Madison-based
Realta Fusion, an early-stage fusion company spun out of the University of Wisconsin-Madison, is one of eight companies chosen by the U.S. Department of Energy to help advance research and development for fusion power plants.
Realta will receive an unspecified amount from a $46 million pool of funding awarded through the Milestone-Based Fusion Development Program.
“This agreement provides funding and a framework for Realta Fusion to leverage expertise within DOE’s national laboratories and other research institutions, and we’re delighted to be part of the select group of companies chosen by the DOE," said
Kieran Furlong, chief executive officer of Realta Fusion. "Significantly, we will also engage with communities to earn a social license for fusion and develop the future workforce the industry needs."
Realta is developing modular, compact magnetic mirror fusion energy generators as the lowest capex and least complex path to commercially competitive fusion energy
Within five to 10 years, the eight awardees will resolve scientific and technological challenges to create designs for a fusion pilot plant that will help bring fusion to both technical and commercial viability.
The Milestone Program was inspired by NASA’s Commercial Orbital Transportation Services program, which allowed public funding to be directed to fast-moving, nimble start-ups and lead to the creation of a successful private space-launch industry in the U.S.
Like that program, public funds are provided once a company has achieved targeted milestones. Realta Fusion will also invest its own money to work towards completing the milestones. The Milestone Program has a five-year timeline within which Realta Fusion will demonstrate technical progress towards a commercially feasible compact magnetic mirror fusion energy system and a design for a fusion pilot plant.
