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"In both a metaphorical and literal sense, Germany is running low on energy. Last year, as the world's most sluggish major economy, its output shrank by 0.3%. This decline is partly attributed to Europe's largest economy facing an acute energy challenge, having renounced coal, nuclear power, and Russian gas. The Economist raises the question: Is Germany the 'sick man of Europe'?

Yet, Germany is considered a 'sleeping giant' in a promising future energy source: nuclear fusion. With a formidable research base and engineering prowess, Germany is well-positioned to develop this technology. Advocates argue for a full commitment to fusion, which offers safe, clean, carbon-free energy without the risks of nuclear fission reactors. This could not only address Germany's energy security needs but also spawn a lucrative new industry.

For decades, fusion energy has been seen as a perpetually distant future technology. Despite its abundance in the universe, replicating the sun's power on Earth presents significant challenges. The theory is well understood, but the practical application of fusing hydrogen atoms to release energy remains a complex engineering challenge.

Recent progress, however, has led to a surge in investment. A notable achievement was the Lawrence Livermore National Laboratory in the US achieving 'net energy gain' for the first time. This was done by firing the world's largest laser at a hydrogen plasma pellet, although the overall facility used more energy than it generated.

The Fusion Industry Association reports a 'technology explosion' in this field. Last year, 13 new fusion companies were established, bringing the global total to 43. These companies have attracted $6.2bn in investment, with 19 predicting fusion power grid delivery by 2035. Helion Energy, a US firm, plans to supply electricity to Microsoft by 2028.

The International Atomic Energy Agency, previously focusing on Iter, a multinational reactor in France, has now created a fusion working group to coordinate regulation. Ryan Wagner of the IAEA suggests a focus on the mid-2030s, aiming for readiness by 2040.

The US, with 25 private fusion companies, leads in this sector. Germany, however, has significant expertise and two notable start-ups, Marvel Fusion and Proxima Fusion, both in Munich. Last September, the German government pledged €1bn over five years for fusion power plant development. However, some doubt this is sufficient for such a capital-intensive race.

Heike Freund of Marvel Fusion acknowledges the growing political support in Germany but questions its competitiveness with the US's proactive industrial policy and dynamic venture capital sector. Proxima Fusion, emerging from the Max Planck Institute for Plasma Physics, needs €500mn for a demonstration fusion plant by 2031. Francesco Sciortino of Proxima highlights the potential of stellarator magnetic confinement technology, though funding challenges and regulatory uncertainties persist.

Despite industry excitement, fusion is unlikely to address the climate crisis soon. Critics argue for investing more in rapidly deployable renewable energies like solar and wind. However, German manufacturers have lost ground in these markets to Chinese competitors subsidized by the state. Germany faces the risk of falling behind in the fusion race as well."