In a statement, Nucor said it will work with Washington-based Helion Energy Inc. to develop a 500-MW fusion power plant. Nucor is also making a US$35 million direct investment in the company. 

"Nucor continues to position itself as a leader in developing clean energy solutions to decarbonize the industrial sector. This agreement with Helion, along with recent investments in clean energy, can change the entire energy landscape and forever change the world, embracing a clean energy future we could have hardly imagined a few years ago," said Nucor chairman and chief executive officer Leon Topalian.

"We believe in the technology Helion is building and are proud to make this investment."  

Nucor and Helion said they are working on a firm project timeline, but are committed to beginning operations as soon as possible, with an eye to 2030.

Helion is building a prototype reactor, which is expected to be the first to demonstrate electricity generated from fusion, Nucor said.