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The seed-stage startup is eyeing a Series A after successfully enriching lithium and hydrogen isotopes.

While most coverage of the buzzy fusion energy industry — including my own — tends to focus on the startups promising to build commercial reactors within the next decade, a whole host of supporting industries will also need to mature in order to make that long-held scientific dream a reality. Isotope production is one of the biggest. No matter a company’s technical approach to fusion, it likely demands hydrogen and lithium isotopes — the former to fuel reactors, and the latter to breed more of that fuel.
That’s where Marathon Fusion comes in. The San Francisco-based seed-stage startup is developing isotope separation technology for two key purposes: recycling tritium — an extremely rare hydrogen isotope — from reactor exhaust so it can be reused as fusion fuel, and enriching lithium-6, which is needed to breed new tritium. On Thursday, the company announced that it succeeded in using its plasma centrifuge technology to enrich lithium-6 and hydrogen isotopes in the lab. (It can’t yet test the tech on actual tritium, which is expensive, radioactive, and tightly regulated by the Nuclear Regulatory Commission, so Marathon is validating its separation physics using the non-radioactive proxies deuterium and protium.) Marathon now plans to raise a Series A based on the results.
“People have wondered for a very long time when fusion is going to come, and everyone’s waiting on the big scientific announcements,” Marathon’s CEO Kyle Schiller told me. But while the industry waits for those breakthroughs, he argued, it’s high time to start commercializing the infrastructure fusion will need to become an actual commercial industry. “Ultimately, what we’re doing is reactor agnostic. Everyone’s going to need it.”
In the near term at least, most fusion companies plan to use deuterium-tritium plasmas to power the fusion reaction. But the process is inherently inefficient — only a small fraction of the fuel actually fuses in the reaction, while the rest gets expelled, even though it still contains valuable, unburned tritium that can be captured and reused.
Today, neither tritium nor the lithium-6 needed to make more of it are produced at anything close to the scale even a single commercial fusion reactor would require to get up and running. And existing isotope separation technologies — largely designed for small-volume defense programs and experimental reactors — aren’t sufficient to bridge the gap.
“When you have a single fusion power plant, that’s going to need about 1,000 times more lithium than anyone is producing today in any country,” Schiller told me, referring to lithium-6. “It would be totally prohibitive to build a fusion power plant at those economics.”
And while it’s at least possible to produce enough of this isotope to supply a future fusion industry by enriching lithium mined from rock, tritium presents a more fundamental problem. Because it’s radioactive and decays relatively quickly, it doesn’t occur naturally in meaningful quantities. Today it’s produced commercially as a byproduct of some fission reactors, but that supply amounts to just a few kilograms per year. A single 1-gigawatt commercial fusion reactor, by contrast, would need an estimated 56 kilograms annually. Meeting that demand will require fusion companies to breed their own tritium inside the reactor, a process that involves fusion-generated neutrons hitting lithium-6 nuclei, splitting them into tritium and helium.
It will also necessitate recycling the substantial amount of tritium that passes through the reactor without burning up. That’s where Marathon’s plasma centrifuge comes in. Centrifuges themselves are nothing new — engineers have used them for decades to separate uranium isotopes for nuclear fuel, spinning the gas at such high speeds that isotopes with different masses separate. Plasma centrifuges work on the same principle and have been studied since the Manhattan Project, but no one has yet successfully commercialized the approach for lithium and hydrogen.
Part of the reason is that, until recently, there simply wasn’t much demand for these isotopes. But the raw materials also present a physics challenge: Lithium and hydrogen isotopes have very similar masses. Separating them thus requires spinning the plasma so rapidly that, historically, the resulting heat has undermined the separation process itself. To address this, Marathon’s proprietary centrifuge tech uses a “partially ionized” plasma, in which some atoms have been stripped of their electrons while others remain neutral. The company says this configuration allows the centrifuge to operate at lower temperatures.
The materials testing lab Covalent has certified Marathon’s lithium-6 enrichment. The company hasn’t had its hydrogen separation results independently verified, though an MIT nuclear engineering professor has reviewed the device’s design. As a participant in ARPA-E’s Vision OPEN program, which solicits and supports ambitious energy projects, Marathon has also presented its hydrogen separation methodology and results at the ARPA-E fusion programs meeting in June.
Now, Schiller told me, the challenge is scaling up the technology’s core systems. “We need bigger magnets, better cooling, bigger power systems, and so that’s a buildout that’s going to take time and more capital,” he said. “But as far as the science is concerned, we feel like it’s at the point where we’re ready to make those kinds of commitments.”
