spanning design through manufacturing via its TE Magnetics division. In 2026, the company was selected as the Magnet Systems Partner for the UK Government’s STEP Fusion programme. Primary location Oxfordshire, UK Contact details [email protected] Year founded 2009 Primary target market(s) Fusion energy, power systems, propulsion, life sciences Total declared funding $335,000,000 Employees 300 General approach Magnetic confinement (Tokamak, Stellarator) Specific approach Spherical tokamak Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Milestones in past 12 months 1) Selected as Magnet Systems Partner for the UK Government's STEP Fusion programme. 2) Acquired Ridgway Machines to accelerate the industrialisation of HTS products. 3) Replicated fusion power plant fields for the first time with Demo4, our HTS fusion magnet system. Major investments made in past 12 1) Acquired Ridgway Machines in Leicestershire to accelerate the industrialisation of HTS products. months Invested in HTS testing and manufacturing facilities at our Oxfordshire headquarters. 2) Started a major upgrade of our ST40 spherical tokamak in partnership with the U.S. DOE and UK Department for Energy Security and Net Zero, to develop key fusion technologies, including RF heating and lithium systems. Key collaborators/partners UK Fusion Energy (UKFE), UK Department for Energy Security and Net Zero, U.S. Department of Energy, Furukawa Electric, General Atomics, Gauss Fusion, Type One Energy, AECOM, King Abdulaziz City for Science and Technology (KACST), Princeton Plasma Physics Lab, Oak Ridge National Lab 107 108 ©Tokamak THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER TYPE ONE ENERGY Established in 2019 and venture-backed in 2023, Type One Energy is led by a team of globally recognized fusion scientists with a strong track record of building state-of-the-art stellarator fusion machines together with veteran business leaders experienced in scaling companies and commercializing energy technologies. Primary location Knoxville, Tennessee, USA Key collaborators/partners The Tennessee Valley Authority; AECOM; Oak Ridge National Lab; The University of Tennessee, Knoxville; the Massachusetts Institute of Technology (MIT); University of Wisconsin, Madison; Contact details [email protected] Tokamak Energy; Sustainable Markets Initiative (SMI) Year founded 2019 Published papers from last 12 months 1) Efficient calculation of magnetic fields from ferromagnetic materials near strong electromagnets, and application to stellarator coil optimization, Fusion Engineering and Design Primary target market(s) Electricity generation 2) The Infinity Two Fusion Pilot Plant baseline plasma physics design, Journal of Plasma Physics Total declared funding $200,000,000 3) Predictions of core plasma performance for the Infinity Two Fusion Pilot Plant, Journal of Plasma Employees 213 Physics General approach Magnetic confinement (Tokamak, Stellarator) Specific approach Stellarator Fuel Source DT Planned energy capture approach Lithium neutron ‘blanket’ Target: Net energy gain (engineering) 2034 Target: First pilot plant Break ground on Project Infinity commercial fusion plant in 2026; first power on the grid in 2034. Anticipated MWe of your commercial 400 MWe operating facility Siting agreement for a commercial Siting at the Tennessee Valley Authority (TVA) Bull Run Complex, a retired coal power plant in in plant Clinton, Tennessee Power purchase agreement, offtake September 2025 letter of intent (LOI) with the Tennessee Valley Authority agreement, or similar commercial offtake commitment Milestones in past 12 months 1) In September 2025, The Tennessee Valley Authority (TVA) and Type One Energy announced a Letter of Intent (LOI) to deploy fusion at the Bull Run Energy Complex in East Tennessee. 2) In January, Type One Energy and the Tennessee Valley Authority jointly submitted the initial submission of the “byproduct material license” application for the Bull Run site in preparation for Tennessee’s first commercial fusion project. 