The biological theory that explains why investors are bullish on the merger

For decades, the answer to when fusion energy would arrive was like the drop of an oft-repeated joke - it was always 10 or 20 years from now. Now it might actually be about to hit the market.

No, really.

If this refrain sounds too familiar to you, it's because, well, something like this was written 10 years ago. Fusion research has been simmering for decades. But now it's reaching a boiling point, and there's plenty of evidence to suggest this time will be different.

For a field that's been around for over 60 years, a lot has happened in fusion research over the past half-decade. Researchers have set new records for how long they can hold the superheated plasma needed for fusion. The magnets intended to contain these plasmas have become more powerful and more efficient. As a result, the power produced by each fusion experiment steadily increased, approaching the point where the reactors produce more power than they consume, known as the break-even point.

"The reason to be excited about fusion today is the same reason to be excited about computers in the 1940s, when someone invented the transistor." Phil Larochelle, Breakthrough Energy Ventures Partner

It's like fusion research is a race, but the different competing groups don't know where they are on the course. Then, suddenly, they all spotted the finish line: reactors creating as much energy as they consume.

Encouraged by these results, investors are betting big bucks that merger will soon banish the ghosts of its past: Fusion startups raised $2.7 billion in the last year alone, analysis shows TechCrunch data from PitchBook.

Such a sudden progression in a number of different approaches may seem implausible at first glance. If nothing else, it goes against the popular narrative of the lone genius making a key discovery that solves the problem once and for all. But it does suggest that the time for fusion power has come.

"Are we at a merger inflection point?" said Eric Toone, technical manager of the investment committee of Breakthrough Energy Ventures. "We absolutely believe that."

Breakthrough is one of a handful of investors who have made significant bets to make fusion power a reality. Launched by Bill Gates, Breakthrough joined a $1.8 billion Series B round last year for Commonwealth Fusion Systems, its third investment in the startup. (Gates also joined this round personally.) Chevron and Google led a $250 million Series G round in July for TAE Systems, which has been around since 1998. Helion Energy raised $500 million last year, directed by Sam Altman. Zap Energy closed a $160 million funding round earlier this year.

That's a lot of money on unproven technology. Fusion power is not predetermined, of course - humanity is not meant to control the power of the sun. But the recent momentum created by three technological advances suggests that we are closer than ever. And this frenzy is explained by a concept drawn from a very different field of study: evolutionary biology.