Australian-backed nuclear company plots US nuclear fusion facility as global race intensifies

Type One Energy has struck a series of agreements to build a nuclear fusion pilot facility in the US, a development that moves the technology closer to reality.

Australian-backed Type One Energy has struck a series of agreements to build a nuclear fusion facility in the US, a development that moves the much heralded technology closer to reality.

Nuclear fusion – in contrast to the established nuclear fission, where atoms are split to release vast quantities of energy – remains in the embryonic stage of development, but a growing number of countries are scrambling to harness the nearly limitless supply of energy with minimal environmental concerns.

Historically, fusion has not been technically viable because the energy required to power the reaction has exceeded the energy produced, but the technology is advancing rapidly.

Recent satellite images from China have raised speculation that China could be leading the race, but the US is moving aggressively too.

A conceptual design render for a nuclear fusion facility.

Type One Energy – backed by Australian and New Zealand investors, including Foxglove Capital, and prominent global investors such as an energy fund founded by Bill Gates – said it had struck a series of deals with the largest public energy provider in the US.

Under the terms of the deals, Tennessee Valley Authority and Type One Energy will jointly develop a 350MW fusion pilot power plant to become a source of baseload electrical generation as early as the mid-2030s.

The power station, to be known as Infinity Two, will repurpose retired TVA fossil fuel power plant infrastructure.

Type One Energy chief executive Christofer Mowry said nuclear fusion was close to being a viable solution for countries such as Australia that want to decarbonise but need reliable sources of energy.

‘There is growing recognition that fusion technology has now reached a point where there is a real opportunity for it to play an important role in the clean energy transition,” said Mr Mowry.

Type One Energy chief executive Chris Mowry.

“Our stellarator fusion power technology is starting its commercialisation journey at a particularly relevant time for Australia, where there is an active policy debate on firming solar and wind. We believe stellarator fusion power can play an important role in Australia alongside the discussion about renewables and other technologies, including gas.”

The prospect of nuclear power in Australia remains divisive. The Coalition has proposed building seven nuclear power stations to allow Australia to achieve net zero emissions by 2050, claiming Labor’s renewable plan threatens grid stability.

But the Coalition must overcome environmental concerns.

Labor insists nuclear is economically unviable because the proliferation of rooftop solar panels means wholesale electricity prices are often negative during the day.

Nuclear fusion could be flexible, meaning output could be adjusted to back up renewables when conditions are unfavorable. Nuclear fission is inflexible, with output largely steady.