Fusion Technology Is Reaching a Turning Point That Could Change The Energy Game

 (dani3315/iStock/Getty Images)

Our society faces the grand challenge of providing sustainable, secure, and affordable means of generating energy while trying to reduce carbon dioxide emissions to net zero around 2050. To date, developments in fusion power, which potentially ticks all these boxes, have been funded almost exclusively by the public sector. However, something is changing.sion

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Private equity investment in the global fusion industry has more than doubled in just one year – from US$2.1 billion in 2021 to US$4.7 billion in 2022, according to a survey from the Fusion Industry Association.

So, what is driving this recent change? There’s lots to be excited about.Before we explore that, let’s take a quick detour to recap what fusion power is.

Merging atoms together

Fusion works the same way our Sun does, by merging two heavy hydrogen atoms under extreme heat and pressure to release vast amounts of energy.It’s the opposite of the fission process used by nuclear power plants, in which atoms are split to release large amounts of energy.

Sustaining nuclear fusion at scale has the potential to produce a safe, clean, almost inexhaustible power source. Our Sun sustains fusion at its core with a plasma of charged particles at around 15 million degrees Celsius. Down on Earth, we are aiming for hundreds of millions of degrees Celsius, because we don’t have the enormous mass of the Sun compressing the fuel down for us.

Scientists and engineers have worked out several designs for how we might achieve this, but most fusion reactors use strong magnetic fields to “bottle” and confine the hot plasma.

Generally, the main challenge to overcome on our road to commercial fusion power is to provide environments that can contain the intense burning plasma needed to produce a fusion reaction that is self-sustaining, producing more energy than was needed to get it started.

Joining the public and private

Fusion development has been progressing since the 1950s. Most of it was driven by government funding for fundamental science. Now, a growing number of private fusion companies around the world are forging ahead toward commercial fusion energy. A change in government attitudes has been crucial to this.

The US and UK governments are fostering public-private partnerships to complement their strategic research programs.For example, the White House recently announced it would develop a “bold decadal vision for commercial fusion energy“.

In the United Kingdom, the government has invested in a program aimed at connecting a fusion generator to the national electricity grid.

The technology has actually advanced, too

In addition to public-private resourcing, the technologies we need for fusion plants have come along in leaps and bounds.

In 2021, MIT scientists and Commonwealth Fusion Systems developed a record-breaking magnet that will allow them to build a compact fusion device called SPARC “that is substantially smaller, lower cost, and on a faster timeline”.

In recent years, several fusion experiments have also reached the all-important milestone of sustaining plasma temperatures of 100 million degrees Celsius or above. These include the EAST experiment in China, Korea’s flagship experiment KSTAR, and UK-based company Tokamak Energy.

These incredible feats demonstrate an unprecedented ability to replicate conditions found inside our Sun and keep extremely hot plasma trapped long enough to encourage fusion to occur. In February, the Joint European Torus – the world’s most powerful operational tokamak – announced world-record energy confinement.

And the next-step fusion energy experiment to demonstrate net power gain, ITER, is under construction in France and now about 80 percent complete. Magnets aren’t the only path to fusion, either. In November 2021, the National Ignition Facility at Lawrence Livermore National Laboratory in California achieved a historic step forward for inertial confinement fusion.

By focusing nearly 200 powerful lasers to confine and compress a target the size of a pencil’s eraser, they produced a small fusion “hot spot” generating fusion energy over a short time period. In Australia, a company called HB11 is developing proton-boron fusion technology through a combination of high-powered lasers and magnetic fields.

Fusion and renewables can go hand in hand

It is crucial that investment in fusion is not at the cost of other forms of renewable energy and the transition away from fossil fuels. We can afford to expand adoption of current renewable energy technology like solar, wind, and pumped hydro while also developing next-generation solutions for electricity production.

This exact strategy was outlined recently by the United States in its Net-Zero Game Changers Initiative. In this plan, resource investment will be targeted to developing a path to rapid decarbonization in parallel with the commercial development of fusion.

History shows us that incredible scientific and engineering progress is possible when we work together with the right resources – the rapid development of COVID-19 vaccines is just one recent example.

It is clear many scientists, engineers, and now governments and private investors (and even fashion designers) have decided fusion energy is a solution worth pursuing, not a pipe dream. Right now, it’s the best shot we’ve yet had to make fusion power a viable reality.The Conversation

This article is republished from The Conversation under a Creative Commons license. Read the original article.

