A word From Our Founder

LETTER FROM OUR FOUNDER

As a child, I spent recesses with my nose in a book reading everything I could about humanity’s next high-tech frontiers, like high-energy particle physics, energy generation and space travel, among others. One of the most exciting things was nuclear fusion: technology that could massively improve our access to energy. I learned there was enough deuterium in the Earth’s oceans to power our world with carbon free energy for tens of billions of years and dreamed of helping realize this potential.

My fascination became a mission when, at my university, I watched trains haul mountains of coal every few days into a heating plant that only provided enough energy to keep just a part of the university warm. I imagined this process at a global scale; at the cost and consequence of all the mining, transportation, and carbon released to fuel our way of life. I remembered what I had learned years ago, that the fusion fuel needed to power the entire United States for a year could fit in a fraction of that one train. It was at that moment I decided to spend my life building a fusion-powered future and enrolled in the fusion technology program at UW-Madison.

The program focused on engineering and operations: what would it take to move fusion from a science experiment to a competitive power source? The takeaway for me was daunting; fusion required some of the most exotic systems ever made to be placed in the harshest conditions ever created while being cost competitive with existing energy sources like windmills. While theoretically possible, it was clear it would take a phenomenal investment of money and scale to get there.

That led me to the question that would ultimately shape SHINE.

What if, instead of chasing a series of major breakthroughs in a moonshot effort, we could grow organically toward a fusion-powered future while creating value for society as we learned? And what if the fastest way to master complex problems is through real-world application?

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I realized this path is a proven strategy that has scaledsome of the most impactful industries in human history. Semiconductors startedin niche, high-value applications that justified reinvestment in bettertechnology and growth. Over time, this flywheel effect reduced the cost ofcompute by trillions of times and took us from simple guidance systems formilitary aircraft to the AI technology reshaping the world today. EVs, solarpanels, commercial spaceflight and many other industries scaled the same way.

I founded SHINE to eliminate energy as a constraint on humangrowth, because the flywheel model gave me conviction we could achieve thegoal. Today, we’ve built an entire fusion delivery platform based on it. As wedeploy into real markets, we build, operate, learn and innovate, which leads tobetter products on a greater scale. As cost comes down and the platform scales,we access progressively larger markets. This approach puts economic principlesin the driver’s seat and creates a durable business. Based on our progress sofar—shown side by side with semiconductors below—I believe this approach hasalso put us on a very fast and robust path to commercial fusion energy.

Selection of the product mix to drive the flywheel iscrucial. So, we devised a simple thesis: only pursue products that advance ourlong-term mission. For every opportunity we examined, we had to pass threegates: Would deploying there move us closer to fusion energy? Would it solve animportant problem with enough scale to fuel growth? Did fusion have a genuineadvantage? If yes, the product was selected. Then products were ranked by uniteconomics, not total market size. This let us deploy into commercial marketsimmediately while rapidly building our platform.

As we scale, our products are our milestones on the path tofusion energy. Each new product achieves lower unit cost and larger scale thanthe last. Some argue this path is slower than chasing the moonshot. But ourprogress so far rivals semiconductors.

Our products are more than just milestones. Each meets animportant need in the world today. Our testing products make the world safer byensuring the integrity of key products from defense systems to aircraft andspacecraft to nuclear infrastructure. Our medical products make the worldhealthier by ensuring a reliable supply of vital medicines used to diagnose andtreat millions of patients each year. Our recycling products will improveenergy security and make nuclear power sustainable by transforming used fuelfrom a liability into a valuable resource. And ultimately, our fusion energywill elevate the entire human economy by delivering abundant, carbon-freeenergy at a scale and cost no other energy technology can match.

Ultimately, fusion promises to achieve the purpose on whichI founded SHINE: make energy so cheap and available that it is no longer aconstraint on human growth. Each of these products is worth developing on theirown, but together, we believe they create the most exciting opportunity in hardtech today.

The companies that commercialize fusion will be among themost important of our time. A bet on SHINE is a bet on a team that has alreadybrought fusion to market and has rapidly improved its cost profile whileholding the world record for continuous fusion output. It’s a bet on a provenplaybook: deploy into markets with the best unit economics and use the learningand earnings to scale and grow. And it’s a bet on a future for humankind inwhich energy is no longer a constraint on the growth of our civilization. Thisis my bet, and I hope it’s yours too.

SHINE ON!

Greg Piefer, Founder and CEO