What does fusion energy need to become an industrial reality? Carlos Alejandre and María Teresa Domínguez analyze how public-private collaboration models can scale the sector and create value in Europe long before it reaches the grid
This article has been translated using artificial intelligence
Fusion energy is at a turning point. It’s no longer just about achieving ignition or sustaining confined plasma. The real challenge now is transforming decades of scientific research into a scalable, viable, and sustainable industrial infrastructure. To make this leap -from lab to market- public-private partnerships are the structural cornerstone.
At the Future Trends Forum event, “Fusion Energy: A Revolution in Motion”, Fundación Innovación Bankinter brought together international experts to tackle this exact issue. Among the most anticipated speakers were:
- Carlos Alejandre, Chair of the Governing Board at Fusion for Energy -the body responsible for channeling European resources into fusion development- and Emeritus Scientist at CIEMAT.
- María Teresa Domínguez, Director of the Advanced Projects, R&D, and New Nuclear Builds Business Unit at Empresarios Agrupados.
Both offered a deeply strategic and hands-on perspective, grounded in decades of direct experience with large-scale nuclear projects.
???? Watch Carlos Alejandre’s keynote:
https://www.youtube.com/watch?v=xlx4B8urwBE&list=PLc4Hn5L33E75v6udmLSwSenbdRDGIIWLm&index=21
Carlos Alejandre: “Public-Private Collaboration in Fusion” #FusionForward
???? Watch María Teresa Domínguez’s keynote:
https://www.youtube.com/watch?v=CTZFDGUF2G4&list=PLc4Hn5L33E75v6udmLSwSenbdRDGIIWLm&index=30
Maria Teresa Domínguez: “Public-Private Collaboration in Fusion” #FusionForward
Lessons from the Past: How Spain Built Its Own Fusion Model
Carlos Alejandre offered a compelling look back at a lesser-known chapter in Spain’s scientific history: how, in the 1980s, the country developed a pioneering public-private collaboration model in fusion. Rather than simply contributing to international programs by sending scientists abroad, CIEMAT -then known as the Junta de Energía Nuclear- chose a bolder path: to build a domestic experimental infrastructure –the stellarator TJ-II, a magnetic plasma confinement device.
This decision wasn’t easy. It meant going against prevailing political directives and taking on the challenge of constructing a highly complex technology from scratch. But it turned out to be a winning bet. More than 60% of the stellarator’s components were manufactured by Spanish companies –many of which had no prior experience in the nuclear sector.
How was this possible? Alejandre put it simply:
“Our engineers worked side by side with the companies. We didn’t outsource -we co-created knowledge.”
The result was twofold: the project was successfully completed, and the participating companies gained capabilities that later enabled them to export technologies to institutions like CERN and the Max Planck Institute for Plasma Physics (IPP).
The Time for Investors Is Now
From a business perspective, María Teresa Domínguez delivered a clear message: the fusion timeline demands decisions today. If Europe’s fusion ecosystem wants to see reactors connected to the grid within the next decade, massive investments must start now.
“In nuclear energy, the time from project decision to operational launch can exceed 20 years. You can’t wait for everything to be mature before acting,” she emphasized.
Empresarios Agrupados has participated in over 210 energy projects across multiple technologies -conventional, renewable, and nuclear- and has been involved in fusion initiatives like ITER since the early 2000s. That track record gives her confidence:
“Fusion is not a leap into the void. Many technologies are mature. What we need is to integrate them with systems thinking.”
The Ingredients of Effective Collaboration
Both Carlos Alejandre and María Teresa Domínguez agreed: successful public-private partnerships don’t happen by chance -they are built around five key elements:
1. A shared vision from the start
Projects must be born with a clear, common objective. It’s not just about public funding and private execution. A joint vision from the design phase is needed, integrating the interests, capabilities, and limitations of all parties.
2. Deep industry involvement
Companies must go beyond being suppliers -they need to be co-developers. In the case of Spain’s stellarator, CIEMAT engaged industry from the very first stages, enabling real capability transfer.
3. Adapted financing structures
One of the key enablers of Spain’s 1980s success was phase-based co-financing schemes, which allowed risk to be assumed progressively. Reintroducing such mechanisms -perhaps through new EU funds for strategic technologies-could be essential.
4. Technical talent with an industrial mindset
Alejandre emphasized that the engineers trained by CIEMAT were system thinkers, not just lab specialists. This culture needs to be reinforced through universities and research centers.
5. Institutional trust and continuity
Partnerships require stable regulatory frameworks, well-coordinated agencies, and industrial policies that don’t shift with each political cycle. The EU, Alejandre noted, can play a key role as a guarantor of long-term vision and scale.
From Technological Integration to Regional Integration
Domínguez added a vital dimension: fusion integration must also be territorial.
To fully harness the industrial potential of this technology, Europe must think in terms of regional ecosystems.
“Building a fusion plant involves much more than plasma physics,” she noted. “You need to consider water, land, grid access, waste… The entire value chain is activated from day one. It’s a unique opportunity to create tech hubs across Europe.”
Europe Has the Structure -Now It Must Close the Gaps
Both experts agreed: Europe has what it takes to lead in fusion –talent, institutions, scientific infrastructure, and industrial capacity. But several bottlenecks still threaten progress:
- A lack of clear regulation for fusion reactors, which are currently assessed under frameworks designed for fission.
- Industrial consortia remain fragmented, often struggling to scale beyond pilot projects.
- Private investment is still limited, though spillover technologies could be a key entry point for capital.
Conclusion: Building Trust -Not Just Reactors
Fusion energy is closer than ever to becoming a reality. But the challenge is no longer just scientific -it is organizational, industrial, and political.
What the experiences shared by Alejandre and Domínguez make clear is this: we don’t need to wait for fusion to work to start creating value –that value can be generated now, if the right collaboration mechanisms are activated.
As Alejandre summed up:
“If we can get industry to see that this isn’t science fiction, but a real business opportunity, then the future of fusion will also be the future of Europe.”
This article is part of the ongoing analysis by the Fundación Innovación Bankinter. The full report, “Fusion Energy: A Revolution in Progress,” brings together insights from more than 20 international experts and identifies the five critical levers to scale fusion as a climate, economic, and technological driver.
Download it here to explore how we can start building tomorrow’s energy system today.
And if you want to keep following this transformation, don’t miss the next articles in the Fusion Forward series – where we continue to bring the future of energy closer to society, with rigor, foresight, and purpose.
