Realta Fusion and Madison Gas and Electric will jointly explore developing a 200-megawatt electric fusion energy plant in the coming years through a new strategic partnership.
The Madison-based fusion technology company and MGE are announcing the project today, as well as a direct equity investment by the utility’s parent company, MGE Energy Inc., to kick off the effort’s first phase. The specific amount invested isn’t being disclosed.
To support the expected plant, the utility is also providing equipment, engineering and technical support, as well as help with the siting and permitting process, financing and more.
Kieran Furlong, CEO of Realta Fusion, says the agreement with MGE is a “clear signal” that fusion’s time is coming.
“Fusion energy will be the ultimate source for zero-carbon electricity for humanity’s growing needs, and now we have a forward-thinking partner in MGE ready to help us make fusion real,” he said in a statement.
The company has previously said it aims to build a first-generation fusion energy plant in the mid-2030s, building on the work that will be done at its Realta Forge R&D facility in Madison.
Located at the site of the former Oscar Mayer plant within MGE’s service area, the recently announced facility will serve as a testing ground for a prototype version of its eventual fusion energy machines.
While Realta forges ahead with its research and development efforts, companies in other states are also developing their own competing fusion energy projects. That includes Commonwealth Fusion Systems — a supplier of superconducting magnets used in the Realta Forge — which is expected to be one of the first businesses to crack commercial fusion.
While MGE and Realta say the new agreement “deepens existing ties,” between the companies, a spokesperson declined to provide details on the ownership model for the planned fusion energy plant.
Meanwhile, MGE President, CEO and Chairman Jeff Keebler says exploring emerging technologies is necessary to achieve carbon reduction goals. The utility in 2019 committed to net-zero carbon electricity generation by 2050.
“Realta is developing a promising fusion technology right here in Madison, and this collaboration reflects our commitment to exploring emerging technologies that have the potential to deliver reliable, around-the-clock carbon-free energy for our customers and communities,” Keebler said.
See more in a recent story on the Realta Forge project.
