Fusion energy — why we invested in General Fusion
What is the point of driving an electric car if the electricity it runs on is produced from fossil fuels? Our climate crisis today is largely an energy challenge. To get to net zero we need carbon emission free energy production, there is no other way, full stop.
Despite the huge efforts in increasing renewable energy sources in the last couple of decades, less than 10% of total energy production comes from wind. solar, or hydropower and more than 84% comes from fossil fuels.
At the same time, energy demand is expected to more than double in the next decade as the economy grows and the world goes electric. On top of this, many of the innovations aimed at taking us to net zero like Green Steel, Green Aviation Fuel, or Carbon Capture and Storage are all big electricity consumers.
So we have to start with the source — where is the energy coming from that will power these solutions? This is why we are super excited to announce our latest investment — General Fusion that is addressing our energy crisis at the very source.
General Fusion is transforming how the world is energized by developing the first commercially-viable fusion power plant. Fusion will deliver clean, safe and on-demand power at industrial scale, providing a powerful complement to renewables and a pathway to a zero-emission grid.
1 kg of fusion fuel can replace:
- 55,000 barrels of oil,
- 6 million kgs of natural gas,
- or 10 million kgs of coal?
This equals the energy usage of 10,000 homes annually! Fusion produces zero greenhouse gas emissions, emitting only helium as exhaust. The power plants can be built close to the sources of energy demand and require less land than other renewable technologies. General Fusion is on the course to power industries, businesses and homes by the 2030s.
We are very confident that Christofer, Greg, Michel, Wajida, John, Michael and the full General Fusion team will push their limits to make fusion available in the coming years and we are extremely excited to be part of their journey!
Welcome to the Norrsken VC family!
