A group of organizations from both the public and private sectors in Japan plan to invest in a startup company that is developing fusion power, a new type of energy source.
The consortium includes 16 companies, such as Mitsubishi Corp. and Kansai Electric Power Co., as well as a government-affiliated fund, and they will be investing approximately ¥10 billion ($73.6 million) in the startup, which was founded at Kyoto University, according to Nikkei Asia.
Kyoto Fusioneering, a company founded by researchers from Kyoto University in 2019, will receive the investment. The startup is based in Tokyo and is the leading Japanese company that deals with technology related to fusion.
Fusion Power
The goal is to speed up the progress of fusion energy by enhancing the organization of assets like facilities and personnel. Fusion energy is produced by combining hydrogen atoms to create helium, much like how the sun generates heat.
The fuel necessary for fusion can be obtained from seawater and is nearly limitless. If fusion energy becomes a profitable option, it could significantly aid in reducing carbon emissions as it has the potential to provide unlimited, carbon-free energy.
Kyoto Fusioneering is a company that specializes in developing high-tech plasma-heating equipment known as gyrotron. These components are essential in creating nuclear fusion reactions, and Kyoto Fusioneering is regarded as a leader in this field.
Due to their impressive level of technological expertise, the company has been awarded an order from the U.K. Atomic Energy Authority.
The startup plans to use the money raised to create advanced technology to ensure the fusion reactor runs smoothly. They'll be building a miniature fusion reactor plant in Japan by 2024 to test how gyrotron and other equipment will function over time. Additionally, the company intends to recruit more engineers to join their current team of 200-300.
The company is thinking about getting more money, and Mitsubishi Corp. and other investors will help them become experts in nuclear fusion. Kyoto Fusioneering wants to be the first to make this new, clean energy source available to the public.
The Growing Market for Fusion Power in Japan and the World
The demand for clean energy sources is increasing globally, and nuclear fusion is seen as a promising solution. In Japan, the government has set a goal to achieve commercial fusion power by 2050, and Kyoto Fusioneering is well-positioned to be a key player in this industry.
The global nuclear fusion market is expected to reach over $800 billion by 2040, driven by increasing investments in research and development, government support, and growing demand for clean energy.
With its cutting-edge technology and expertise in the field, Kyoto Fusioneering is poised to capture a significant share of this market.
Overall, the future looks bright for nuclear fusion, and Kyoto Fusioneering is at the forefront of this exciting new industry. Their innovative technology and commitment to sustainability make them a promising investment for those looking to support the development of clean energy sources.
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