Marvel Fusion
Columbia Business School Case
How should Marvel Fusion navigate the technological challenges of commercializing laser-based fusion energy while managing investor expectations and competing against both established nuclear fission technologies and magnet-based fusion alternatives?
In March 2025, Marvel Fusion, a German startup founded in 2019, became the best-funded laser-based fusion company globally. It represents the new wave of private companies attempting to make fusion energy a reality, with an ambitious goal of translating breakthrough laser physics research into commercially viable power generation by 2035. While fusion promises cleaner, safer, and more efficient power generation than nuclear fission, Marvel must overcome significant technical hurdles while addressing the "moral hazard" of diverting resources from readily deployable clean energy sources to an unproven technology. The case examines the strategic decisions facing a deep-tech startup operating in a capital-intensive industry where commercialization remains at least a decade away, requiring sustained investor confidence and operational excellence.
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