PRINCETON, N.J., June 01, 2023 (GLOBE NEWSWIRE) -- Princeton Stellarators (PSI), a fusion energy company advancing stellarator technology for commercialization, today announced the U.S. Department of Energy (DOE) selected the company for an award sponsored by the Office of Fusion Energy Sciences. Funds from the new public-private partnership program will support collaboration with national laboratories, universities and others to meet major technical and commercialization milestones toward the successful design of a fusion pilot plant.
“We are thrilled with this award from the DOE and inclusion in this program among other leaders in the space to realize the full potential of fusion energy,” said Brian Berzin, chief executive officer of PSI. “This vote of confidence from the DOE comes at a pivotal time for PSI as we reinvent the stellarator, moving one step closer to a simpler, more economical approach to commercializing fusion energy. We look forward to continued collaboration with the DOE through this program.”
David Gates, Ph.D., chief technology officer of PSI, added, “PSI’s proprietary stellarator technology eliminates the complex magnet coils required in all other proposed stellarator designs. This support from the DOE following a detailed merit review process further validates the potential of PSI’s simplified design to solve long-standing barriers to fusion energy and allow for the rapid deployment of clean energy for generations to come.”
The DOE Funding Opportunity Announcement (FOA), DE-FOA-0002809, total funding is $46 million for the first 18-month budget period where projects may last up to five years in duration. Outyear funding is contingent on congressional appropriations, team participation and satisfactory progress in meeting negotiated milestones. Awardees consist of eight teams selected following a merit review process that evaluated the applicant’s scientific, technical, commercialization, business and financial viabilities, as well as its community benefits plans in support of DOE’s Justice40 policies. The full list of projects and more information can be found on the Fusion Energy Sciences Topical Funding Opportunity Awards page.
About Princeton Stellarators
Princeton Stellarators (PSI) was founded in 2022 with a focus on leveraging recent breakthroughs in stellarator physics and engineering to create a faster, simpler approach to commercializing fusion energy. PSI is reinventing the stellarator using computer-controlled arrays of planar coils and replacing the intricate, complex modular magnets required in all other proposed stellarator architectures. Stellarators are inherently steady-state, stable magnetic configurations that eliminate potential disruptions, making it an optimal pilot plant architecture. PSI is building off foundational research and technology development that it spun out of Princeton University and Princeton Plasma Physics Laboratory, where the stellarator was first imagined in 1951. PSI’s proprietary breakthroughs have now enabled systems to be simpler and more practical than previously possible resulting in a system design that can scale to long-term commercial system operation and maintenance. To learn more about PSI’s mission to create a limitless source of zero emission energy for a sustainable future, visit www.psi.energy and follow us on Twitter and LinkedIn.
Investor Contact
Robin Brown
robin@princetonstellarators.energy
Media Contact
Madeline Joanis
maddy@princetonstellarators.energy
