Energy
Explainer: The Science of Nuclear Fusion
Subscribe to the Elements free mailing list for more like this
The Science of Nuclear Fusion
This was originally posted on Elements. Sign up to the free mailing list to get beautiful visualizations on natural resource megatrends in your email every week.
U.S. scientists at the National Ignition Facility, part of the Lawrence Livermore National Laboratory (LLNL), announced a major breakthrough in nuclear fusion this week.
For the first time ever, scientists successfully produced more energy from a nuclear fusion experiment than the laser energy used to power it.
In the above infographic, we describe nuclear fusion and illustrate how this discovery may pave the future for a new form of clean and sustainable energy.
What is Nuclear Fusion?
Nuclear fusion powers the Sun and the stars, where immense forces compress and heat hydrogen plasma to about 100 million degrees Celsius. At this temperature, the lighter particles fuse into helium, releasing enormous amounts of energy.
Nuclear fusion is a fairly clean energy source as it does not produce harmful atmospheric emissions and only produces a small amount of short-lived radioactive waste.
Scientists have been trying to replicate it on Earth for almost 70 years, using isotopes of hydrogen—deuterium and tritium—to power fusion plants.
Since deuterium is found in seawater and tritium is attained through irradiating lithium (a common element used in batteries), the accessibility of these isotopes means that fusion could become a major source of energy in the future.
The amount of deuterium present in one liter of water, for example, could produce as much fusion energy as the combustion of 300 liters of oil.
However, the real challenge is ensuring fusion power plants generate more energy than they consume.
The Challenge of Fusion Ignition
Fusion ignition is the term for a fusion reaction that becomes self-sustaining, in which the reaction creates more energy than it uses up. Up until now, scientists were only able to break even.
The National Ignition Facility used a special setup called inertial confinement fusion that involves bombarding a tiny pellet of hydrogen plasma with lasers to achieve fusion ignition.
LLNL’s experiment surpassed the fusion threshold by delivering 2.05 megajoules (MJ) of energy to the target, resulting in 3.15 MJ of fusion energy output, according to the U.S. Department of Energy.
Can Nuclear Fusion Energy Be Commercialized Soon?
In recent years, fusion technology has been attracting the attention of governments as well as private companies such as Chevron and Google. Bloomberg Intelligence estimates that the fusion market will eventually be worth $40 trillion.
Besides energy generation, fusion is expected to be used in other markets like space propulsion, marine propulsion, and medical and industrial heat.
However, according to the director of the Lawrence Livermore National Laboratory, Kim Budil, it will take “probably decades” before nuclear fusion energy is commercialized.
During the breakthrough announcement, she noted that it was necessary to produce “many many fusion ignition events per minute” as well as have a “robust system of drivers” before fusion can be commercialized successfully.
Energy
Charted: 4 Reasons Why Lithium Could Be the Next Gold Rush
Visual Capitalist has partnered with EnergyX to show why drops in prices and growing demand may make now the right time to invest in lithium.
4 Reasons Why You Should Invest in Lithium
Lithium’s importance in powering EVs makes it a linchpin of the clean energy transition and one of the world’s most precious minerals.
In this graphic, Visual Capitalist partnered with EnergyX to explore why now may be the time to invest in lithium.
1. Lithium Prices Have Dropped
One of the most critical aspects of evaluating an investment is ensuring that the asset’s value is higher than its price would indicate. Lithium is integral to powering EVs, and, prices have fallen fast over the last year:
Date | LiOH·H₂O* | Li₂CO₃** |
---|---|---|
Feb 2023 | $76 | $71 |
March 2023 | $71 | $61 |
Apr 2023 | $43 | $33 |
May 2023 | $43 | $33 |
June 2023 | $47 | $45 |
July 2023 | $44 | $40 |
Aug 2023 | $35 | $35 |
Sept 2023 | $28 | $27 |
Oct 2023 | $24 | $23 |
Nov 2023 | $21 | $21 |
Dec 2023 | $17 | $16 |
Jan 2024 | $14 | $15 |
Feb 2024 | $13 | $14 |
Note: Monthly spot prices were taken as close to the 14th of each month as possible.
