Inertia Enterprises, a fusion energy startup, has raised $450 million in a Series A funding round. The capital will help the company build the world’s most powerful laser and advance its fusion power technology.
The funding round was led by Bessemer Venture Partners. Other investors include GV (formerly Google Ventures), Modern Capital, Threshold Ventures, Long Journey Ventures, and others.
Inertia was founded in 2024. The company’s mission is to make fusion energy a practical and clean power source for the grid. It plans to use its new funds to build key parts of its fusion system and to scale components that are essential for commercial power plants.
Fusion energy has long been viewed as a potential source of abundant, clean power. Inertia’s recent funding round is one of the largest for any fusion startup. It reflects growing investor interest in bringing fusion out of the lab and into real-world use.
What Fusion Energy Is and How Inertia’s Approach Works
Fusion is the process that powers the sun. It happens when light elements such as hydrogen combine to form a heavier element. This process releases a large amount of energy. Fusion does not produce carbon emissions, and it generates much less long-lived radiation than fission nuclear power.
Inertia’s technology is based on a fusion method called inertial confinement fusion (ICF). ICF uses powerful lasers to compress tiny fuel pellets. When the pellets reach high temperature and pressure, fusion reactions occur.
The company plans to build a laser system called Thunderwall. This system is designed to deliver powerful beams at a rapid rate. The laser will fire repeated pulses into fuel targets, generating the conditions needed for fusion.
Inertia’s founders include leaders with experience in fusion science and large-scale research facilities. This includes scientists from the Lawrence Livermore National Laboratory’s National Ignition Facility (NIF). Their experiments showed fusion ignition, which produced more energy than they used on the target.
The company’s CEO and co-founder, Jeff Lawson, previously led Twilio, a technology company that grew into a major communications platform. He now leads Inertia’s effort to translate fusion science into clean energy technology. He said,
“Our plan is clear: build on proven science to develop the technology and supply chain required to deliver the world’s highest average power laser, the first fusion target assembly plant, and the first gigawatt, utility-scale fusion power plant to the grid. Inertia is building the team, partnerships, and capabilities to make this real within the next decade.”
Inside the $450M Bet on Commercial Fusion
The $450 million funding round is considered one of the largest for a fusion startup in its early phase. The money will support several major activities, including:
- Building Thunderwall, the powerful average-power laser system.
- Developing manufacturing lines for fusion fuel targets.
- Creating the first pilot plant and laying the groundwork for future commercial plants.
- Scaling supply chains for components like laser diodes and fuel pellets.
Investors say Inertia’s technology has the potential to reach commercial-scale fusion energy faster than other approaches. They cite the company’s focus on proven physics from earlier lab experiments.
Co-founder, Dr. Annie Kritcher, remarked,
“In just three years, we’ve gone from the first experiment to ever produce more fusion energy than was delivered to the target, to repeating that result many times and pushing the target gain higher. We’re now focused on translating physics we know works into a pathway toward commercial-scale fusion energy, and the real benefits it can deliver for people and the planet.”
From Lab Ignition to Grid Ambition: Inertia’s Fusion Roadmap
Inertia’s approach relies on key breakthroughs made at the NIF in Lawrence Livermore National Laboratory. In December 2022, researchers reported a major breakthrough. They conducted the first controlled fusion experiment that generated more energy than it received.
The NIF success provided proof of concept. It showed that inertial confinement fusion could technically produce net energy in a single experiment. Inertia’s team includes some of the scientists from that effort.
- Inertia’s long-term goal is to build a fusion power plant with 1.5 gigawatts (GW) of capacity. A plant of this size could supply electricity for about 1 million homes.
The next challenge is to make the fusion process repeatable and efficient enough to produce continuous power. Inertia plans to use advanced diode lasers. These lasers are expected to be about 10x more efficient than older technologies. The company believes this will significantly lower the cost of fusion energy production.
Fusion Joins the Clean Energy Investment Surge
Fusion energy investment has grown quickly in recent years. Both governments and private companies are putting large sums into the sector. It is now part of a broader clean energy funding trend that includes startups pursuing both fusion and fission technologies.

