1、UNLOCK ING FUSION ENERGYNavigating challenges&opportunities in fusion energy commercialization2025CONTENTFOREWORD 3EXECUTIVE SUMMARY 41.FUSIONS ROLE IN THE GLOBAL ENERGY TRANSITION 62.UNDERSTANDING FUSION ENERGY TECHNOLOGY 83.ACCELERATING MOMENTUM DRIVES INTEREST IN FUSION 104.THE PATH TO COMMERCIAL

2、IZATION 145.KEY STEPS TO ESTABLISHING A FUSION ECOSYSTEM 16CONCLUSION:NOW IS THE TIME TO FOCUS ON FUSION 18STEPHAN RUEHL Partner,Energy,Utilities&Resources MunichMICHAEL KRUSE Managing Partner,Energy,Utilities&Resources ZurichLARS OLE NOWAKManager,Energy,Utilities&Resources FrankfurtARTUR KORINSKIMa

3、nager,Energy,Utilities&Resources MunichALINA SIMON Consultant,Growth MunichMAXIM RUDConsultant,Growth MunichWe would like to extend our sincere thanks to Mike Dunne,a leading expert in fusion energy,for his significant contributions to our research and his invaluable input to this report.2In the eve

4、r-evolving global energy landscape,the pursuit of sustainable,reliable,and economical energy sources has never been more critical.Across many countries,the debate on how to approach the energy transition is often influenced by ideology,lacking the necessary openness to a broad spectrum of technologi

5、es.Practitioners in the energy sector recognize that the current trajectory of the energy transition is costly and fraught with risks of failure.The energy world of the future demands both reliability and flexibility in supply.Today,battery storage and gas plants are considered the predominant solut

6、ions to meet these needs.But is this the only viable path forward?Are there emerging options on the horizon that merit serious consideration?Four years ago,Arthur D.Little(ADL)published its first Report on the prospects of fusion energy,entering a debate that was just beginning to gain traction.This