As General Fusion makes historic Nasdaq IPO, report shows global funding rises to $4.5B.

General Fusion’s stock is trading higher after becoming the first fusion energy company to go public on a major exchange, starting Monday on Nasdaq.

The launch of GFUZ stock coincided with the release of the annual report of the Fusion Industry Association, which showed the same enthusiasm of investors: the private funding of companies in the billions reached $4.5 billion in the last 12 months. One of the largest rounds went to Helion Energy, a Seattle-based company that raised $465 million last month, bringing its total investment to $1.5 billion.

The growing demand for power from AI data centers has helped to drive interest in this field as the ambitious slate of companies is to create materials that are old and contain plasma – the hottest state of matter, the fourth necessary for atomic fusion to occur.

For decades, researchers have been chasing this source of clean energy, aiming to replicate the reaction that powers the sun, which is a bubbling ball of plasma. Although great progress has been made, major technical hurdles remain, and it is uncertain when the goal will be reached.

But the promise of integration is so enticing that the risk seems worth it to many investors.

“The commercial fusion industry is a world-changing industry, and the return on investment will be huge,” said Andrew Holland, CEO of the Fusion Industry Association, in the foreword to the report.

The sector has received more than $13.3 billion in venture capital over the past five years, according to the annual survey. After decades of government support through national labs and R&D grants, the private sector is now picking up most of the tab for continued integration.

One of the important milestones in the pursuit of integration is “scientific separation” — the point where the output of the integrated reaction matches the power input to the device plasma, without including all other system power requirements. The scientific breakeven was first hit by Lawrence Livermore National Laboratory in 2022, but it was not reached by private enterprise.

To be financially viable, fusion companies need to move forward, taking more energy from the merger than is necessary to run their entire system.

The new report includes profiles of 56 companies around the world pursuing mergers, including four based in the Pacific Northwest: General Fusion, Helion, Zap Energy and Avalanche Energy, as well as Kyoto Fusioneering, which has an office in Seattle.

Here’s a closer look at four companies based in the region:

Avalanche PowerSeattle

• Notable fact: Avalanche is unusual in its small-scale approach, and its plan to launch a pilot plant in 2030 is among the race’s earlier targets.
• Year established: 2018
• Intended use: Electricity, space travel, sea travel, off-grid power
• Total publicly distributed capital: $104.2 million
• Science break target: 2029
• Target for the first pilot plant: 2030

General FusionVancouver, BC

• Remarkable fact: General Fusion has made several pivots in recent years in its marketing strategy and was the first to go public.
• Year established: 2002
• Intended use: Electricity generation
• Total publicly distributed capital: about $500 million
• Purpose of scientific leave: Not disclosed; aims to produce fusion cases by 2028
• Target for first pilot plant: Around 2035

HelionEverett, Wash.

• Remarkable fact: Helion was the first to register a fusion customer when it entered into an agreement with Microsoft in 2023, and aims to be the first to reach commercial.
• Year established: 2013
• Intended use: Electricity generation
• Total publicly traded capital: $1.5 billion
• Purpose of scientific leave: Not disclosed
• Target for the first pilot plant: 2028

Zap PowerEverett, Wash.

• Remarkable fact: Zap recently announced that it will also pursue nuclear fission power, building smaller reactors near its fusion operation.
• Year established: 2017
• Intended use: Electricity generation, off-grid power, industrial heat
• Total publicly distributed capital: $338 million
• Purpose of scientific leave: Not disclosed
• Target for first pilot plant: Late 2030s