Global Investment in Nuclear Fusion Reached US$7 Billion in 2024 as Enterprises and Industries Seek Efficient Energy Alternatives

The urgent need for grid expansion – a major topic this year – has stimulated large global projects. In 3Q, the Commonwealth Government approved the Australian component of the Australia-Asia Powerlink, intended to provide up to 6GW of electricity to clients in Darwin and Singapore. Engie, a French utility firm, began construction on an 800MWh battery park in Belgium, while U.S.-based Intersect Power secured funding for its 1GWh of Texan battery storage projects. Grid types have also diversified, with over 21,000 microgrids now in operation - nearly half of which are in Sub-Saharan Africa. Meanwhile, some vendors announced innovative new approaches, with Star Catcher, a U.S. start up, securing funding to construct the world's first space-based energy grid.

The urgent need for grid expansion – a major topic this year – has stimulated large global projects. In 3Q, the Commonwealth Government approved the Australian component of the Australia-Asia Powerlink, intended to provide up to 6GW of electricity to clients in Darwin and Singapore. Engie, a French utility firm, began construction on an 800MWh battery park in Belgium, while U.S.-based Intersect Power secured funding for its 1GWh of Texan battery storage projects. Grid types have also diversified, with over 21,000 microgrids now in operation - nearly half of which are in Sub-Saharan Africa. Meanwhile, some vendors announced innovative new approaches, with Star Catcher, a U.S. start up, securing funding to construct the world's first space-based energy grid.

"Agriculture, data center, construction, manufacturing, and mining industries renewed their interest in novel energy approaches, from Enel North America signing the largest U.S. solar grazing contract to Microsoft signing a historic PPA to purchase energy for data centers from the Three Mile Island nuclear plant. Interest in ever 'smarter' approaches to energy remains strong heading into 2025," Burge concludes.

These findings are from ABI Research's Smart Energy for Enterprises & Industries Quarterly Update: 3Q 2024 report. This report is part of the company's Smart Energy for Enterprises and Industries research service, which includes research, data, and ABI Insights.

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