The $30 million phase will complete the last remaining technical milestone before EMC2 embarks on the development of a reactor. Park’s ambition is to see the company’s first reactor on the grid in about 10 years, and almost immediately start to replace coal-based power plants. “That will be the first target because among power sources, that’s the worst one,” he says. “We’ll probably replace nuclear fission, because although its contribution has been great, it’s time to replace it with a better technology.” He also expects the reactor to complement other energy sources, such as solar and wind, and begin to phase out natural gas and the fossil fuels.

Many power plants exist around the world. “How fast we’re going to replace them is going to be market driven, how much each country will invest to replace those old technology power plants and put in this one,” Park says. He estimates that an achievable goal is to replace 20% to 40% of the global electricity market in 20 to 30 years.

Park acknowledges this will be a huge undertaking. “A reactor doesn’t get built very quickly,” he says. That will require a significant infusion of capital, on the order of $200 million to $300 million, he says. He envisions teaming up with an existing energy player. In that event, EMC2 might issue the company 20% to 30% of its shares, and an investor could make an early exit.

As a government-funded entity, a company such as EMC2 carries extra credibility when approaching private funders, according to Michael Delage, vice president of technology and corporate strategy at General Fusion, which is 80% privately funded by venture capital funds and family offices. It also receives government funding from Sustainable Development Technology Canada and from several research and development programs.

“Being able to leverage government is helpful; it’s good for helping investors to see that you’re able to leverage their dollars,” says Delage. “SDTC actually requires that, so for every dollar they are willing to put in, you must match that with at least two dollars of private capital. The two catalyze each other.”

Park is optimistic about the success of EMC2’s long endeavor. “With investments in fusion power now that will pay off in dividends later, we could potentially see in our own future the implementation of one of the cheapest, most sustainable and powerful energies,” he says. That would not only provide electricity and broaden access to clean water through seawater desalination, but also help emerging and established countries overcome energy consumption issues and build on other energy-based endeavors.

“This is something we can do,” Park says. “We can make a real difference—and [investors] may be able to make a large sum of money. But more than anything else, they can tell their children that this was something they did and are proud of it.”
 

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