Join us in Tokyo for FusionXInvest Japan

2/12/25
8:00 AM																Registration, Coffee & Networking
9:00 AM																Welcoming Remarks
9:10 AM																Keynote Interview Melanie Windridge, Co-founder, FusionX interviews a leading investor to explore key contextual questions on fusion as an investment opportunity: Why is investor interest in fusion growing? How investible is fusion? How attractive are opportunities in non-power applications? What is needed for fusion to main-stream, and how does it get there? What other variables, such as evolution of rates, will affect funding for fusion?
9:40 AM																Fusion in an Investment Portfolio A panel of leading investors in fusion share their thoughts on fusion as an investment opportunity and how fusion sits with allocations to renewables, alternative energy, deep-tech: What are expectations, over what time horizon, and how has fusion performed vs. expectations thus far? Can fusion enhance short- and long-term returns? Does it reduce risk/bring diversification to a portfolio? What’s an ideal weighting towards fusion? Few and large investments in scientifically mature approaches or several smaller early-stage investments in novel approaches? Many investors lack the in-house expertise to assess the merits of fusion technology and there is little public research available to assist analysts. How can technical analysis/diligence be effected efficiently?
10:40 AM																Coffee & Investor Networking
11:10 AM																Building Value on the Path to Commercialization A panel of senior figures from the world’s leading fusion energy entities and their investors discuss and define the path to commercialization, and the implications for revaluations, up-rounds and exits. What is the status of the leading technologies? What challenges remain to achieving private-sector break-even? How has the financing environment changed in the past 12 months and how can the challenges be navigated, and capital flows sustained? How important is the monetization of IP, adjacent applications and other pre-generation revenues to maintaining cash and progress? How does the path, and valuations, evolve as fusion moves from science and tech, to engineering, to construction, to off-takers & commercial risk?
12:10 PM																Fusion: Public Sector Support & Strategy A panel of senior figures from the world’s leading public sector entities supporting fusion explore the path to commercialisation, the challenges, their support and expectations, and the drivers for the public sector’s growing fusion focus. How are public sector entities supporting the advance toward commercialisation? How do approaches differ from country-to-country, what are their relative strengths and where are the synergies between them? How important is access to non-dilutive capital to fusion investors ? How will public sector support evolve as fusion moves from science and engineering, to construction, deployment & commercial risk?
1:00 PM																Networking Lunch
2:10 PM																Opportunities in Magnetic Confinement What is the status of the leading technologies? What challenges remain to surpass break-even and to commercialization? How can the challenges be navigated, and cash/capital flows sustained? What supports revaluation along the path to commercialization?
3:00 PM																Opportunities in Inertial Confinement What is the current status of the leading technologies? What challenges remain to surpass break-even? What are the drivers of valuation for ICF companies? How does the laser path to ICF commercialization compare to the impact approach?
3:50 PM																Coffee & Investor Networking
4:20 PM																Opportunities in Alternative Approaches A series of short presentations by smaller fusion companies pursuing original approaches to power, propulsion and/or other applications and looking for early-stage funding, followed by an interactive Q&A: Why is it important to investigate less-mature approaches when other, established approaches are moving ahead at pace? Most fusion efforts focus on approaches that are capex-intensive but well researched over decades in public labs while simpler concepts are being pursued by other private companies. How do their risk profiles compare? What criteria do investors apply when researching and funding novel, early-stage fusion approaches? How can investments in alternative fusion approaches enhance a portfolio?
5:30 PM																Networking Drinks Reception Hosted by Avalanche Energy

2/13/25
8:30 AM																Registration, Coffee & Networking
9:00 AM																Welcoming Remarks
9:10 AM																Fusion’s New Partners: Data Centers, Utilities & AI A panel of potential off-takers, utilities & other partners discuss fusion’s essential role in powering future demand & how that underpins the investment case for fusion: How will the expansion of AI and data centers etc. drive demand for low carbon energy at scale & how can that efficiently be met? How can partnerships with off-takers and others mitigate the challenges of financing long-term, capital-intensive projects such as fusion? Who are the optimal partners for fusion companies: energy majors, utilities, data centers, public sector entities, other fusion companies? How are partnerships most effectively structured?
10:10 AM																Fusion in the Public Markets Fusion has financed itself in private markets. Those markets are relatively small, the slice of them devoted to e.g. clean-tech & climate is even smaller. Meanwhile the medium-term capital needs of fusion are going to balloon; at some point fusion has to finance itself in the public markets. What does a fusion company need to be/do to launch a successful IPO? Which fusion companies are on the right path to access public markets? What is the appetite for deep-tech? Could fusion companies with spin-offs generating cash list those subsidiaries, or raise debt finance in the public markets?
11:00 AM																Coffee & Investor Networking
11:30 AM																Fusion in Non-Power Applications Investing in companies that seek to resolve the engineering or construction challenges of fusion companies, or use industrialized fusion tech for non-power applications can both give diverse exposure in fusion-related markets and a quicker path to profitability. How do companies using industrialized fusion tech for non-power applications compare to those solely focused on energy? What are the most attractive spin-offs – medical isotopes, HTS magnets, materials, propulsion? How can collateral cash-flows best enhance fusion investments?
12:20 PM																Inside the Funding Round A moderated discussion with senior executives from one of the world’s leading fusion companies & their investors, exploring their capital-raising process and experience from start-up to major.
1:00 PM																Networking Lunch
2:10 PM																Corporate Venture Capital & Strategic Investors Venture capital funds set up by companies – energy majors, tech companies, engineers, EPC contractors – have been active in fusion investment for several years. What is their role now & as fusion’s capital needs increase in coming years? Who can partnerships with CVCs deliver to fusion companies beyond capital? Why are they investing and what are their medium-term expectations and intentions?
3:10 PM																Fusion Supply-Chain: Risk & Opportunity A series of short presentations by suppliers to fusion companies exploring how innovation, engineering – and well-structured, reliable supply-chains – de-risk fusion, and how best this can be achieved. What technical challenges in fusion present opportunities to mitigate risk or enhance investability by e.g. facilitating continuous operation, delivering efficient fuel systems, minimizing maintenance? What is the role of suppliers of materials, magnets, lasers, the fuel cycle, individual components, sub-systems, services, & software solutions, etc.? What makes a long-term, robust and risk-free supply-chain in fusion? Does investment in ‘picks & shovels’ diversify fusion investment risk?
4:20 PM																The Fusion Opportunity Presentation of proprietary data and analysis, inviting delegate input, to define the evolution, sizes, & dynamics of a global fusion market served by commercial fusion power plants & supporting supply chain. How big might the global market for fusion power production actually be, and where will the biggest opportunities lie? How will cost reductions through technological development influence deployment curves as fusion power plants develop? What does this mean for supply chains supporting fusion power plants?
4:50 PM																Closing Remarks