Fusion power company Helion has signed an agreement with Nucor to develop a 500MW fusion power plant at the latter’s steel manufacturing facility in the US.

As part of the collaboration, Nucor will commit a direct investment of $35m in the fusion power company to expedite fusion deployment in the country.

Both companies aim to commence operations at the US fusion power plant by 2030.

The final site selection for the power plant is pending.

According to Helion, the partnership will fast-track the future of clean energy in the industrial manufacturing industry.

Besides, the new facility will deliver baseload zero-carbon electricity to transform the energy supply for Nucor’s steel manufacturing operations in the US.

Furthermore, the deployment of fusion technology in the steel mill is estimated to reduce 500,000 metric ton in scope 2 emissions annually.

Nucor CEO Leon Topalian said: “This project marks a tremendous milestone in the potential for the use of nearly limitless clean electricity for industrial manufacturing.

“By entering this agreement, we are demonstrating our commitment to be the cleanest steel producer in the world, while setting an example for all manufacturing companies.”

Headquartered in Washington, Helion intends to build the world’s first fusion power plant. The company is focused on generating zero-carbon electricity from fusion technology.

Helion has completed the construction of six working fusion prototypes. The firm is said to be the world’s first private fusion company to achieve 100-million-degree plasma temperatures.

Helion CEO David Kirtley said: “We’re passionate about helping the world reduce its dependence on carbon-based energy sources with abundant, clean fusion power.

“We are excited to partner with Nucor, a leader in decarbonisation in the steel industry. A project like this is only made possible by working with a forward-looking company like Nucor which is committed to decreasing its carbon emissions.”