3) In May, Type One Energy, Tokamak Energy, and AECOM announced the UK Infinity Fusion Consortium to pursue development of the first private-sector-led fusion power plant project in the United Kingdom. Interim plants or facilities planned prior 1) Infinity One is Type One Energy’s engineering verification platform at TVA’s Bull Run Energy to your commercial pilot plant? Complex near Oak Ridge, Tenn. 2) FORGED-PFCs is a high-heat flux (HHF) facility at TVA’s Bull Run Energy Complex jointly developed with Oak Ridge National Lab and the University of Tennessee, Knoxville (UT). Major investments made in past 12 Type One Energy partnered with the Department of Energy’s Oak Ridge National Laboratory months (ORNL) and the University of Tennessee, Knoxville (UT) to establish a world-class high-heat flux (HHF) facility, located at the Tennessee Valley Authority’s (TVA) Bull Run Energy Complex in East Tennessee, that will evaluate how materials react under extreme conditions in a fusion device. ©Type One Energy 109 110 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER XCIMER ENERGY YAN FUSION (SHANGHAI) TECHNOLOGY CO., LTD. We are developing laser-inertial fusion power plants built on low-cost excimer lasers and a liquid-wall chamber that solves material science YAN FUSION, co-founded by China’s listed company Stonehill Technology (002195.SZ) and fusion experts, adopts the superconducting challenges. stellarator route with two planned device generations: the first uses hybrid LTS+HTS, the second full HTS. Primary location Denver, Colorado, USA Primary location Shanghai, China Contact details [email protected] Contact details [email protected] Year founded 2021 Year founded 2025 Founder names Conner Galloway and Alexander Valys Founder names Xianglin HAO Primary target market(s) Electricity generation, Industrial heat Primary target market(s) Electricity generation Total declared funding $178,000,000 Total declared funding $293,000,000 (Phased) Employees 150 Employees 40 General approach Inertial confinement General approach Magnetic confinement (Tokamak, Stellarator) Specific approach Laser-driven inertial confinement Specific approach Stellarator Fuel Source DT Fuel Source DT Planned energy capture approach Molten salt (Flibe) blanket with heat exchanger Planned energy capture approach Lithium neutron ‘blanket’ Target: Net fusion energy gain 2031 Target: Net fusion energy gain 2030s (scientific) (scientific) Target: Net energy gain (engineering) 2031 Target: Net energy gain (engineering) 2030s Target: First pilot plant 2035 Target: First pilot plant 2030s Anticipated MWe of your commercial 400 MWe Anticipated MWe of your commercial 350 MWe operating facility operating facility Milestones in past 12 months 1) Completed and operated kilojoule-scale excimer laser, demonstrating advantages of excimer Milestones in past 12 months 1) Established China’s first stellarator 3D superconducting magnet production line. lasers in manufacturability and scalability. 2) Completed China’s first 3D bending and winding of stainless steel armored conductor. 2) Completed and operated Phoenix demonstration laser facility, the world's largest privately- 3) Completed fabrication and testing of nΩ-class stellarator superconducting joints. owned laser system and world's highest-energy utilization of Stimulated Brillouin Scattering. 3) Completed Athena pilot plant pre-conceptual design and submitted to DOE in the Milestone Interim plants or facilities planned prior A 3T, hybrid LTS+HTS stellarator with a major radius of 1.8m prior to the pilot plant. Program. to your commercial pilot plant? Interim plants or facilities planned prior 1) Anvil will be a 200 kJ laser-fusion beamline demonstrator in 2028. Major investments made in past 12 1) Invested and built the first production base in Hefei, China—a renowned fusion hub. to your commercial pilot plant? months 2) Vulcan will achieve engineering breakeven in 2031 with the world's largest, highest-energy, most 2) At our Hefei base, we have completed China’s first stellarator 3D superconducting magnet powerful and brightest laser (4 MJ, upgradeable to 12 MJ). production line, and are constructing China’s first comprehensive test platform for stellarator superconducting magnets. Major investments made in past 12 Opened a component manufacturing facility in Tucson, AZ. Manufacturing capacitors and other months critical components for excimer laser amplifiers. Key collaborators/partners Peking University Key collaborators/partners Los Alamos National Laboratory, Laboratory for Laser Energetics, US Naval Research Laboratory, Spin outs/patents/commercial 1) Spin outs: We have designed a helium-free, high-field, large-aperture MCZ superconducting Oak Ridge National Laboratory, Savannah River National Laboratory, General Atomics, innovations magnet for high-quality, large-size semiconductor silicon rod crystal pulling. We have secured Westinghouse, MIT, Colorado State University, Texas A&M prospective clients and are developing the first prototype for them. Published papers from last 12 months Stimulated Brillouin scattering spectral profiles and gain coefficients for laser fusion optical drivers, 2) Patents: More than 30 stellarator technology patents have been granted, including Stellarator APL Photonics Magnet and Coil Connection Device and multi-Objective Optimization Method for Stellarator Non-Planar Coils and Stellarator Magnet. 