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Investment In Nuclear Fusion Is Exploding – OilPrice.com

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Investment In Nuclear Fusion Is Exploding | OilPrice.com


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  • Nuclear fusion has attracted more than $2.8 billion in new investment over the past year.
  • The industry is quickly gaining traction as scientists hone in on new breakthroughs. 
  • The UK is home to some of the world’s leading fusion prospects, such as Tokamak Energy and First Light Fusion, both based in Oxford.

Nuclear fusion has enjoyed a huge bump-up in global investment over the past 12 months, raising hopes of a breakthrough in clean energy technology. 

New industry figures reveal more has been poured into the sector over the past year than the previous ten combined, as first reported in The Telegraph.  

Fusion attracted $2.8bn [£2.5bn] over the past year, compared to around $2bn over the previous decade.

The Fusion Industry Association said more than 93p percent of companies that responded to its survey believe that fusion power will be feeding electricity into power grids by the 2030s. 

Producing energy through nuclear fusion has been a long-held ambition for scientists and energy experts, and has prominently featured in science fiction novels and movies.

The process involves fusing nuclei together, which throws off energy – which could then provide theoretically abundant energy on earth.

Scientists have for decades tried to use nuclear fusion to produce electricity at a usable scale, however replicating the reaction on Earth is highly challenging, requiring vast amounts of heat and pressure.

So far, they have not yet managed to produce more energy from the reaction than it takes to trigger the reaction. 

There are signs of progress, however, with scientists achieving a record 59 megajoules of energy in experiments at a facility in Culham, near Oxford earlier this year. 

This enough power to boil about 60 kettles.

The UK is home to some of the world’s leading fusion prospects, such as Tokamak Energy and First Light Fusion, both based in Oxford.  

First Light Fusion raised $45m (£33m) in February from investors including Chinese technology giant Tencent – bringing outside backing for the venture to $107m.

The Fusion Industry Association revealed eight new companies have entered the race for fusion over the past twelve months – reflecting renewed optimism in the energy source.

The UK Government backs the technology, with the UK Atomic Energy Authority working on plans for a prototype fusion power plant in the UK. 

By City AM

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Tesla shares soar more than 14% as Trump win is seen boosting Elon Musk’s electric vehicle company

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NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.

Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.

“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”

Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.

Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.

Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.

Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.

In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.

The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.

And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.

Tesla began selling the software, which is called “Full Self-Driving,” nine years ago. But there are doubts about its reliability.

The stock is now showing a 16.1% gain for the year after rising the past two days.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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S&P/TSX up more than 200 points, U.S. markets also higher

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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