Fusion energy is suddenly flush with cash. Troy Carter knows that won’t be enough

Fusion energy startups secured over $13 billion in private investment between 2020 and 2025, a significant increase from less than $2 billion raised in all prior years, according to a European Union report. This influx of capital is fueling diverse approaches to achieving controlled fusion, a process that promises zero-carbon power with minimal radioactive waste, unlike current fission reactors. Troy Carter, a plasma physicist leading the U.S. fusion energy program at Oak Ridge National Laboratory, notes that despite this financial surge, the fundamental challenge of controlling plasma, the superheated gas essential for fusion, remains. Carter, who joined Oak Ridge in 2022 after two decades at UCLA, is focused on the physics of plasma, which is also the core component of stars and hydrogen bombs. The field gained significant momentum in December 2022 when researchers at the National Ignition Facility achieved fusion ignition, producing more energy than was used to initiate the reaction. This breakthrough, alongside the growing electricity demands of AI data centers, has attracted attention from hyperscalers signing power purchase agreements with nascent fusion companies. However, replicating the sun's gravitational confinement on Earth requires advanced technologies like powerful magnets, extreme temperatures, and novel materials, as exemplified by Commonwealth Fusion Systems' SPARC project which utilizes new superconducting technology.