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In the early 70s, Rob Goldston was a graduate student in plasma physics, and experiments to produce fusion energy were just starting to bear fruit.

“We had a huge party because we had made 1/1000th of a joule of fusion energy,” he told me. “It was ridiculous, it was a tiny amount of energy." A 35-watt light bulb, for instance, uses 35 joules every second. Now, 40 years later, the game has changed. A recent experiment at the Joint European Torus fusion reactor in the United Kingdom produced 20 million joules. And the National Ignition Facility in California just reached a milestone by producing more energy in a fusion reaction than was needed to start that reaction.

While eating lunch at a recent energy conference with the usual random selection of delegates and speakers, I asked the co-founder of a leading energy venture capital firm what technology he finds most exciting right now. Without hesitation, he began telling me about his company’s ambitious, longer-term bet on a small nuclear fusion company. He then put me in contact with his partner and co-founder, who helped fill in the details for this story.

Aiming to create the first net gain reactor, General Fusion's design leverages steam-driven pneumatics in quest for the Holy Grail of energy production. In a world beset by fossil fuel energy woes, fusion energy is holiest of Holy Grails. A working fusion reactor would not only release large amounts of energy but, unlike nuclear fission plants, they can’t melt down. They’re also significantly “cleaner,” in that a fusion reaction only uses small amounts of an abundant fuel (hydrogen isotopes tritium and deuterium), which is only weakly radioactive. The problem is, no one has yet created a net gain reactor (more energy out than in), although many well-funded programs are actively pursuing it.

2. Harnessing the Sun's Power Ever since cold fusion flopped spectacularly, the idea of finding an affordable way of replicating the sun's method of generating energy has become almost a joke. That may be about to change. Yes, the two major fusion reactor designs being explored in the research world -- one is called a tokamak and the other is inertial confinement systems -- show promise, but they are 20 to 30 years off. Also, they require either gigantic superconducting magnet systems or extra-fierce laser arrays and will cost tens of billions at best.

In the race among world governments and wealthy companies to create and commercialize a nuclear fusion reactor, a small Canadian firm backed by innovative ideas and a little venture capital may just have a shot.  A report from Agence France-Presse.

Michel Laberge quit his job to invent a "glorified jackhammer" that he hoped would save the planet. That was 10 years ago.

Now, investors are betting more than $30 million on that jackhammer idea, which may yield a holy grail of energy -- a safe, clean and unlimited power source called hot fusion.

One of Canada's leading purveyors of fossil fuels, oil sands company Cenovus Energy Inc. , is placing a bet on a sci-fi energy source in hopes that nuclear fusion can one day help squeeze bitumen out of Fort McMurray.

The company is making a $4-million investment in General Fusion, a Burnaby, B.C.-based startup that on Thursday announced $19.5-million in new development capital, including some from Bezos Expeditions, the personal investment company of Amazon.com founder Jeff Bezos.