Total investment in fusion energy rose to over $6.2bn (€5.5bn), up from $4.8bn in 2022 with 13 new companies joining the fusion race and the first reactors producing energy expected to be on grid from 2030 to 2035, according to a report.

In its latest report on the industry, the US-based Fusion Industry Association says the number of fusion companies surveyed increased to 43, up from 33 in 2022. This report saw 13 new companies added, although three from last year are no longer in business. Some of their technologies and skills have moved to other companies, the report says.

These 43 companies are “extremely technologically diverse” with very few examples of companies competing in the same technology. That diversity is a means of managing risk – with 43 separate efforts around the world increasing the chances of commercially viable fusion.