Private fusion funding has exploded over the past five years. Total investment reached $13.2 billion by the end of 2025. That amount is up 8x from 2020, when just 15 companies raised $400 million.
The US leads with 53% (~$7B) while China holds 34%. Active companies surged 400% from 15 to 77, reflecting broader investor diversification across ICF, tokamaks, and stellarators. Inertia’s $450M sits atop this record-breaking year.

Some other fusion startups that have attracted significant capital include:
- Commonwealth Fusion Systems, with roughly $2.86 billion raised to date.
- Helion Energy, with more than $1 billion in funding and commitments.
- Pacific Fusion, reported to have raised about $900 million.
- General Fusion, with about $357 million raised.
Private capital flows into fusion are increasing as the global demand for clean energy rises. Many countries are moving to reduce carbon emissions and to invest in technologies that can provide large amounts of clean power with minimal environmental impact.
In the United States, the Department of Energy (DOE) awarded $134 million for fusion research programs. These include the Fusion Innovative Research Engine (FIRE) and the INFUSE program. The DOE said it could invest up to $220 million over four years in the FIRE initiative. The goal is to link national labs, universities, and private firms to speed up fusion development.
The DOE has also partnered with companies such as Kyoto Fusioneering to test fusion fuel cycle systems at Oak Ridge National Laboratory. These efforts aim to prepare key technologies for future fusion plants.
Private capital is also rising, as shown in the chart.
Italian energy major Eni signed a more than $1 billion power purchase agreement (PPA) with Commonwealth Fusion Systems (CFS). The deal covers electricity from CFS’s planned 400-megawatt ARC fusion plant in Virginia. The plant is expected to connect to the grid in the early 2030s.
CFS has also signed a deal with Google for 200 megawatts of future fusion power. These agreements show that large energy buyers are planning for fusion in long-term clean energy strategies.
- READ MORE: Google Backs Fusion Energy: Signs 200MW Offtake Agreement with Commonwealth Fusion Systems
Governments and corporations now see fusion as a long-term clean energy option backed by serious funding and market commitments. That is because fusion energy does not emit carbon during power generation and uses fuel that is abundant in nature, such as isotopes of hydrogen. This makes it attractive as a long-term clean energy option alongside renewables such as wind and solar.
Could Fusion Become the Ultimate Baseload Power?
Inertia’s $450 million funding round is a landmark moment for the fusion industry. It shows that investors are willing to back ambitious clean energy technologies with long-term horizons.
Fusion has the potential to provide baseload clean power — power that is stable and available around the clock. This could complement intermittent renewables like solar and wind.
If commercial fusion is achieved, it could transform the global energy landscape. Countries could reduce dependence on fossil fuels. Power systems could become cleaner and more resilient.
However, fusion still needs major technological breakthroughs before it becomes a practical energy source. Inertia and other fusion companies are working to solve the remaining scientific, engineering, and supply chain challenges.
The next few years will be critical for measuring progress. Successful fusion commercialization could mark a turning point in the global effort to achieve deep decarbonization and sustainable energy systems.
The post Fusion Breakthrough: Google Venture-Backed Inertia Raises $450M to Build World’s Most Powerful Clean Energy Laser appeared first on Carbon Credits.
Carbon Footprint
McKibben opts for a small-tent climate movement
A few months ago I went to a climate change forum at the Center for Brooklyn History. The panel I attended, “Confronting Climate Change: Understanding Deniers,” featured the prominent climate activist, Bill McKibben.
Bill McKibben. Courtesy https://billmckibben.com/.
I was curious to hear McKibben’s take on climate change deniers. I don’t regard the true deniers as a big problem – they’re only 11-15% of our country, according to most polls. Rather, I wondered if McKibben would label as “climate deniers” people who agree that climate change is a significant problem but disagree with his framing and his proposed solutions. I have worked for decades on energy and climate matters as an energy lawyer. Now, more than ever, I believe that to address climate change we need to build a big tent.
In the Q&A I tested where McKibben is on this by asking if he would label as a climate denier someone who subscribes to the main tenets of climate change science yet holds that natural gas has a role to play as a bridge fuel. (Our exchange starts at 1:12:45 of the video.)
