Fusion Industry Investment Passes $6bn
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Fusion Industry Investment Passes $6bn

The Fusion Industry Association (FIA) released its third annual industry report ‘The Global Fusion Industry in 2023’ on July 12, unveiling worldwide findings from an electrifying year of the fusion industry’s development. 43 private fusion companies were surveyed for the report, ranging from fusion industry giants to new entrants with bold visions, committed to addressing the challenges that remain ahead for commercialization.

Senator Cantwell Voices Support for Semiconductor Inclusion in CHIPS for America Fund
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Senator Cantwell Voices Support for Semiconductor Inclusion in CHIPS for America Fund

On June 30, Senator Maria Cantwell, Chair of the Senate Committee on Commerce, Science, and Transportation, sent a letter to Secretary Gina Raimondo, US Department of Commerce, on the importance of power semiconductors being included in the CHIPS for America Fund, based on the need for the growing fusion industry.

Fusion Industry Association Sends Letter on Fusion Regulations to European Commission Commissioner Simson
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Fusion Industry Association Sends Letter on Fusion Regulations to European Commission Commissioner Simson

On June 9, the Fusion Industry Association (FIA) sent a letter on the importance of risk-informed fusion regulations to European Commission Commissioner Simson. The letter comes at a time when governments are increasingly looking into solidifying regulations for fusion energy, following recent regulatory decisions by the United States and United Kingdom. Early movers will have a competitive advantage in further shaping the industry, which spent over $500m on the supply chain in 2022.

Congressional Hearing on Fusion Energy Shows Bipartisan Support For Accelerating Commercialization Efforts
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Congressional Hearing on Fusion Energy Shows Bipartisan Support For Accelerating Commercialization Efforts

On June 13, alongside representatives from the U.S. Department of Energy, Helion Energy, US ITER Project Office, and General Atomics, FIA CEO Andrew Holland testified at a Congressional hearing on “From Theory to Reality: The Limitless Potential of Fusion Energy“, hosted by the Energy Subcommittee of the House Committee on Science, Space, and Technology. A main theme from the hearing: the general consensus to increase support for accelerated fusion commercialization, a feat that will unlock “limitless potential” for energy, climate, and economic benefits.

US Expands the Qualifying Advanced Energy Project Credit to Accelerate Clean Energy Technologies
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US Expands the Qualifying Advanced Energy Project Credit to Accelerate Clean Energy Technologies

In a notice released on May 31, 2023, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) provided further technical guidance on the application process for the Qualifying Advanced Energy Project Credit (Section 48C of the Internal Revenue Code). The first round of the expanded 48C tax credit program will strengthen the supply chains for fusion-related technologies to address remaining challenges for fusion commercialization, such as the manufacturing of superconducting magnets, plasma-facing components, and diagnostics.

Department of Energy Announces Milestone Public-Private Partnership Awards
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Department of Energy Announces Milestone Public-Private Partnership Awards

On May 31, 2023, the United States Department of Energy announced the first round of awardees of the milestone-based public private partnership program. Congratulations to the awardees, all FIA members: Commonwealth Fusion Systems, Focused Energy, Princeton Stellarators, Realta Fusion, Tokamak Energy, Type One Energy Group, Xcimer Energy, and Zap Energy.