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During the Future Trends Forum organized by the Bankinter Innovation Foundation, over twenty international experts, including Itxaso Ariza, CTO of Tokamak Energy, discussed the future of fusion energy technology. Ariza emphasized that while scientific progress in fusion reactors and related technologies is advancing rapidly, the industrial sector is not yet prepared to manufacture the necessary components at scale. She warned that without immediate investment in building a robust supply chain, especially in Europe, the continent risks missing out on a potential $10 trillion market opportunity. Ariza highlighted the critical need for coordinated industrial efforts, including identifying capable suppliers, establishing standards, and creating incentives for investment to avoid delays when commercial reactors are ready.
Ariza framed fusion energy not only as a scientific breakthrough but as a major industrial opportunity capable of revitalizing sectors like advanced materials, robotics, and high-power electronics. She urged a shift from a purely scientific approach to a strategic industrial deployment, arguing that developing the supply chain in parallel with reactor designs is essential. Europe must leverage its existing talent and research centers by fostering alliances among startups, corporations, and governments to compete with countries like the US, China, and South Korea, which are already investing heavily. The message is clear: fusion energy is no longer distant science fiction but an imminent industrial challenge that requires vision, collaboration, and immediate action to secure economic and technological leadership.
Tokamak Energy CTO warns: Europe needs an industrial supply chain for fusion or it will miss a $10 trillion opportunity
During the Future Trends Forum dedicated to fusion energy, organised by the Bankinter Innovation Foundation, more than twenty international experts discussed the industrial, economic and geostrategic future of this technology. One of the most direct voices was that of Itxaso Ariza, a Spanish engineer and CTO of Tokamak Energy, one of the world’s leading startups in compact fusion.
From his experience in the development of reactors, advanced materials and extreme vacuum systems, Ariza issued a blunt warning: technology is already advancing, but the industry is not yet ready to produce the components that fusion needs at scale. If Europe wants to play a relevant role, it cannot limit itself to science: it has to build a real supply chain.
“We are talking about a market opportunity of more than ten trillion dollars. But if we don’t invest in industry today, tomorrow we won’t be in that picture.”
If you want to see Itxaso Ariza’s presentation at the Future Trends Forum, here it is:
Itxaso Ariza: “Delivering fusion power and transformative superconducting technology” #FusionForward
The industry isn’t ready (and the clock has already turned)
Itxaso Ariza’s vision is as optimistic as it is demanding. Yes, fusion technology is advancing. Yes, increasingly robust milestones are being reached in magnetic confinement, superconductors, materials, and control electronics. But none of this will work if there is no industry capable of manufacturing these systems at scale.
“We can have the best reactor in the world, but if there is no one to build it, it will never reach the market.”
Ariza focuses on the great gap between the pace of science and that of industry. While laboratories move forward, suppliers still do not have clear orders, without defined standards, without incentives to invest in production lines or certification processes.
The risk is clear: when the time comes to build pilot plants or commercial reactors, there will be no time to improvise. Whoever has the capacity to produce, will lead. And those who don’t, will depend.
“It takes years to develop certain components. If we start building the supply chain when we already need it, we are late.”
For Ariza, the opportunity is immense: it is estimated that, with current projects alone, between 1,000 and 1,500 reactors could be generated between now and 2050, with a potential market value of more than 10 trillion dollars. But if Europe does not build its industrial ecosystem in time, value will be generated… but outside the continent.
An industrial opportunity (if you know how to activate it)
Fusion energy does not only represent a scientific or energy revolution. It is also an unprecedented opportunity for reindustrialisation, with the potential to activate key sectors such as advanced materials, cryogenics, robotics, precision manufacturing and high-power electronics.
“This is not just about making reactors. It’s about creating an industrial ecosystem that can sustain them and scale their manufacturing.”
But that opportunity, Ariza warns, will not activate itself. Europe needs to move from the scientific approach to the strategic approach. And that is where it marks a key difference with respect to many current institutional visions:
“Some voices say that it makes no sense to talk about suppliers until there is a final reactor design. I don’t agree. If we wait until everything is resolved, we are late.”
For Ariza, the supply chain should not wait for the final design, but should be developed in parallel. Only then will it reach the market on time.
. That implies:
- Identify current suppliers that already have nearby capabilities and help them adapt to the demands of the fusion sector.
- Generate coordinated and sustained demand that allows these companies to invest without fear of uncertainty.
- Develop common standards, certification processes and specialized technical training to avoid bottlenecks.
According to Ariza, many of the necessary technologies already exist, but they are not organized or connected in a real value chain. There is a lack of investment, visibility and coordination. And the clock is ticking.
“The countries that are best industrially prepared will be the first to build, operate… and export.”
For Tokamak Energy, where Ariza leads the technology area, the key is to create strategic alliances from now on: between startups, large companies, research centers and governments.
In addition, the company is already exploring industrial applications of its superconductivity technology in sectors such as energy or medicine, with the aim of accelerating its scalability and return.
Only in this way will Europe be able to compete with the US, China or South Korea, where industrial investments are already underway.
It’s not science fiction. It is industrial planning
Itxaso Ariza’s intervention at the Future Trends Forum breaks with a common narrative around fusion: that of a technology that is always promising, but eternally distant. For her, that vision is outdated. Technology is advancing. What is missing is industry.
And that requires a change of approach. From research to deployment. From the laboratory to the factory. From science to strategy. Because the real race for fusion is no longer scientific: it is industrial.
Europe has talent, knowledge and reference centres. But if you don’t translate them into an active, connected, and scalable supply chain, the value of the merger will be generated elsewhere.
And the advantage will no longer be only in knowing how to build reactors, but in being able to manufacture them when the market demands it. When that happens, there will be no room to react.
At the Bankinter Innovation Foundation, we are clear: fusion energy is not science fiction. It is a real industrial opportunity. But only if we act now – with vision, collaboration and ambition.
This article is part of the analysis that we have carried out at the Bankinter Innovation Foundation. The full report, Fusion Energy: An Energy Revolution in the Making, brings together input from more than twenty international experts and defines the five critical axes for scaling fusion energy as a climate, economic and technological driver.
Download it here and find out in detail how we can build tomorrow’s energy system today.
And if you are interested in continuing to explore this transformation, don’t miss the next installments of the Fusion Forward series, where we continue to bring society closer – with rigour and vision – to the keys to the energy future that is already being designed.
Directora de Tecnología (CTO) en Tokamak Energy