This could have been a chance for McKibben to make clear that such a view isn’t climate denialism, even if he feels it’s misguided. But he punted, saying “I don’t care whether they’re deniers or not.” For good measure, he threw in his long-standing refrain that swapping coal for natural gas makes climate change worse, despite coal’s far higher carbon content per unit of energy.
674-MW methane-powered generating station, Salem, MA.
As you can hear in the recording, McKibben’s claim that gas is worse than coal draws on the work of Cornell scientist Robert Howarth. Yet McKibben didn’t mention that Howarth’s work is controversial and disputed by many scientists. The crux of the dispute is whether methane’s impact on warming should be measured with a 20-year or 100-year time frame.
Methane is a relatively short-lived greenhouse gas, with a lifetime of around 10 years, versus the 100-year life applicable to carbon dioxide. But each ton of methane is far more potent while in the atmosphere, trapping roughly 100 times as much heat as a ton of CO2. These cross-cutting facts about atmospheric methane — shorter life but greater potency than CO2 — have resulted in two opposing camps: one insisting on a 20-year timeframe for greenhouse gas accounting, the other adhering to the established 100-year frame. This matters because with a 20-year timeframe, generating electricity with natural gas (which, chemically speaking, is essentially all methane) is more damaging to climate than coal-fired electricity.
McKibben blew past this dispute. To hear him at the Center for Brooklyn History, one would have no inkling that there’s an active disagreement over which timeframe to use, that there are staunch climate activists who favor the 100-year time frame, and that the Intergovernmental Panel on Climate Change (IPCC) generally uses the 100-year timeframe.
McKibben’s latest (2025) book. Published by W.W. Norton & Company.
McKibben also insisted that a discussion about natural gas’s potential role in mitigating climate change as a replacement for coal is irrelevant because solar “is now our cheapest resource.” McKibben’s claim, of course, suffuses “Here Comes the Sun,” his 2025 book that extols solar power as the cheapest solution for all of our energy needs. But this too is questionable, because it’s based on cost comparisons between solar farms and natural gas power plants (or nuclear power plants) that fail to consider that electricity supply and delivery is a complex system of wires and plants rather than individual power plants. Based on his remarks, McKibben is choosing to ignore studies such as the comprehensive 2025 report from the Clean Air Task Force that concluded that plant-level cost comparison “is a good metric to track historical technology cost evolution [but] is not an appropriate tool to use in the context of long-term planning and policymaking for deep decarbonization.” And the task force is not alone in finding that when electricity is treated as a system, solar loses its place as the cheapest low-carbon resource.
The dogmatism McKibben displayed at the Brooklyn meeting was unfortunate. We’re in a time when efforts to combat climate change are in retreat. A unified front is required to turn the tide. Instead of doubling down on absolutist positions, activists like McKibben who seem convinced that the solution to climate change is all-renewables, end of discussion, should be seeking common ground with others who want climate action but believe that nuclear power and natural gas must also play a role.
NYC Climate March, Sept 17, 2023. Photo: C. Komanoff.
Climate change activists need to build a bigger tent, rather than call anyone who disagrees with their positions a climate change denier. It is striking that McKibben stuck to his guns after saying in the same talk that the most important goal for everyone right now is to help climate change realists win more House and Senate seats in this year’s midterms. As some have noted, an absolutist position on natural gas appears less likely to achieve that win and politicians are following that advice.
Will McKibben evolve? He has demonstrated that he knows how to build a national climate movement centered around issues like divestment. Given the current political situation, he should focus on building an even bigger tent by welcoming all of the 85% who believe that we need to address climate change but do not agree with his ideological positions.
Rich Miller is an energy lawyer who has worked for a variety of stakeholders and now gives walking tours in lower Manhattan on the history of electricity.
Carbon Footprint
Rebranding ‘Balcony Solar’ as ‘Guerrilla Solar’ won’t lift its climate value.
Image generated with Claude. Why have we juxtaposed a bicycle with balcony solar? Read on.
