Fusion Energy

An energy system under pressure

We are at an unprecedented energy crossroads. The climate emergency, the transition to energy-intensive digital technologies (such as artificial intelligence or data centres) and the industrialisation of the global south are driving up electricity demand. And yet, dependence on fossil fuels has hardly changed: between 2009 and 2019. Renewables are growing, but with limits: their intermittency, the need for storage, and current grids do not allow a 100% renewable system without massive investments.

The merger: from promise to structural solution

In this context, fusion energy is positioned as a strategic pillar for a sustainable energy system. Its energy density is unparalleled: 50 g of lithium and 12 g of deuterium – contained in a few hundred litres of water and soil – are equivalent to 300 tonnes of oil, the consumption of a lifetime in Europe.

In addition:

• Zero emissions in operation: no CO₂, no high-level waste, no risk of nuclear proliferation.
• Firm and predictable energy: operates 24/7, without depending on the weather.
• Multiple applications: electricity, green hydrogen, heat for industrial processes, medicine or materials.
• Global scalability: with raw materials accessible from seawater and the earth’s crust.

As Carlos Alejaldre, world leader and chairman of the board of Fusion for Energy, states:

“Fusion can completely replace fossil fuels.”

An industry in the making: from the laboratory to the market

After decades of research, fusion is no longer “always 30 years ahead”. Today, science has demonstrated its feasibility; The challenge is industrial and organizational.

The milestones are overwhelming:

• U.S. ignition (NIF): For the first time, a fusion reaction generated more energy than was used to activate it. The 2025 record reached a gain of 4.13.
• JET (EU-UK): record of 59 MJ held in a tokamak, bringing commercial viability closer.
• ITER: the largest fusion experiment in history, under construction in France with the participation of 35 countries.
• IFMIF-DONES (Spain): key infrastructure for testing irradiated materials, with a direct European investment of more than €200 million.
• Private investment: more than $8 billion invested to date, with the private sector taking over from public research.

Europe and Spain: a possible leadership

Recent strategic reports such as that of the Clean Air Task Force agree: the merger will be essential to meet the Paris objectives and ensure European energy competitiveness. In this context, Europe and Spain have a historic opportunity to lead the creation of a new energy and technology industry, building capacities in design, materials, regulation and human capital.

The Time to Act: Strategic Vision and Decisive Action

As Sehila González, global director of fusion energy at Clean Air Task Force, recalls:

“Merger is no longer a dream, it’s a race we’re winning.”

The technology is mature, the ecosystem is starting to form, and the time to scale and deploy is now. If we act decisively, with vision and global collaboration, fusion can become the great energy revolution of the 21st century.

Fusion energy is today a multidisciplinary engineering challenge that is making its way to industrial maturity. The current state of technologies, their cross-cutting implications and the key role of pilot projects are presented below.

Stage of development of fusion technology

For decades, fusion research focused on plasma physics. Today, the challenge is to integrate complex systems and operate them in a stable, safe and competitive way. According to Gianfranco Federici, Programme Director at EUROfusion, the five key barriers to a functional plant are:

1. Extreme
   heat managementThe plasma reaches temperatures above 100 million degrees, with thermal fluxes >of 10 MW/m². Components such as the diverter must withstand these loads for years of operation.
2. Neutron-resistant
   materialsThere are still no materials fully qualified to resist neutron damage. Advances in advanced alloys and experimental validations such as those of IFMIF-DONES will be key.
3. Tritium
   production and managementTritium is a key element for a fusion plant to operate, but also one of the biggest technological challenges. Today, it is a scarce resource in the world and its management is delicate. For a plant to be truly self-sufficient, it must be able to produce its own tritium inside the reactor, through special systems that are still in the experimental phase.
4. Functional system
   integrationValidating subsystems separately is not enough. The entire ecosystem (plasma, cooling, maintenance, tritium, materials) must work in coordination.
5. Industrial
   ScalingFrom ITER to a commercial plant there is a leap in construction, reliability and costs. It requires robust supply chains, standards, talent, and clear regulatory frameworks.