By: Nathan Garland & Matthew Hole, The Conversation

Nathan Garland, Lecturer in Applied Mathematics and Physics, Griffith University and Matthew Hole, Senior Research Fellow, Mathematical Sciences Institute, Australian National University

Source: Fusion Technology Is Reaching a Turning Point That Could Change The Energy Game : ScienceAlert

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Crypto Now Braced For A $2 Billion Goldman Sachs Bombshell As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

Bitcoin BTC 0.0%, ethereum and other major cryptocurrencies have bounced back from a huge market meltdown this month (that some think could reveal the future tech giants). The bitcoin price has rebounded 20% since crashing to a low of under $18,000 per bitcoin last week—despite a dire China warning—with ethereum and other top ten cryptocurrencies BNB BNB +0.3%, XRP XRP -0.9%, solana, cardano and dogecoin also making gains.

Now, reports have emerged Wall Street giant Goldman Sachs is looking to raise $2 billion to snap up the assets of embattled crypto lender Celsius which has been hard hit by the latest bitcoin and crypto crash. Goldman Sachs is soliciting crypto funds and traditional financial institutions as part of the deal that could see it buy Celsius’ crypto assets at a discount, it was first reported by Coindesk, with Blockworks adding the deal could happen even if the lender does not declare bankruptcy, citing anonymous sources.

Goldman didn’t want to buy into the top of the market,” one source told Blockworks. “This is more their style.” Celsius, which had $12 billion in assets under management as of May of this year, has been teetering on the brink of bankruptcy after suspending user withdrawals from the platform earlier this month, citing “extreme market conditions” and exacerbating a crypto price crash that sent bitcoin spiraling under $20,000.

Celsius has hired restructuring advisors Alvarez & Marsal, it was earlier reported by the Wall Street Journal, adding to previous reports Citigroup C +3.3% has been tapped to advise on possible solutions. Goldman Sachs’ reported bid for Celsius’ crypto assets is likely to return some degree of confidence to the market after traders were left rattled by the pace of the bitcoin, ethereum and cryptocurrency sell-off.

“Even so, it may not be the best time to buy, as it may take considerable time before the crypto market digests the recent turmoil and enters a new phase of sustained demand from broad segments of investors, not just stressed asset hunters,” Alex Kuptsikevich, FxPro senior market analyst, said via email. The Celsius meltdown, coming hot on the heels of the collapse of the terraUSD stablecoin its support coin luna, has sparked fresh calls for better crypto market and crypto company regulation.

“I suspect after the recent events with Celsius that the U.S. will provide more clarity soon, on regulation towards custodial providers and lenders, to bring more stability to the crypto space,” Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, wrote in an emailed note.

I am a journalist with significant experience covering technology, finance, economics, and business around the world.

Source: Crypto Now Braced For A $2 Billion Goldman Sachs Bombshell As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

Critics:

Nearly three weeks after Celsius Network suspended fund withdrawals and other operations from its platform, questions about its future are mounting.  The maneuvers behind the scenes are also increasing. The crypto firm has hired Alavarez & Marsal, a restructuring advisory firm. Celsius has tapped restructuring attorneys from law firm Akin Gump Strauss Hauer & Feld.

But the most interesting news is that Goldman Sachs  (GS) – Get Goldman Sachs Group Inc. (The) Report is trying to raise $2 billion from investors to buy distressed Celsius assets, according to Fortune and Coindesk.  Clearly the goal is to allow investors to buy Celsius’s assets at a low price in the event of the firm’s bankruptcy.

According to Fortune, which cites anonymous sources familiar with the matter, Goldman Sachs has solicited crypto firms and web 3 firms, the new iteration of the internet, as well as traditional financial institutions and companies specializing in restructuring. Goldman Sachs did not immediately respond to a request for comment.

On June 12, Celsius announced that it would suspend indefinitely various transactions, including withdrawals of funds “due to extreme market conditions.” Today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts,” the company said at the time. “We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations.”

Celsius is a cryptocurrency lending platform. The company allows anyone to borrow cryptocurrency and earn interest for lenders. “Earn high. Borrow low. Change the world,” the firm says on its website. One of its catch phrases is “Borrow like a Billionaire.” Celsius, through its CEL token, promises “financial rewards” as much as 30% extra returns weekly. But some options are not available to U.S. based users.

When it raised $400 million last October from investors led by WestCap and Canadian Caisse de dépôt du Québec (CDPQ), Celsius Network saw its valuation soar to $3 billion. The company wants to be an intermediary between traditional finance and the sphere of cryptocurrencies.

Related contents:

Crypto Crash: Goldman Sachs Is on the Lookout TheStreet14:38

Clear Group targets growth after investment from Goldman Sachs Asset Management Insurance Day

Clear Group confirms Goldman Sachs investment The Insurance Insider

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