111 112 THE GLOBAL FUSION INDUSTRY REPORT 2026 Foreword Headline figures The fusion industry in 2026 Profiles of today's fusion players FIA MEMBER ZAP ENERGY Zap Energy is an integrated nuclear energy company building fission, fusion, and intersectional technologies to deliver on-demand, carbon-free power at scale. In fusion, Zap is developing a 50 MW modular core based on sheared-flow-stabilized Z pinch plasmas, which generate fusion energy without external magnets or lasers. Primary location Everett, Washington, USA Major investments made in past 12 1) Designed, built and commissioned FuZE-A, a high-performance plasma accelerator and months electrode geometry testbed, in less than 12 months. Zap is now advancing fusion science and Contact details [email protected] engineering on five complementary devices: FuZE-Q, FuZE-3, FuZE-A, Century, and SiMPL. Year founded 2017 2) The Forced Convection Loop Lithium version 1 (FCLLi-01) will be Zap’s first closed flowing lithium loop and is nearly complete. Founder names Benj Conway, Brian A. Nelson, Uri Shumlak 3) Zap announced in April that it will integrate nuclear energy technologies and develop compact- Primary target market(s) Electricity generation, Off-grid energy, Industrial heat scale, sodium-cooled, modular fission reactors as part of a synergized path to energy markets Total declared funding $338,000,000 that will accelerate SFS Z-pinch fusion deployment. Employees 150 Key collaborators/partners U.S. Department of Energy (DOE), University of Washington, Lawrence Livermore National Laboratory, Los Alamos National Laboratory, UC Santa Cruz, DOE Advanced Scientific Computing General approach Z-Pinch Research Program Specific approach Sheared-flow-stabilized Z-pinch Published papers from last 12 months 1) Century: Zap Energy’s 100-kW-Scale Repetitive Sheared-Flow-Stabilized Z-Pinch System with Liquid Metal Cooling, Fusion Science and Technology (2025) Fuel Source DT 2) Effects of transitional orbit magnetization on transport and current in Z pinches, Physics of Planned energy capture approach Liquid metal with heat exchanger Plasmas, (2025) Target: First pilot plant Late 2030s 3) A Practical Variable-Stage Megajoule-Class Marx Generator Using Commercial Ignitrons, IEEE Pulsed Power & Plasma Science (2025) Anticipated MWe of your commercial 200 MWe thermal/50 MWe net electric per module. Multiple modules per facility. operating facility For further publications, see zapenergy.com/research Milestones in past 12 months 1) Produced Zap’s first fusion plasmas with pressures exceeding 1 gigapascal in FuZE-3, a new, multi-electrode flow Z-pinch device. 2) Increased performance in Century by 20x to reach 39 kW of average input power delivered in >100 plasma pulses at 0.2 Hz into a circulating liquid metal wall. 3) Completed preconceptual fusion power plant design report describing the full range of systems required to construct and operate a Zap fusion power demonstration facility capable of generating approximately 50 MW of net electrical output. Interim plants or facilities planned prior 1) Zap advances SFS Z-pinch plasma performance toward energy gain on the FuZE series of to your commercial pilot plant? devices, currently consisting of three FuZE devices in two different facilities, each with dedicated pulsed power supplies and full physics diagnostics suites. 2) Century is Zap’s operational 100kW-scale SFS Z-pinch power plant technology demonstrator, validating repetitive pulsed power supplies, plasma-facing circulating liquid metal walls with heat exchange, resilient electrode systems, and power plant technology integration. 3) Millennium is Century’s planned successor, designed for 1MW-scale operation. 4) A Demo machine is planned to test operations at commercially-relevant gain conditions prior to the first commercial pilot plant. ©Zap Energy 113 114 Fusion Industry Assocation 1445 Pennsylvania Ave, NW Suite 320 Washington, DC 20004 www.fusionindustryassociation.org