Marathon is now looking to raise capital to build its first commercial pilot facility, with the goal of reaching full-scale production by 2029. Schiller told me the company expects its first full-scale facility to produce tens of tons of lithium-6 per year — enough, he says, to fuel a new gigawatt-scale fusion plant roughly every two years. Marathon also plans to recover and repurpose about 560 kilograms of tritium annually — roughly the amount that cycles through a 1-gigawatt reactor’s fuel system each year, most of which exits in the reactor’s exhaust without ever fusing.
Once fusion reactors are operating at scale, Marathon has a few other tricks up its sleeve. The startup also plans to build an “isotope production” business, using the copious volume of high-energy neutrons generated by fusion to manufacture valuable isotopes. The company made headlines last year with its claim that fusion-generated neutrons could transmute mercury into an unstable isotope that eventually decays into gold — potentially doubling a fusion reactor’s economic output (and proving the old alchemists right). But that work is still theoretical, based on computer simulations rather than peer-reviewed or experimentally validated work.
Marathon certainly has plenty to keep it busy in the near term, though. “There is a really amazing opportunity right now to say, look, the fusion supply chain is ready to go. We can start scaling up,” Schiller told me. “The science will progress in parallel, and we really want to land this together — not wait another 10 years after scientific results come in.”
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Current conditions: Typhoon Champi swept past Taiwan, leaving one dead and 500 injured as the weakened storm slams into South Korea and Japan • Hurricane Vance is churning off Mexico, bombarding the coast with waves up to 13 feet tall • Tropical Storm In-Fa could strengthen into a powerful storm as it heads toward the Northern Mariana Islands, a U.S. territory.
Brazilian President Luiz Inácio Lula da Silva has secured an unprecedented fourth term, winning 51% of votes in Sunday’s run-off election with far-right challenger Flávio Bolsonaro. The photogenic son of the imprisoned former president Lula defeated in 2022, Bolsonaro, 45, had promised to cut taxes, slash government spending on things like environmental enforcement, and bring South America’s largest economy in closer alignment with President Donald Trump. His message, which resonated in the Amazon’s frontier boomtowns, secured Bolsonaro more votes in the first round of the election on October 4. Lula’s win makes history twice over. He’s the first since democracy returned to Brazil in 1988 to pull ahead and defeat the first-round winner in the runoff. He’s also the first president elected to four terms, with his first two served between 2003 and 2011. On energy, the differences between the candidates are primarily over the role of government in the market, with the conservative Bolsonaro advocating more privatization and Lula seeking to strengthen the role of state-backed enterprises in generating income for the government and carrying out industrial policy.
On actual energy technologies, however, the discrepancy is relatively small, at least compared to the partisan divides in U.S. politics. Brazil’s grid is overwhelmingly clean, powered primarily by hydroelectricity. And Lula, an octogenarian leftist, has ramped up production of oil and gas through Brazil’s state-backed Petrobras. Lula’s signature since he first won the presidency in 2002 has been growing the economy and shrinking poverty while reducing deforestation of the Amazon. Bolsonaro, by contrast, had promised to strip away protections for the world’s largest tropical rainforest. The Amazon is currently seeing a surge of fires as ranchers look to clear woodlands to make way for more cattle pastures. Folha de S.Paulo, Brazil’s newspaper of record, wrote that Trump would now be Lula’s chief foreign challenge.

Brazil’s election wasn’t the only political earthquake on Sunday. Serbian voters booted out former President Aleksandar Vučić, a pro-Russian figure widely described as a “strongman” in the Western press, in a student-led movement that the Associated Press said heralded a “seismic shift” in the Balkan country’s politics. The victorious Student List party had formed adjacent to protests against what would have been Europe’s largest lithium mine, Rio Tinto’s so-called Jadar. Amid increasingly fierce protests, the Anglo-Australian mining giant mothballed the project last year. Vučić had championed the mine as a way to improve his country’s ties to the West as European battery makers look for sources of the metal outside of China. His defeat signals little hope of the project’s return. Serbia’s other energy megaproject, its planned first nuclear power station, now faces new uncertainty. The Student List has not, from what I can tell, made any statements for or against atomic energy. But the previous government had been in talks with Russia’s Rosatom and the Chinese government to build its first reactors. That decision on whether and with whom to move forward on the plant will now fall to the new government.
Helium may seem like a pretty casual commodity, the sort of thing you can buy a tank of in Costco to fill party balloons. But the gas, which has the lowest boiling point of any element, has a wide range of industrial applications. It’s used to make semiconductors, as a tool to detect leaks in natural gas pipelines, and as a coolant in a next-generation class of high temperature gas-cooled nuclear reactors. Now the Department of Energy has anointed helium with a special strategic status. On Friday, the agency designated helium as the latest critical material, a key step toward directing more federal funding toward domestic production of the gas. The U.S. is already among the top three suppliers of helium in the world. But global supplies took a hit this year when Iran closed off the Strait of Hormuz, preventing Qatar’s vast helium exports from reaching the market. “Helium is essential to producing the semiconductors and advanced technologies that power our economy,” Secretary of Energy Chris Wright said in a statement. “By designating helium as a critical material, we are taking another step toward securing our supply chains, creating American jobs, and ensuring the United States leads the world in energy and technological innovation.”
