Following a fireside chat with Bob Mumgaard, CEO of Commonwealth Fusion Systems (CFS), Kepler Cheuvreux stated in a research note this week that "fusion energy is now a question of 'when,' not 'if.'"

The firm described CFS as "the largest and best-capitalized fusion energy company in the world."

According to Kepler Cheuvreux, "the demonstration of revolutionary HTS magnets in September 2021 was a breakthrough that paves the way for cheaper, more compact plants, and 'the whole world recognizes it.'"

The firm added that "engineering and design optimizations remain to be achieved, but nothing fundamentally new is required."

The CFS concept, the firm noted, is "based on a modular, scalable, and replicable approach" with a "global approach to fusion" from the outset.

Kepler Cheuvreux emphasized that "fusion power is a technology with unlimited fuel, undependent on external factors (access to natural resources and/or weather conditions), and has the potential to be a game-changer for civilization."

Mumgaard reportedly compared the potential industrial model of fusion to "Airbus, SpaceX, or the nascent automobile industry of the early 1900s."

According to him, a fusion system is "something that is highly manufacturable," where "capital costs can drop very quickly," and has the potential to "change civilization," given that "fuel costs are close to zero."

Kepler Cheuvreux noted that China is investing three to five times more in fusion than the United States, although, according to the firm, the American regulatory framework is now favorable to development, and the first ARC facility in Virginia received "all necessary permits in just 12 months."

The firm concluded that "fusion energy is on the verge of going mainstream."