First it was Plug-In Solar. Then it was Balcony Solar. Now it’s Guerrilla Solar, at least according to Inside Climate News, which yesterday proclaimed that The ‘Guerrilla Solar’ Era Has Arrived.
“It,” of course, is Modular solar panels. They’re the hot new photovoltaic solution: cheap enough to buy at Home Depot, easy to hang or prop to catch maximum rays, and small enough to fit on a balcony (if you’ve got one) and plug into your “home grid.” But, alas, too meager a generator of electricity to be more than a bit player in decarbonizing most U.S. homes.
How do I know? I’ve done the math.
A standard, lower-end 220-watt balcony solar array will produce 337 kilowatt-hours a year, or 28 kWh a month averaged over the course of a year. That’s for a 220W unit measuring 3.5 feet by 3.5 feet. (220W x 1/1000 x 17.5% x 8760 hours per year = 337 kWh. Calculation assumes a 17.5% full-year capacity factor, which is arguably generous for New York, where I live. )
Our balcony solar mashup. Top: an install in Germany. Bottom: Home Depot advert.
A typical U.S. home consumes 10,500 kWh a year, or 28 to 29 kWh per day, says Solartech, drawing on U.S. Energy Information Administration data. That puts a home’s daily power needs on par with a balcony solar unit’s monthly output. In effect, once each month the balcony array gifts a homeowner or renter a bit more than day’s full complement of electricity. And earth’s atmosphere gets the same respite: a 3 percent reduction in carbon emissions caused by the home’s electricity usage.
(The 3 percent figure could also be calculated directly by dividing 337 kWh per year of solar production by 10,500 kWh per year to run the home. For bigger or smaller arrays, just prorate your assumed wattage by my 220W; for 440W, say, double my figures.)
Balcony Solar metrics
Why write about balcony solar if it’s so inconsequential? CTC’s mission includes puncturing would-be climate balloons before they ascend too far. In the same vein, we practice quantification to make clear what does and doesn’t move the climate needle. (More on that further below.)
The best way to depict balcony solar’s climate value is to express it in terms of tangible metrics. We’ve selected two. Both assume the basic, lower-end PV array I assumed at the top: a 3.5 foot-square array whose peak output is 220 watts.
1. It would take 50 million 220W balcony solar units (bsu’s) to restore the climate benefit we destroyed in 2020-2021 when we shut the high-performing Indian Point nuclear power plant 32 miles from Midtown Manhattan.
2. A single person cutting back their driving by a mile a day would provide the same climate benefit over the course of a year as a single 220W bsu.
(Calculations in sidebar. Now you know why we led with images of an urban dweller as cyclist and balcony solar user.)
Yes, it’s dense — as befits a sidebar. The numbers tell a story. Follow the color co-ordination.
Ponder that: It would take fifty million smallish bsu’s to level up to the fossil fuel carbon emissions that Indian Point was keeping at bay by supplying the New York City area year in and year out with abundant carbon-free power. Deploying that many balcony solar units would entail 10 bsu’s for each of the 5 million households in the MTA’s service territory. (The Metropolitan Transportation Authority provides subway, bus and commuter rail transit in the five boroughs and seven suburban counties.) Or, if those same households upgraded to 1100-watt bsu’s, collectively they would still make up only half of the lost Indian Point power.
The second comparison, involving driving, is perhaps trickier to grasp but more interesting, since it relates to people’s behavior. Living differently isn’t part of public discourse, at least not in the USA, and especially when what’s being served up is using less. But “reducing,” as we might call it (remember “Reduce, Reuse, Recycle”? or, “Insulate, then Insolate”?) is just as potent for cutting emissions as switching to renewables — even more so when the reducing means driving less, considering the multitude of benefits that accrue from diminishing cars’ imprints on our communities. Still, staying on topic: driving just one fewer mile per day brings about the same shrinkage in carbon emissions as deploying one 220W solar array.
What Balcony Solar boosters are really saying
To be fair, our friends at Inside Climate News and, yes, The New York Times appear to be trying to modulate their balcony solar enthusiasm.
