General Fusion building a global market for fusion energy with industry leaders
VANCOUVER, British Columbia, April 04, 2022 (GLOBE NEWSWIRE) -- General Fusion announced today the formation of a unique Market Development Advisory Committee (MDAC) to guide the development of its commercial fusion power plant. MDAC members include utilities serving millions of customers, innovative renewable energy providers, and companies leading the decarbonization of heavy industry. These companies span global markets in need of carbon-free, on-demand power to meet increasingly ambitious net-zero carbon emission policy goals. Many bring extensive expertise in evaluating, deploying, and operating commercial power generation assets.
World’s leading energy and industrial companies advising General Fusion on the development of practical commercial fusion power
VANCOUVER, British Columbia, April 04, 2022 (GLOBE NEWSWIRE) -- General Fusion announced today the formation of a unique Market Development Advisory Committee (MDAC) to guide the development of its commercial fusion power plant. MDAC members include utilities serving millions of customers, innovative renewable energy providers, and companies leading the decarbonization of heavy industry. These companies span global markets in need of carbon-free, on-demand power to meet increasingly ambitious net-zero carbon emission policy goals. Many bring extensive expertise in evaluating, deploying, and operating commercial power generation assets.
General Fusion’s global network of investors and government, institutional, and industrial partners enable the company to pursue a more ambitious fusion technology commercialization program. Through the MDAC, General Fusion is proactively engaging the market to form a portfolio of prospective early fusion adopters to ensure that the performance and specifications of its Magnetized Target Fusion power plant will align with customer needs. The MDAC benefits its membership by providing a mechanism to monitor the development of General Fusion’s technology, understand when and how to include fusion in their new energy generation plans, guide the development of appropriate regulatory frameworks, and influence the company’s future product development.
Launched with nearly a dozen member companies spanning North America, Asia Pacific, and Europe, the MDAC will support General Fusion in designing a practical and compelling fusion power plant that can be deployed by the early 2030s. The MDAC will also recommend and support opportunities to evolve public energy policies promoting the early adoption of commercial fusion power plants as part of the energy transition to net-zero carbon.
“Now is the time to develop the global market for fusion energy. Companies are increasingly recognizing that to achieve their net-zero mandates and aspirations, they’re going to need fusion,” said Christofer Mowry, CEO, General Fusion. “Our Market Development Advisory Committee will help guide General Fusion in addressing this need using a partnership and collaboration strategy.”
“Bruce Power is committed to advancing a net-zero future and clean energy technologies that are essential to reduce greenhouse gas emissions,” said Richard Horrobin, Vice President, Business Development & Energy Innovation, Bruce Power. “Fusion is a key emerging technology that is complementary to the emissions-free electricity we produce. We look forward to applying our experience and expertise in innovation, clean energy production, and policy development to collaborate with General Fusion.”
“The path to net-zero means developing new sources of clean energy and reducing our reliance on imported fossil fuels, which is all the more important given the current issues in global energy markets and the situation in Ukraine,” said Michael Lewis, CEO, E.ON UK. “Energy-intensive industrial customers particularly will need alternative technologies if they are to meet net-zero targets and remain competitive in their own markets, and as the UK’s largest electricity provider, we are pleased to have the opportunity to work with General Fusion to look at how the market for their products could evolve in the UK and develop a new way to take action for the climate.”
“H2 Green Steel is on a mission to undertake the global steel industry’s greatest ever technological shift,” said Henrik Henriksson, CEO, H2 Green Steel. “That’s why we are teaming up with General Fusion to explore the global scalability of our technology, not limited by in-country power generation constraints. Fusion energy has the potential to accelerate the decarbonization of steel production. We look forward to working together with General Fusion on the practical application of fusion energy in heavy industry.”
“Specializing in renewable energy, pioneering sustainable and innovative technologies is in our DNA,” said Riccardo Toto, General Manager, Renexia. “That is why we have joined General Fusion’s international committee, to support bringing clean fusion energy technology to market. We will represent the Italian energy sector on the committee. We hope that fusion energy will soon represent a further opportunity to promote an energy mix less dependent on fossil fuels.”
“Nuclear power currently provides over 40% of the electric energy TVA produces for the people and businesses we serve in seven states,” said Joe Hoagland, Vice President for Innovation & Research, Tennessee Valley Authority (TVA). “Developing advanced nuclear and other technologies is important for TVA’s energy system of the future. The recent support of the United States Congress for public-private partnerships that promise to accelerate the growth of fusion is encouraging. We will continue exploring business relationships to innovate new clean-energy technologies in support of TVA’s aspirational goal of net-zero carbon emissions by 2050.”
General Fusion's Magnetized Target Fusion removes the traditional technological barriers to delivering economical fusion power plants. The company recently reached a critical technology milestone, demonstrating the advanced engineering capabilities needed to scale its compression prototype to a full power system. Later in 2022, the company anticipates celebrating another milestone when it breaks ground on its Fusion Demonstration Plant at the UK Atomic Energy Authority’s Culham Centre for Fusion Energy. The Fusion Demonstration Plant will create the template for General Fusion's first commercial power plant. It will confirm the performance and economics of the company's technology at a power-plant-relevant scale.
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General Fusion's Market Development Advisory Committee (MDAC) member companies
About General Fusion
General Fusion pursues a fast, efficient, and collaborative path to practical fusion power. We are completing an aggressive development plan to deliver economical carbon-free fusion energy with our proprietary Magnetized Target Fusion technology by the 2030s. Our mission is supported by a global syndicate of leading institutional investors, venture capital firms, and technology pioneers, together with governments across North America and Europe. General Fusion collaborates with a global network of partners to create a sustainable future built on cleaner energy, better materials, and a comprehensive life cycle approach to the world’s infrastructure. Founded in 2002, we are headquartered in Vancouver, Canada, with additional centers co-located with internationally recognized fusion research laboratories near London, U.K., and in Oak Ridge, Tennessee, U.S.A. Learn more at www.generalfusion.com.
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