โWeโre taking a big step forward toward a revolutionary technology that will cement Americaโs global energy dominance for generations,โ Nunes said in a prepared statement.
TAE focuses on nuclear fusion, a technology that combines two light atomic nuclei to form a single heavier one. It releases enormous amount of energy, a process that occurs on the sun and other stars, according to the United Nationsโ International Atomic Energy Agency.
TAE and Trump Media shareholders will each own approximately 50 per cent of the combined company.
Nuclear fusion is seen as a promising solution to climate change caused by burning fossil fuels, but one that is a long way off compared to todayโs clean technologies like wind and solar.Credit: AP
In October, the US Department of Energy released what it called a โroad mapโ for fusion technology, with the aim of fostering โa burgeoning fusion private sector industry in the US toward maturity on the most rapid timeline.โ A number of tech companies, including Google, Microsoft and OpenAI CEO Sam Altman, have shown interest in fusion technology as a way of powering the energy-hungry data centres needed to build and run their AI products.
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Andrew Holland, chief executive officer of the Fusion Industry Association, said Thursday that a new source of funding and the creation of a publicly traded nuclear fusion company โcan only be positiveโ because any technological breakthrough is a function of time and resources.
It allows TAE to move forward and build its pilot plant, at a location still to be announced, as fast as they can, he added.
โItโs exciting when any of our member companies raise new capital and secure their pathway towards building what is our ultimate goal, a fusion-powered future,โ Holland said.
Fusion is the technology that can meet the vast energy demands of AI, Holland said. He said that is because fusion is clean, safe, sustainable energy that, when commercialised, will be able to scale.
Prior to this deal, $US10 billion has been raised globally by private fusion companies racing to make fusion commercially viable for the first time, Holland said. The vast majority of the fundraising and development is happening in the United States.
Devin Nunes, the Republican congressman who resigned in 2021 to become the CEO of Trump Media, will be co-CEO of the new company with TAE CEO Michl Binderbauer.Credit: AP
Holland said the Trump administration has said it strongly supports fusion, but has yet to make any new financial support available.
In the associationโs surveys of the industry, companies are saying they expect to see fusion energy on the electric grid in the 2030s, with most saying they expect it in the first half of the 2030s, Holland said.
TAE and Trump Media say the transaction values each TAE common stock at $US53.89 per share.
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At closing, Trump Media & Technology Group will be the holding company for Truth Social and TAE, along with its subsidiaries TAE Power Solutions and TAE Life Sciences.
AP
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