• Participant check-in and welcome pack distribution
• Coffee service and informal networking

• Course overview and learning objectives
• Introduction to facilitators and faculty
• Overview of the global fusion funding landscape

Basics of Fusion Energy, Science, and Key Terminology

Understand the physics of fusion. Distinguish fusion from fission and other energy sources. Master essential fusion terminology and concepts

Key Topics:

• Fusion physics: D-T reactions, plasma confinement, triple-product
• Energy yield calculations and power generation potential
• Comparison with renewable energy sources and nuclear fission
• Advantages: fuel density, safety, waste, fuel supply/costs etc
• Commercialization: timing, segments/uses, effects

Explore tokamak and stellarator magnetic-confinement systems, comparing fuel choices, stability challenges, and engineering trade-offs. Get a clear view of current TRLs, critical milestones, and realistic timelines from today’s machines to demo plants and early commercial deployment.

Dive into laser-driven inertial confinement fusion, examining target design, fuel-cycle economics, and the technical risks of high-energy systems. Understand the development pathway, major milestones ahead, and the commercial potential for scalable ICF approaches.

An overview of alternative fusion concepts beyond mainstream magnetic and laser-driven approaches. This session examines pinches and pulsed-power systems, as well as muon-catalysed fusion, focusing on their core physics, current maturity, and key technical barriers. Attendees will gain a realistic sense of where these approaches stand today and what would need to be proven for them to become viable.

Industry experts available for informal Q&A

What do investors want?

Understand core investor concerns and drivers of conviction. Compare investment theses

• Teams & partnerships
• Technology & milestones
• Portfolio & approaches
• Capital intensity 
• Scalability & integration
• Spin-outs

Investment Across the Value Chain

Identify investable opportunities beyond reactor developers. Understand supply chain bottlenecks and scaling challenges

Core Challenges & Solutions:

• Superconducting magnets: high-temperature superconductors
• Plasma-facing materials: tungsten, beryllium, advanced composites
• Fuel cycles: tritium breeding & handling
• Maintenance: remote handling and robotics

Market Sizing:

• Total addressable market projections, opportunities and risks
• Competitive landscape, market concentration & bottlenecks

Enjoy coffee and connect with fellow attendees

Fusion Valuation Methodologies

Identify appropriate valuation methods for fusion investments. Understand unique risk factors and discount rate considerations. Understand cash flows for different fusion business models. Benchmark valuations against comparable technologies.

Valuation Challenges:

• Long development timelines and capital intensity
• Technology and regulatory risks
• Market adoption uncertainty
• Limited comparable transactions

Valuation Methodologies:

• Discounted cash flow models for fusion companies
• Real options valuation for early-stage technologies
• Risk-adjusted net present value calculations
• Comparable company analysis: renewable energy, nuclear, SMRs

Fusion Plant Applications, Integration & Funding

Identify applications for fusion power or heat. Understand challenges to financing fusion power plants.

Fusion Energy Applications:

• Clean base-load for grid
• Inside the fence applications
• Industrial heat

Implementation

• FOAK -> NOAK
• Integrations of fusion machines to power plant
• Utility scale vs modular
• Tariffs & PPAs
• Capex, O&M, LCOE & financing

Evolving Regulation & Risk

Understand the current state of regulation and direction of change. Identify points of risk and their mitigation.

Current:

• Regulated separately from fission in key jurisdictions 
• Licensing precedents (ITER, national labs) & baseline safety cases.

Evolution & Risk:

• Harmonized, risk-proportionate fusion frameworks (esp. US, UK, Japan).
• Rules on tritium handling, industrial hazards, activated waste

Exploration of key themes with a panel of fusion innovators & investors

Fusion investment assessment frameworks

Key risk factors, mitigation strategies & due diligence processes

Timeline expectations for commercial viability

All participants are invited to network with the fusion ecosystem, over drinks & food, at the FusionX:Global ice-breaker reception at München Hoch5.