Technological competence: multiple routes, a common goal

Fusion energy can be achieved by several routes, which are divided into two major approaches:

• Magnetic fusion, where a powerful magnetic field is used to keep the plasma – an ultra-hot gas where fusion occurs – stable and away from the walls of the reactor.
• Inertial fusion, which uses very intense pulses of energy (such as laser beams or particle beams) to compress a small amount of fuel and cause the reaction.

Both technologies have the same goal: to reach extremely high temperatures and maintain them long enough to generate more energy than is consumed. Each one has advantages, challenges and different degrees of maturity.

Today there are several designs in development that seek to make fusion machines more compact, modular and economical. Some use new materials such as advanced superconductors, which allow devices to be downsized. However, this also adds complexity: the smaller and more efficient the machine, the more demanding its design and internal protection. This forces a complete rethink of how the system is cooled, how the fuel is handled, and how components are protected from extreme heat and radiation.

At this stage of development, it is positive that there is a diversity of approaches. Technological competence is not a weakness, it is a sign of vitality and a way to accelerate innovation. The challenge now is to move from prototypes to viable solutions, which can operate safely, continuously and at scale.

Modular validation and systemic approach

One of the biggest challenges of fusion is to make all the parts of a fusion machine work together in a coordinated manner. From fuel to materials, safety to maintenance, every element must be seamlessly integrated. They have to work at the same time and under extreme conditions.

Many of these key components are still in the experimental phase. Some, such as the systems responsible for generating fuel inside the reactor or the materials that must withstand intense temperatures and radiation, are still far from being ready for industrial use. Others, such as plasma heating systems, are more advanced, but still need testing in real-world environments.

That’s why experts advocate a modular approach: testing each part of the system separately under realistic conditions, before integrating them all into a single plant. This path, although slower, is essential to reduce risks, avoid costly mistakes and accelerate the arrival of the merger on a commercial scale. The key is to move forward rigorously, step by step, but without losing sight of the whole.

Technologies beyond fusion: transversal impact

Fusion research, in addition to driving a new way of generating energy, is giving rise to technologies that can transform many other key sectors.

For example, new-generation superconductors make it possible to build much more powerful and compact magnets. These advances are already being applied in medical magnetic resonance equipment or in the development of more efficient magnetic levitation trains.

Advanced cryogenics, which allows operating at temperatures close to absolute zero, is used in large scientific facilities and has potential applications in space transportation or particle physics.

In parallel, new power electronics systems have been developed, capable of handling large electrical loads with high precision. This is key to improving electricity grids or boosting the production of green hydrogen.

Special materials, such as liquid metals or radiation-resistant steels, are also being designed, with direct applications in sectors such as aerospace, medicine or nuclear energy.

And the complexity of reactors has led to advanced robotics and remote maintenance systems, which can be adapted to other demanding environments, from nuclear plants to automated factories.

Tech startups are already adapting these solutions for use outside the fusion arena. As industry experts have pointed out, these innovations can become industrial engines in their own right, provided that Europe is committed to developing its own manufacturing capacity and is not dependent on external supply chains. Fusion, thus, can not only change the energy system, but also drive a new generation of strategic technologies.

The role of large experimental projects

Projects such as ITER, JET, JT-60SA, IFMIF-DONES, NIF or SMART are essential for:

• Validate critical technologies.
• Create regulatory standards.
• To train industrial and scientific talent.
• Build global supply chains.

Special mention should be made of IFMIF-DONES (Spain), which will allow structural materials to be qualified under real melting conditions and will facilitate the licensing of future plants.

The plurality of technological routes is a strength, but it requires coordination. As Itxaso Ariza (Tokamak Energy) points out, the key is to diverge technically and converge strategically: identify two or three solid routes and align them with investment and standards to avoid fragmentation.

The race for fusion is played out on the border between what is possible and what is achievable. And it begins, today, with industrial, regulatory and talent decisions.

Transforming fusion energy into a real solution for our energy needs is much more than a scientific and technological issue. It involves building an industry from scratch, generating trust in the markets and doing so within deadlines that allow it to compete with other technologies.

