On January 5, Page 09 of Sichuan Daily’s “Chuanguan Think Tank” section published a feature article focusing on the commercialization of nuclear fusion and featuring an in-depth dialogue with Tao Kai, Deputy General Manager of HHMAX-ENERGY. The discussion explored “why capital dares to bet on this long-cycle, high-risk track” and “what the industry’s judgment is on the commercialization time window, and how companies perceive financing and regional competition.”

   The article revolved around three topics: “Capital Influx: Restructuring Investment Logic from Financial Returns to Strategic Value,” “Time Window: From Experimental Field to Market, the Entry Window for Commercial Nuclear Fusion is Tightening,” and “Regional Competition: Seeking Breakthroughs from the ‘Hefei Model’.” In the interview, Tao Kai stated that capital dares and is willing to invest in nuclear fusion for two main reasons. On one hand, the potential return on investment is extremely high. Nuclear fusion, in theory, can provide unlimited, zero-carbon baseload electricity, targeting a future global fossil-fuel power market worth trillions of dollars, offering vast commercial imagination. On the other hand, the potential downside of investment is relatively clear and controllable. Although the cycle to achieve commercial power generation is long, most early-stage R&D investment is used for engineering and device construction. As a leading enterprise in the fusion chain, it can stimulate or drive a supporting manufacturing ecosystem. For large investment institutions, this represents a typical, acceptable “asymmetric risk” opportunity.

   Regarding the timing for entering the nuclear fusion field, Tao Kai stated that now is the optimal window. Nuclear fusion is a track with limited talent reserves and high barriers. Its interdisciplinary nature far exceeds that of general industrial sectors, requiring extremely high comprehensive team capabilities. Relevant domestic talent is already limited, and resources tend to concentrate toward faster-progressing companies. If entry is delayed by a few more years, technological paths may converge, the additional value created by catching up at engineering milestones may diminish, team recruitment and industrial cooperation may become more difficult, and the opportunity window will narrow. It is expected that by 2027, the industry will enter a phase of consolidation and reshuffling. Currently, there are about 17 commercial nuclear fusion companies nationwide, not counting new companies planned for establishment. However, the number of companies that ultimately remain will likely not exceed ten.

   Recently, HHMAX-ENERGY’s development has garnered significant attention from media at various levels. On December 9, 2025, Xinhua News Agency’s science and technology video channel “Xinhua Zhijian” released a short video titled “World’s First ‘Artificial Sun’ Races Toward Commercialization,” focusing on HHMAX-ENERGY’s technological innovation and construction progress of the nation’s first commercial linear field-reversed configuration fusion device. On December 16, the official WeChat account of Chengdu Science and Technology Bureau, “Chengdu Technology,” published a feature report with graphics and video titled “Nation’s First! Chengdu-made ‘Small Sun’ Expected to Achieve First Nuclear Fusion Power Generation by 2028 | Frontline of Technology,” highlighting HHMAX-ENERGY’s technological innovation and the construction and operation of its device. On December 30, “Chengdu Release” launched a special feature “Chengdu-made: Solid! Cutting-edge! Nuclear!” reviewing Chengdu’s star products and major technological breakthroughs in 2025. It specifically mentioned in the chapter “‘Artificial Sun’ Accelerates Toward Reality” that HHMAX-ENERGY’s HHMAX-901 successfully achieved plasma ignition, marking a significant breakthrough in China’s exploration of commercial controlled nuclear fusion, particularly in the commercial application of the linear field-reversed configuration technological route.

Click the links below to view the full article from Sichuan Daily:
Digital version link of Sichuan Daily: https://epaper.scdaily.cn/shtml/scrb/20260105/1067685.html
Chuanguan News report link: https://cbgc.scol.com.cn/news/7143018