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The Russian energy giant Novatek is “secretly controlling” Polar Train LNG, the Trump-linked company developing a liquified natural gas export terminal on Alaska’s North Slope, the Financial Times reported. The venture — launched in March by Gentry Beach, an investor with ties to the Trump family, to repurpose work the Russians had done on a facility in Alaska — had “featured in high-level negotiations between Washington and Moscow over potential business deals that could help secure an end to Russia’s war in Ukraine,” the newspaper reported. Polar has been awaiting permission from the Trump administration to circumvent U.S. sanctions to negotiate with Russia. Now Polar LNG’s American chief executive, Joel Riddle, told the FT “that he discovered Novatek was already financing the venture and directing operations before the necessary approvals were obtained.” He resigned from his post last month, along with most of the executive leadership team. “I resigned as chief executive of Polar LNG because I felt uncomfortable that the Russian company Novatek was financing and ultimately controlling the strategic direction of the company,” Riddle said. “Building an LNG facility in Alaska is a very strategic project for the U.S. and as a patriot I feel this needs to be developed using US technology and funded by U.S. investors, not a Russian company.”
Unlike other kinds of intermittent renewable power sources, tidal energy promises almost guaranteed predictability. The problem, however, is that it’s geographically limited. A lot of the most advanced projects attempting to make the technology work are in Canada or Europe. Yet renewable technologies have, in recent decades, found commercial viability after sorting out the details of their hardware in Asia. That’s what makes tidal energy developer Minesto’s project in Indonesia so interesting. It’s in one of Asia’s fastest-growing economies, with an archipelagic geography that offers a lot of potential for tidal. Last week, the trade magazine International Water Power & Dam Construction reported that the company had been chosen to participate in the Sweden-Indonesia Sustainability Partnership, a Swedish government-backed program backing clean energy projects in Indonesia. “Indonesia has significant untapped potential in ocean and hydropower resources, which can play an important role in diversifying the country’s renewable energy mix,” said Johan Lennefalk, the acting country manager for Indonesia at Business Sweden, the government agency that promotes Swedish companies overseas. “Minesto’s technology offers a particularly promising solution by harnessing tidal currents that have previously been difficult to utilise, providing predictable renewable electricity that complements other hydropower and ocean energy solutions.”
Remember when solar panels were exclusively large, rooftop rigs? The commodification of the solar panel in recent years has begun making photovoltaics almost ubiquitous, a reality set to expand as more countries legalize plug-in solar that can work on a balcony like a satellite dish. Chinese panels are now so cheap that Europeans have started using them to build garden fences. Now, in Nigeria, solar panels are the must-have wedding gift du jour. Bloomberg reports that solar panels, batteries, and inverters “are turning up on wedding registries, alongside more traditional gifts such as bed linen and microwaves.”
Talking with Leah Qusba, the CEO of GoodPower.
This week’s conversation is with Leah Qusba, CEO of GoodPower, which recently released a survey experiment you need to read. Conducted with Data for Progress, the project, published Monday, takes a unique approach to asking people why they opposed data centers for artificial intelligence and whether constructing renewable energy instead of gas power moves the needle at all in their support for AI infrastructure near them. Instead of just asking polling questions, they posed various hypothetical project designs to people — and the results were eye-popping. Turning to solar instead of gas? Might not be a panacea for gaining approval at the local level. Protecting electricity rates from going sky-high? Now that’s a way to get buy-in.
The following conversation was lightly edited for clarity.
Before we jump into the survey, is the data center boom changing the trajectory for renewable energy development in the U.S.?
If you look back over the last decade and a half, the largest global procurer of decarbonized electricity has been the Big Tech industry. I think we’re still seeing the trendlines of that today. The speed and scale of data center development is driving a lot of incremental clean energy growth.
I think we’re really at a crossroads right now because of the speed to meet rising demand and because, as people are scrambling to find electrons, commitments previously around purchasing and procuring decarbonized electricity have slid a little bit. We’ve seen proposals over the last six months or so have roughly doubled for combined cycle gas. We’re at this crossroads: Are we going to leverage this moment to drive incremental clean and protect ratepayers in the process? That’s the only way we’re going to be able to build this infrastructure.
Or are we going to go another path where we’re locking in decades of combined cycle gas?
I think voters across the political spectrum think this is a very important issue, and people are thinking about this as we move closer to November.
Walk my readers through the survey experiment you ran with Data for Progress.