The fusion industry: much more than science

One of the biggest challenges today is in industrialization. For fusion to reach the market, a network of companies capable of designing, manufacturing, assembling, and maintaining highly sophisticated components is needed. This supply chain is still under construction.

Many of the parts needed for a fusion reactor have never been made before, not even in sectors such as aerospace or conventional energy. This requires the creation of new processes, the training of specialized personnel and the coordination of many different actors. All this requires time, investment and, above all, collaboration between the public and private sectors.

In addition, it is essential that companies see clear opportunities. In addition to proving that the merger works, you have to show that it can become a sustainable business. To do this, it is key to create environments of trust, where companies can share risks, learn together and adapt with agility to technological changes.

Harnessing what already exists

One way to accelerate the development of fusion is to take advantage of technologies already available in other sectors. In fields such as aeronautics, space or automotive, advanced automation systems, artificial intelligence or digital simulation are already used that can be directly applied in the construction and maintenance of fusion reactors.

For example, digital twins make it possible to virtually simulate how a fusion plant will operate before building it. This helps to avoid errors, reduce costs and speed up deadlines. Likewise, artificial intelligence already makes it possible to predict how the plasma will behave inside the reactor, optimizing its design from the beginning.

Another key field is that of advanced robotics, essential to operate in environments where direct human intervention is not possible. These technologies, already used in space or in the nuclear industry, will make it possible to maintain and repair reactors remotely, safely and efficiently.

In short: you don’t have to invent everything. Many solutions already exist and can be integrated into the merger if the co

Preparing the market

When fusion is ready to generate power, the demand will be enormous. In addition to its ability to produce emission-free electricity, it can also generate heat for hard-to-electrify industrial processes, or be used to produce clean hydrogen on a large scale.

But for this to happen, the market must be prepared. This means having clear regulations, stable investment mechanisms, and potential customers willing to adopt these solutions. There is also a need to establish effective channels of communication between those who develop the technology and those who might use it.

In addition, it is important to be realistic: the merger is not going to replace all power plants tomorrow. But it can have specific applications from the beginning, with smaller and specialized devices that generate value in specific niches. From there, you can scale progressively.

When will it arrive?

While timelines vary depending on the type of technology and development model, most experts believe that fusion will begin to be integrated into the power grid between 2035 and 2045.

Large public projects are progressing cautiously, but there are startups and private consortia that already have prototypes in place, with plans to connect them to the grid in the coming years. If all goes according to plan, the 2030s could mark the beginning of the fusion era, with the first pilot plants producing real energy.

Of course, the arrival of the merger will not be a great one-off event; it will be a progressive process. There will be multiple prototypes, different competing technologies, and many intermediate stages. The important thing is that the ecosystem – from governments to companies, universities and investors – is organized from now on so that, when the technology is ready, the world is ready to adopt it.

Fusion energy is an industrial, technological and market race that requires a coordinated effort from many actors: governments, companies, research centers, startups and investors. None of them can walk this path separately.

A challenge too great to face alone

Making fusion work on a large scale doesn’t rely solely on physics or engineering. We also have to mobilize capital, attract talent and create an industry capable of building and operating reactors. This can only be achieved if the public and private sectors work hand in hand.

Public institutions provide stability, accumulated knowledge and key infrastructures. Private companies, on the other hand, provide agility, innovation and the ability to take calculated risks. For this collaboration to work, it is necessary to establish clear rules, mutual trust and a shared vision of the goal.

Experts agree on several key points:

• Timing is best: Collaboration works best when the technology has already demonstrated its potential and is in the validation phase.
• Sharing infrastructure: Using existing laboratories, test benches or technical centers reduces costs and accelerates deadlines.
• Agree from the beginning how the knowledge generated is managed: Intellectual property should not be an obstacle.
• Create open testing platforms: Especially so that startups can validate their developments.
• Think about the market from the beginning: It is not enough to do research; The way must be prepared for production and marketing.

This collaboration model has already worked in other sectors, such as aerospace. Cooperation between NASA and private companies such as SpaceX has made it possible to launch satellites, rockets and capsules faster and cheaper than ever before. The key? Work together from design, adapt standards to new technology and share risks.

