Investors urge US relocation for fusion startup in pursuit of subsidies
Marvel Fusion, a German startup striving to develop zero-carbon power, is being pressured by investors to move its headquarters to the US which is seeking to attract green energy companies by offering subsidies, reports the Financial Times.
The primary reason for the push is the Inflation Reduction Act’s USD 370bn in federal subsidies for, among other things, clean energy, which also covers fusion power. All in all, the US government has set aside USD 1.4bn for the fusion industry as a part of the nation’s the most ambitious effort to date for mitigating climate change, according to the newspaper.
Founder and Chief Executive Officer of Marvel Fusion Moritz von der Linden points out that the new act will secure for the US a clear competitive edge in light of the comparably insufficient state aid available from European governments.
Marvel Fusion is working to develop laser-driven fusion, seeking to raise USD 350m to build something that can demonstrate and prove the concept to potential investors and clients.
