Marvel Fusion, a Munich-based fusion energy company, received $54 million in new funding to build the power plant of the future.
As Interesting Engineering reported, the company is working with Colorado State University to build a $150 million fusion power plant by 2040. This type of power generation uses heat from nuclear fusion reactions to generate clean, virtually limitless electricity.
Marvel Fusion is developing two laser prototypes and supplemental systems to create electricity from the energy released. It uses an innovative fusion approach incorporating ultrashort laser pulses to interact with small fuel pellets at a high intensity. Rapidly depositing laser energy triggers fusion and has the potential to scale for commercial operation.
The company recently secured more funds from the European Innovation Council Fund, EQT Ventures, and Siemens Energy to support this ongoing work. Prior funding has come from private investors.
The company's total funding is now at approximately $425 million to build a high-power laser and fusion research facility on the Colorado State University Foothills Campus.
Svetoslava Georgieva, chair of the European Innovation Council Fund Board, said, "The European Innovation Council's Fund participation underscores a significant advance, demonstrating the EIC commitment to high-impact innovation by private fusion companies and in line with fusion technology's position as a strategic technology for Europe."
Marvel Fusion's recent funding boost is significant because it gives the company the financial backing to work toward the first successful fusion prototype in the world. With an expanded shareholder board and public-private partnership collaboration, the funding will help establish Fort Collins as a laser fusion research hub and promote the future of clean energy in Colorado and beyond.
Marvel Fusion believes the new fusion facility will significantly advance laser fusion technology and its potential as a clean energy power source. This is a critical time to invest in fusion to replace dirty energy fuels such as coal, oil, and gas.
Fusion would limit planet-overheating air pollution without producing long-lasting radioactive waste. If the technology were adopted commercially and proved cost-effective, it could pave the way for cleaner energy options in the future.
This could mean reduced energy bills, improved resource efficiency, and money saved from labor-intensive energy generation materials and methods for individuals and communities. Reducing air pollution created from energy generation also has significant human health benefits.
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Absolutely 👍 Meanwhile, other scientists worldwide have been pouring time and effort into fusion technology research. In America alone, breakthroughs have been promising at California's Lawrence Livermore National Laboratory, Massachusetts Institute of Technology, and General Atomics in San Diego.
At Marvel Fusion, teams are transitioning from the research and development phase to industrial deployment for their fusion prototype, which will be used to achieve the 2040 goal.
According to World Nuclear News, the company is "actively forging industrial partnerships for the ramp-up of laser production, which can meet the high-gain requirement needed to offer sufficient energy at competitive prices."
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