The same happened with Airbus, when Europe opted for its own aeronautical industry. The success was technical and also organizational: different countries, with different standards, managed to coordinate to build leading aircraft around the world.

The lesson is clear: for the merger to work, we need strong collaborative structures, common goals, and governance frameworks that distribute risk well.

How to invest in merger... with sense

More and more investors are interested in the merger. They no longer see it as a distant fantasy, but as a realistic solution to energy and climate challenges. Fusion startups have attracted more than $8 billion in private investment.

But what makes a merger project attractive to capital?

• A clear vision: It is not a matter of promising everything, but of explaining what problem is solved, with what technology and for which market.
• A strong team: The ideal combination includes scientists, engineers, and experts in management, business, and regulation.
• A realistic roadmap: With clear stages, defined deadlines and measurable results. No one demands immediate profitability, but they do demand concrete progress in the first five years.
• Strategic alliances: The most credible projects are those that already collaborate with research centers, industrial suppliers or potential customers.
• Parallel applications: Many technologies developed for fusion can be applied in other sectors (such as industrial heat, hydrogen, or medicine), reducing risk and opening up new revenue streams.

Another key aspect is aligning times. Science needs decades. Venture capital, on the other hand, tends to move in cycles of 5 to 10 years. To connect the two worlds, “milestone” funding models are being used: instead of giving all the money at the beginning, funds are released as technical goals are reached. This gives investors confidence and forces teams to stay the course.

This model has already worked in the space sector and is now also applied in fusion, especially in the United States. The Department of Energy has funded several startups under this scheme, also attracting additional private investment.

Europe is also beginning to move in this direction, with programmes such as Horizon Europe or GO4FUSION. But there is still a long way to go if you want to compete with the speed of Asia or North America.

The investment that accelerates the energy of the future

Today there are more than 40 startups in the world developing fusion technologies. Some focus on tokamaks, others on lasers or more innovative configurations. The important thing is that they all share the same goal: to produce clean, abundant and safe energy.

These companies are receiving support from international funds, large technology corporations and governments. Among the most prominent are companies such as Commonwealth Fusion Systems (USA), which has already raised more than 2,000 million dollars, with ambitious plans to connect its first pilot plants to the grid in the next ten years.

China invests more than $1.5 billion a year in mergers. The United States has also positioned itself as one of the global leaders, with nearly $800 million annually in public programs and a private ecosystem that attracts billions in venture capital. Europe is advancing, although at a slower speed. In Germany, France, the United Kingdom and Spain, projects with public and private support are already being financed, which shows that interest is real and growing.

Now what?

The path to commercial fusion energy will not be easy or quick. But it is underway. To accelerate its development, we need three things:

1. Structured collaboration: between science, industry, regulators and investors.
2. Smart financing: combining public funds, private investment and mechanisms such as payment by milestones.
3. An ambitious and credible narrative: one that inspires society, attracts talent and gives confidence to the markets.

If done right, fusion can become not only a new source of energy, but also the industrial and technological engine of the 21st century.

Fusion is not fission. This principle, shared by all the experts in the forum, must be at the heart of any regulatory framework. The differences are substantial: fusion does not generate chain reactions or long-lived residues, and its radiological risk is significantly lower. Ignoring this specificity leads to the mistake of applying legacy models that can slow down innovation without bringing real security benefits.

Regulation as a driver of trust

A clear and well-adapted regulatory framework gives security to everyone: to citizens, who want security guarantees; to companies, who need to know what rules to comply with; and investors, who are only mobilized if there is stability and certainty. In other words, without proper regulation, there will be no fusion industry.

The challenge is to design standards that are proportionate to the actual risk, flexible for different technological approaches, and based on safety outcomes rather than overly rigid requirements. It is not a matter of copying what exists, it is a matter of building a new system that accompanies the evolution of fusion from the laboratory to the first commercial plants.

An international vision

Another key aspect is the global dimension. Fusion is an international industry: the various components, talent and investments move in global networks. Therefore, moving towards common regulatory principles between countries can greatly accelerate deployment, in the same way as it happens in sectors such as civil aviation.

