Fusion Power Plants Don't Exist Yet, But They're Making Money Anyway
Commonwealth Fusion Systems announced this week that it has secured another customer for its first commercial fusion power plant in Virginia, with Eni, one of the world's largest oil and gas companies, signing a billion-dollar deal to buy electricity from the facility. However, there is a catch: neither the reactor nor the smaller demonstration model being built by Commonwealth exists yet.
This development marks a peculiar moment in the pursuit of fusion power, where investors are pouring billions into the field to build plants that have not yet been constructed. Companies like Commonwealth Fusion Systems and Lockheed Martin's Compact Fusion Reactor are signing massive agreements with energy companies to purchase electricity from reactors that don't exist, sparking concerns about twisted expectations.
"Fusion is a long-term investment," said Bob Mumgaard, CEO of Commonwealth Fusion Systems. "We're building the first commercial-scale fusion power plant, and we're doing it in partnership with industry leaders like Eni."
The National Ignition Facility at Lawrence Livermore National Laboratory achieved a major milestone for fusion power nearly three years ago when scientists used the world's most powerful lasers to heat a pellet of fuel to 100 million degrees Celsius. Hydrogen atoms fused together, releasing more energy than the lasers put in.
This breakthrough has sparked significant investment in fusion research and development. However, experts caution that building a working reactor capable of producing electricity is a complex task that requires overcoming numerous technical challenges.
"Fusion is not just about achieving ignition; it's also about sustaining it for long periods," said Dr. Richard Hawkes, a physicist at the University of California, Berkeley. "We need to demonstrate that we can achieve and sustain fusion conditions in a reactor before we can start talking about commercialization."
Despite these challenges, companies like Commonwealth Fusion Systems are pushing forward with their plans. The company is currently building a smaller demonstration model to test its tokamak design, which uses magnetic fields to confine and heat plasma.
The Eni deal marks the second major agreement for Commonwealth in recent months, following a similar partnership with Google's parent company, Alphabet Inc. These deals demonstrate the growing interest in fusion power from industry leaders, but they also raise questions about the feasibility of these plans.
"Fusion is not a silver bullet," said Dr. Hawkes. "It's a long-term solution that requires significant investment and technological advancements."
As companies continue to push forward with their fusion plans, experts warn that investors should be aware of the risks involved in this emerging technology. While fusion holds great promise for providing clean and sustainable energy, it is still a developing field that faces numerous technical challenges.
Commonwealth Fusion Systems has set an ambitious goal of building its first commercial-scale reactor by 2025, but many experts believe this timeline may be overly optimistic. Nevertheless, the company's progress and partnerships with industry leaders are generating significant excitement in the fusion community.
As the pursuit of fusion power continues to gain momentum, one thing is clear: investors are willing to take risks on a technology that has yet to prove itself. Whether these bets will pay off remains to be seen.
*Reporting by Technologyreview.*
