Novatron Fusion Group welcomes FIA (Fusion Industry Association) annual report as global fusion investment breaks through $7billion barrier

Novatron Fusion Group is welcoming the FIA’s (Fusion Industry Association) annual report as total global investment in fusion breaks through the $7billion barrier, backed by a surge in employment and government support.

With more than $900 million of new finance pumped into fusion initiatives since last year, total public funding has increased by 57% in the last 12 months to $426m, according to ‘The Global Fusion Industry in 2024’ report.

Data was compiled following a survey of 45 private fusion companies including Sweden’s own Novatron Fusion Group – Scandinavia’s first official fusion project.

The US remains the global leader for commercial fusion with 25 companies in the survey, followed by the UK, Germany, Japan, and China, all with three. Switzerland is a new entrant into this year’s report, hosting two fusion companies, while Australia, Canada, France, Israel and New Zealand all have one.

The report comes shortly after Novatron Fusion Group signed a landmark MoU with the UKAEA (UK Atomic Energy Authority) to advance fusion development. Read more here. Now in its second year of formal operation, Novatron Fusion Group is rapidly advancing construction work to launch its first official test facility - the Novatron 1 (N1).

While the report makes for positive reading, Novatron Fusion Group believes the fusion industry is now entering a critical ‘five-year phase’ until 2030, with two-thirds of the FIA survey respondents highlighting funding as a key barrier to overcome.

“The next few years are vital to making the vision of sustainable and abundant fusion energy a reality. Ambitious targets need ambitious resources and a step change in growth will be required once private companies deliver results on their prototype machines. The sector needs continued support from public and private investors if it is to continue to innovate.”

The study further reports a leap in job numbers, with more than 4,000 people now employed in private fusion companies globally, a 34% increase since 2023 (1,034 more employees), and up nearly 300% since 2021 (3,011 more employees). Nearly half of those employed are engineers (48%), a quarter are scientists (25%), and a quarter are in other roles (27%).

The FIA says the figures demonstrate how governments are increasingly viewing public-private partnerships as central to making commercial fusion a reality.

Notable public-private partnerships that have moved forward in the last year include the Milestone-based fusion development program in the United States, the German government’s new “Fusion 2040” initiative; the Japanese government’s new “Fusion Moonshot” goal; and the British Government’s ambitious new “Fusion Futures” program.

Andrew Holland, Chief Executive Officer of the Fusion Industry Association said: “This year’s continued growth in investment and employee numbers are exactly what we should be seeing in a maturing industry. In the face of continued challenges in raising capital for ‘deep-tech’ ventures, the additional funding underscores confidence in fusion technology’s potential to revolutionize the global energy landscape on a timescale that is relevant to investors. Plus, with government policies shifting to direct more public funding into private fusion companies, the major players are aligning behind a shared goal.”

In the fourth year of this report, companies remain steadfast in their projected timelines for producing fusion-generated electricity in the 2030s, with 89% of the companies responding to the survey anticipating that fusion will provide electricity to the grid by the end of 2030s, and 70% of the companies saying that milestone will happen by the end of 2035.

Novatron Fusion Group is an official member of the Fusion industry Association (FIA) - regarded as a ‘unified voice’ for the global fusion industry and a central point for coordination across the fusion community to support accelerated growth. Membership requires companies to have a plan for fusion commercialization and to demonstrate private investment to support their mission.