This means agreeing on basic standards that avoid duplication, reduce costs and give confidence to all actors without renouncing national sovereignty.

From the laboratory to industry

The consensus is clear: fusion regulation must evolve as the technology itself does. At first, simple frameworks for labs and prototypes will suffice; Later, they will need to be expanded to cover pilot plants and eventually large-scale commercial plants. The key is that this regulatory growth is gradual, collaborative and accompanied from the beginning by industry, administrations and civil society.

In short, regulation will be one of the great accelerators of fusion. If done right, it will ensure security and boost investor confidence, attract talent and allow this new industry to deploy with the speed and scale that the planet needs.

Fusion is built with magnets, lasers, advanced materials, but, above all, with people. And here appears one of the greatest challenges: to train and attract the talent that will make this new energy industry possible.

The talent bottleneck

Today, specialized training lags far behind the investment that is coming to the sector. Most academic programs are still focused on scientific research, while what is needed now are profiles capable of designing, manufacturing, and operating fusion plants. That is, engineers and technicians with practical skills, capable of working with complex refrigeration systems, materials, robotics, artificial intelligence or power electronics.

The scale of the challenge is enormous: to go from a few thousand specialists to hundreds of thousands of professionals in a few decades. And we are not only talking about physicists, but also plant operators, systems engineers, regulatory specialists or sustainability experts.

Innovating in education too

The transition to commercial merger cannot rely solely on traditional university programs. It will be necessary to build a new educational infrastructure, combining academic training, practical experience in test centres and international collaboration.

This involves rethinking how professionals are taught and trained:

• With flexible programs that allow profiles from related sectors, such as aerospace, nuclear or semiconductors, to be reconverted.
• With continuous training, which allows knowledge to be updated at the same pace as technology evolves.
• With trajectories adapted to different roles: from maintenance technicians to regulatory project managers or designers of new plants.

Investing in people, not just projects

Just as startups or infrastructures are financed, it is essential to invest in human capital. Without a clear strategy to train and retain talent, there will be no fusion industry. This means supporting specific educational programs, creating accredited training centers, and designing attraction plans for young professionals.

Artificial intelligence also opens up new opportunities: it will allow future specialists to analyze data faster, optimize designs, and automate complex tasks.

Retraining and continuous learning

The merger cannot wait for a new generation to be formed from scratch. The immediate way is to retrain talent from mature sectors, where there are transferable skills: cryogenic systems, advanced materials, process control or the manufacture of high-precision components.

In the long term, success will depend on an agile and global educational ecosystem, capable of continuously updating skills and creating attractive career paths for thousands of people. Because if one thing is clear, it is that without talent there will be no fusion.

Fusion energy is no longer science fiction: it is a brewing industry that can transform our energy system and strengthen Europe’s competitiveness. Recent advances mark a turning point: now it is time to accelerate its transition to industrial scale.

From the Bankinter Innovation Foundation, based on the contributions of the experts, we identified five strategic axes to act immediately:

1. Technology – The big challenge is to move from the lab to the real world. We need complete devices that integrate all systems, test benches for materials, and a supply chain capable of producing at scale.
2. Investment and collaboration – Merger requires large-scale capital and strong public-private partnerships. Europe must commit to ambitious financing models, with verifiable milestones and industrial hubs that attract companies and startups.
3. Talent – The bottleneck will be human. Tens of thousands of engineers, technicians and operators will be needed. We must launch reconversion programs from related sectors and create a global educational roadmap that combines academic training and practical experience.
4. Regulation – Fusion is not fission. Specific frameworks are needed, proportionate to the real risks and harmonized at the international level, which provide certainty and reduce entry costs.
5. Communication – Society still doesn’t know what fusion is and why it’s different from fission. A clear, honest and close narrative is key to generating trust, mobilising talent and investment and ensuring social licence.

Europe and Spain have initial advantages – benchmark projects, centres of excellence and an emerging industrial ecosystem – but these are neither structural nor guaranteed. The opportunity is open, but so is the global race.

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