The impetus was that we wanted to demonstrate to any stakeholder in the world — a data center developer, a household concerned with their rising electricity bills, policymakers trying to meet this new energy moment — what Americans want, which is guarantees from data centers that their electric bills won’t increase. They want strong electricity grid upgrades. They want home energy upgrades like rooftop solar, heat pumps, storage systems, or battery walls.
We wanted to make the case. We’ve seen surveys recently that if you say you’ll power them with renewable energy, favorability will increase. We wanted to go a step further and set up an experiment to see the difference between what people say they’ll do and what they’ll actually do. Often there’s a difference when they’re faced with a real-life situation. Even when renewable energy support is high — even Republicans favor large-scale solar — then why do we have NIMBYism? Why do we have public opposition? Why are projects being phased out or canceled entirely because of protests? That’s because of a gap between what people say they’ll do and what they’ll actually do.
The first part of the experiment was a typical poll asking people how they felt and measuring what they said they would do. What people indicated was similar to other polls circulated widely and picked up by the press, that when you say a data center is powered by solar, people say they’ll be more favorable. But then we put them in a setting where we told them a data center in their community was going to be powered by either gas or renewables, and we had other treatment conditions that would be manipulated. We told them, for example, that there would be a rate-binding guarantee, that 100% of their costs would be paid for by the data center and their electricity rates would not go up. We also gave them conditions where they’d get residential solutions.
When we compared what people said they would do with what they actually would do, what we found was pretty definitive. Really, Americans indicated a strong preference that data center developers guarantee stable electricity rates or provide them with meaningful residential or community benefits. Those are really the only two things in a real-life situation that moved support for data centers.
What we didn’t see, actually, is that renewable energy powering the data centers alone was enough. It didn’t have enough statistical significance to improve data centers’ support on its own.
Now, connecting the solar to stable electricity rates or ratepayer protections, that’s helpful. Could we do that? Absolutely, and that’s a strong recommendation to think about centering communities because they want affordability. But the technology alone — solar versus gas — had a null effect.
It’s great to talk about solar, especially because there’s high favorability for solar. Connecting affordability to clean energy is a great strategy, and we hope tech companies take this to heart! The only way we’re going to build social permission for these technologies is to do it in a community-centric way that guarantees rates won’t increase and guarantees community benefits. We want to make sure people ask for all this in negotiations and that policymakers think about all this, especially federally as we think about permitting reform.
What’s the relationship to permitting reform?
I think it’s important that it preserves maximum ratepayer protections and large load tariffs. Thinking about that, as well as bringing-your-own-clean-energy, or BYONCE, is in great parallel with the findings. If we can deliver that through federal legislation, it’s something that would be supported by the data we gathered through this experiment.
Why was there no statistically significant difference between solar and gas?
I don’t think it’s a question of why people were agnostic about technology. I think it all just boils down to pocketbook-kitchen-table issues. We live in a cost of living crisis where upwards of 65% of Americans live paycheck to paycheck. The cost of everything from gas prices at the pump to groceries … When we look at the data and inflation and what it takes to build a home, its very clear the message the American electorate is sending is that affordability is the queen issue right now.
Until we meet demand in a community centered way and a ratepayer centered way, with maximum ratepayer protections and large load tariffs for these companies, we’re going to see incredible polarization across America where these data centers are being built.
What’s next, from a research perspective?
I think there were a few surprising things we found in the data we want to dig into.
For example, there’s been talk of spillover opposition — that by associating solar with data centers, we might pollute public opinion around solar. We actually asked questions in the survey experiment about this and so far, solar hasn’t been tarnished by data centers. It showed zero spillover. It does not drag down favorability for solar.
We also found that Americans trust renewable energy developers second only to consumer watchdogs, which we found to be fascinating. By contrast, they trust data center developers the least. In other words, choose to pay for a decarbonized electron if you can because associating yourself with clean, fast-to-power electrons has a true positive association there. It’s in the data.
One last one: Artificial intelligence and public opinion about AI was the top driver of opposition to data centers. It was feelings about AI as a technology superseding personal ideology and backgrounds, even if they cared about climate change. Skepticism about AI and data centers isn’t a partisan issue. Anti-AI sentiment sits evenly across Democrats, Republicans, and independents alike.
And more of the week’s top fights around development.
1. Umatilla County, Oregon – A small town in Oregon this week declared a state of emergency over fears that a statewide pause on data center permits will harm its economy.
2. Saratoga County, New York – Is Trump’s country music superstar-turned-power-project combatant John Rich preparing to debut a new song about solar farms, or something more?
3. Eau Claire County, Wisconsin – There’s now a must-watch race to see who is more anti-transmission in the race for Wisconsin’s 3rd congressional seat.
4. Adams County, Colorado – Here’s the chaser you needed: the largest solar farm approved in the Rocky Mountains.