United States President Donald Trump is getting into the fusion power business through a $6bn merger of his social media firm and Google-backed TAE Technologies, just days after industry representatives urged federal funding. The all-stock deal, announced on Thursday, is an ambitious bet on the power boom spurred by artificial intelligence (AI) data centres and adds to the Trump family's growing roster of diverse ventures from cryptocurrency to real estate holdings and mobile services.
According to a report by The New York Times, the deal entails an all-stock deal valued at more than $6 billion between TMTG and TAE, which was founded in 1998. This new partnership would be its first foray into nuclear fusion, a still unproven experimental energy technology, and would be one of the first publicly traded nuclear fusion companies in the world, according to a press release about the merger.
General Fusion, a Canadian nuclear fusion energy startup, announced today that it had been thrown a lifeline in the form of $22 million in fresh funding. The company had laid off at least 25% of its employees in May in a bid to shore up its stretched finances. At the same time, CEO Greg Twinney wrote an open letter pleading for funding. The additional cash will give General Fusion some breathing room, though not much.
In December 1942, the first experiment to achieve a sustained nuclear reaction occurred beneath the University of Chicago in a reactor called 'Chicago Pile 1.' This marked confirmation of Szilard's theoretical idea of nuclear chain reactions, where a reactions can continue and sustain itself.