The Fusion Industry Association incorporated May 5 as a newly independent nonprofit association representing the private fusion industry, according to a statement. FIA was founded as an initiative in 2018. It will keep the same CEO, Andrew Holland, and has announced a board of directors.

The association has 25 member companies that are backed by private capital and pursuing the commercialization of fusion energy, a form of clean power, the statement said. FIA also has affiliate members, which are companies, nonprofits and institutions that support the growth of the global fusion energy economy.

These changes come at "a critical time," following President Biden's announcement of his administration's aim to achieve net-zero carbon emissions in the United States economy by 2050, FIA's statement said.

"The fusion industry is poised to help the world achieve the energy transition to net-zero carbon emissions. Commercialization of fusion energy will create new jobs and a new industry addressing a trillion-dollar market," Holland said in the statement. "The Fusion Industry Association membership speaks with a unified voice at a time when society is making unprecedented investments into the clean energy transition."

Fusion is a form of nuclear energy created by smashing two smaller atoms together into a larger atom. Nuclear fission power plants create energy by splitting atoms.

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