ICN‘s Dan Gearino, whom we cited up front, said he looked to Germany, the birthplace of balcony solar, to see if the units made sense for U.S. households. His takeaway: “It may make more sense financially to spend the cost of plug-in solar on insulation, air sealing or other basic measures to reduce energy use.” Hooray: insulate before you insolate.
Gearino helpfully interviewed renewables guru (and U.S. emigré) Craig Morris, who currently heads Germany’s plug-in solar trade association, Bundesverband Steckersolar. To Morris, balcony solar’s main advantages are that it provides power without taking up land, and that it affords people a way to “become participants in the transition to clean energy.” Behold, guerrilla solar. That, in turn, bolsters “the political consensus that supports the transition.” But Morris also made clear that widespread adoption of plug-in solar would only meet “about 2 percent of Germany’s electricity demand.”
Morris’s “about 2 percent” feels right for Germany. But not for the U.S., where widespread adoption of virtually any individual carbon alternative seems forever out of reach, and where the energy pie is so much larger — think giant fridges, freezers for beer, steroidal homes bursting with piles of powered toys, not to mention industrial and institutional electricity use that Morris correctly excluded from his figure.
Don’t forget to micro-dose. NYT headline + image for David Wallace-Wells’ guest essay (see text). Image by Rui Pu.
Both Gearino and Morris seem more measured than climate journalist Robinson Meyer, founding editor of Heatmap and frequent contributor to The Times, where he wrote about balcony solar in mid-June.
“New zero-carbon power kits will allow Americans to make their own energy choices,” declares the callout to the print version of Meyer’s NYT guest essay, The Tiny Solar Panel That Could Change America. (The even more expansive print headline invites us to “Forget Roofs. Backyard Solar Is the Next Frontier.”)
Wallace-Wells is of two minds. He calls balcony solar “a small way that apartment- and condo-dwelling Americans can take ownership of their energy choices and cut down their pollution on the margins.” No quarrel there, thanks to his qualifiers “small” and “on the margins.” Earlier, though, he opines that balcony solar units “have the potential to change how Americans understand and consume energy,” But read further and you’ll again see Wallace-Wells cautioning that “Balcony solar will play one small role in [the] drama” of transiting to the new world of clean, abundant energy.
Any such caveats are welcome these days, amid widespread solar hoopla. Still, it doesn’t seem to be in Wallace-Wells’ toolkit — or that of Inside Climate News and other mainstream climate journalists — to tutor their audiences as to the true limits of balcony solar and other panaceas. Just like it wasn’t in their field of vision a decade ago to lay out the true stakes of shutting Indian Point as Riverkeeper was singing its siren song.
What’s Next for NY Balcony Solar
Meantime, as Canary Media reported recently (and helpfully), New Yorkers concerned with climate and affordability are waiting for NY Gov. Kathy Hochul to sign the recently passed SUNNY (Solar Up Now New York) Act legalizing balcony and other plug-in solar. It would be head-spinning (and politically suicidal) if she didn’t, given near-universal support ranging from Con Edison to DSA Assembly Member Emily Gallagher, who told Canary Media, “This is the most popular bill I’ve [ever] worked on.”
My guess is that Hochul is waiting for the right moment, and perhaps the right “package,” that can advance and not undercut her push to launch five large new nuclear power plants around the state — one to be built by the public New York Power Authority, the others to be constructed and operated privately. A little bit of math, a la what we offered here a la Indian Point, might help her out.
The governor also must manage the veritable hot potato of her deferred implementation of the landmark 2019 Community Leadership and Climate Protection Act. She might do well to consider jettisoning the act’s unwieldy cap-and-invest centerpiece in favor of a straight-up carbon tax (with the revenues distributed pro rata to the state’s households) in its place. That, far more than balcony (or guerrilla) solar, could blow open the door to the “innovations and technologies we cannot yet imagine” that Wallace-Wells fantasized about in his Times essay.
Carbon Footprint
The new SBTi Corporate Net-Zero Standard: what it means for business
On 11 June 2026, the Science Based Targets initiative (SBTi) published the most substantial revision of its flagship corporate framework since its introduction. The SBTi Corporate Net-Zero Standard Version 2.0 takes effect on 1 February 2027 and reshapes the way companies approach their net-zero targets.
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