*Lithium hydroxide monohydrate MB-LI-0033
**Lithium carbonate MB-LI-0029
2. Lithium-Ion Battery Prices Are Also Falling
The drop in lithium prices is just one reason to invest in the metal. Increasing economies of scale, coupled with low commodity prices, have caused the cost of lithium-ion batteries to drop significantly as well.
In fact, BNEF reports that between 2013 and 2023, the price of a Li-ion battery dropped by 82%.
Year | Price per KWh |
---|---|
2023 | $139 |
2022 | $161 |
2021 | $150 |
2020 | $160 |
2019 | $183 |
2018 | $211 |
2017 | $258 |
2016 | $345 |
2015 | $448 |
2014 | $692 |
2013 | $780 |
3. EV Adoption is Sustainable
One of the best reasons to invest in lithium is that EVs, one of the main drivers behind the demand for lithium, have reached a price point similar to that of traditional vehicle.
According to the Kelly Blue Book, Tesla’s average transaction price dropped by 25% between 2022 and 2023, bringing it in line with many other major manufacturers and showing that EVs are a realistic transport option from a consumer price perspective.
Manufacturer | September 2022 | September 2023 |
---|---|---|
BMW | $69,000 | $72,000 |
Ford | $54,000 | $56,000 |
Volkswagon | $54,000 | $56,000 |
General Motors | $52,000 | $53,000 |
Tesla | $68,000 | $51,000 |
4. Electricity Demand in Transport is Growing
As EVs become an accessible transport option, there’s an investment opportunity in lithium. But possibly the best reason to invest in lithium is that the IEA reports global demand for the electricity in transport could grow dramatically by 2030:
Transport Type | 2022 | 2025 | 2030 |
---|---|---|---|
Buses 🚌 | 23,000 GWh | 50,000 GWh | 130,000 GWh |
Cars 🚙 | 65,000 GWh | 200,000 GWh | 570,000 GWh |
Trucks 🛻 | 4,000 GWh | 15,000 GWh | 94,000 GWh |
Vans 🚐 | 6,000 GWh | 16,000 GWh | 72,000 GWh |
The Lithium Investment Opportunity
Lithium presents a potentially classic investment opportunity. Lithium and battery prices have dropped significantly, and recently, EVs have reached a price point similar to other vehicles. By 2030, the demand for clean energy, especially in transport, will grow dramatically.
With prices dropping and demand skyrocketing, now is the time to invest in lithium.
EnergyX is poised to exploit lithium demand with cutting-edge lithium extraction technology capable of extracting 300% more lithium than current processes.
-
Lithium2 days ago
Ranked: The Top 10 EV Battery Manufacturers in 2023
Asia dominates this ranking of the world’s largest EV battery manufacturers in 2023.
-
Energy1 week ago
The World’s Biggest Nuclear Energy Producers
China has grown its nuclear capacity over the last decade, now ranking second on the list of top nuclear energy producers.
-
Energy4 weeks ago
The World’s Biggest Oil Producers in 2023
Just three countries accounted for 40% of global oil production last year.
-
Energy1 month ago
How Much Does the U.S. Depend on Russian Uranium?
Currently, Russia is the largest foreign supplier of nuclear power fuel to the U.S.
-
Uranium2 months ago
Charted: Global Uranium Reserves, by Country
We visualize the distribution of the world’s uranium reserves by country, with 3 countries accounting for more than half of total reserves.
-
Energy3 months ago
Visualizing the Rise of the U.S. as Top Crude Oil Producer
Over the last decade, the United States has established itself as the world’s top producer of crude oil, surpassing Saudi Arabia and Russia.
-
Markets1 week ago
U.S. Debt Interest Payments Reach $1 Trillion
-
Markets2 weeks ago
Ranked: The Most Valuable Housing Markets in America
-
Money2 weeks ago
Which States Have the Highest Minimum Wage in America?
-
AI2 weeks ago
Ranked: Semiconductor Companies by Industry Revenue Share
-
Markets2 weeks ago
Ranked: The World’s Top Flight Routes, by Revenue
-
Countries2 weeks ago
Population Projections: The World’s 6 Largest Countries in 2075
-
Markets2 weeks ago
The Top 10 States by Real GDP Growth in 2023
-
Money2 weeks ago
The Smallest Gender Wage Gaps in OECD Countries