On the 3rd April the Government announced £20 million to kickstart 'Starmaker One' - a British private fusion investment fund that will help fusion businesses and start-ups in the sector grow and commercialise at scale.
It is expected the upfront investment will unlock further investment from the private sector as the fusion industry grows - helping cement the UK as a world leader in the technology and creating highly-skilled jobs.
Companies in the UK have often identified a lack of access to capital as a barrier to scaling up and commercialising their business. An injection of cash from the Government will give the private sector confidence to invest in fusion, developing its vast potential as an unlimited source of energy and ensuring the UK continues to complete in the global fusion race.
The funding boost will help small fusion companies provide training for their workforce in key areas such as physics, engineering and chemistry. It will also support companies to develop technologies and capitalise on the opportunities of fusion energy in markets including magnetics, industrial AI, robotics, healthcare, transportation and energy sources.
Fusion already supports thousands of jobs in the UK, in regions such as Nottinghamshire, Oxfordshire and South Yorkshire, with thousands more to follow as the technology advances. Fusion is a key industry sector in the Oxford-Cambridge Growth Corridor with independent research from London Economics showing that every £1 invested in fusion it benefits the economy by nearly £4.
Energy Secretary Ed Miliband said:
"This government is taking back control of Britain’s energy by driving for clean homegrown power through our Plan for Change.
Fusion has the potential to provide us with energy security, whilst attracting the best technologies to our shores and training up the next generation of British scientists and engineers.
We are backing both nuclear and fusion power, and today we take a step forward in growing this exciting industry."
To learn about all about the announcement click below.
Government kickstarts £100 million fusion investment
Government kickstarts £100 million fusion investment
On the 3rd April the Government announced £20 million to kickstart 'Starmaker One' - a British private fusion investment fund that will help fusion businesses and start-ups in the sector grow and commercialise at scale.
It is expected the upfront investment will unlock further investment from the private sector as the fusion industry grows - helping cement the UK as a world leader in the technology and creating highly-skilled jobs.
Companies in the UK have often identified a lack of access to capital as a barrier to scaling up and commercialising their business. An injection of cash from the Government will give the private sector confidence to invest in fusion, developing its vast potential as an unlimited source of energy and ensuring the UK continues to complete in the global fusion race.
The funding boost will help small fusion companies provide training for their workforce in key areas such as physics, engineering and chemistry. It will also support companies to develop technologies and capitalise on the opportunities of fusion energy in markets including magnetics, industrial AI, robotics, healthcare, transportation and energy sources.
Fusion already supports thousands of jobs in the UK, in regions such as Nottinghamshire, Oxfordshire and South Yorkshire, with thousands more to follow as the technology advances. Fusion is a key industry sector in the Oxford-Cambridge Growth Corridor with independent research from London Economics showing that every £1 invested in fusion it benefits the economy by nearly £4.
Energy Secretary Ed Miliband said:
"This government is taking back control of Britain’s energy by driving for clean homegrown power through our Plan for Change.
Fusion has the potential to provide us with energy security, whilst attracting the best technologies to our shores and training up the next generation of British scientists and engineers.
We are backing both nuclear and fusion power, and today we take a step forward in growing this exciting industry."
To learn about all about the announcement click below.