In an audacious move, Washington-based fusion power startup Helion has signed the world's first fusion power supply deal, promising to deliver Microsoft at least 50 megawatts of clean fusion power by 2028, or pay financial penalties.
Fusion power is seen by many as the 'holy grail' solution to our energy needs. It's safer than fission, controllable, generates zero-emissions and is virtually limitless. And cheap too; Helion says it's targeting electricity prices on the order of US$10 per MWh. The median cost of coal-fired power is more like US$36, and new solar costs around US$24.
In recent years, the excitement around fusion energy has been driven by a fresh crop of companies breaking away from the lugubrious pace of massive inter-governmental projects like ITER, exploring new technologies, and promising practical, low-cost, commercial fusion power on radically shortened timelines - such as UK nuclear fusion firm Tokamak Energy.
There is a common adage in the power industry: “Fusion power is always just 10 years away.” But progress in harnessing fusion is unquestionable, and, if commercial fusion is achieved, the current generation is likely to see a total revolution in energy in their lifetimes. Will Helion be the first?
If Helion - backed to the tune of US$577 million according to CNBC, including a very substantial US$375 million from OpenAI CEO Sam Altman - gets this Microsoft deal delivered, it could be some of the biggest energy news in our lifetime, and a very positive step toward net-zero carbon by 2050.