Renewal Fuels (RNWF) & Its Subsidiary American Fusion Highlight Near-Term Commercial Fusion Strategy, Underscoring Key Distinctions Between Deployable Energy Infrastructure & Experimental Fusion Programs

Core Viewpoint - The merger between Renewal Fuels, Inc. and Kepler Fusion Technologies highlights the growing interest and investment in the fusion energy sector, emphasizing the need for differentiation between experimental and commercially viable fusion technologies [1][2]. Commercial Energy Infrastructure Versus Experimental Fusion Platforms - TAE Technologies' Norm device is an experimental platform aimed at future reactor development, with its first utility-scale power plant expected to begin construction in 2026, targeting approximately 50 MWe [3]. - Kepler's Texatron™ platform is designed as a deployable commercial energy infrastructure asset, intended for distributed deployment in various industrial settings, providing continuous baseload electricity without reliance on centralized plants [4]. Distinct Commercialization and Revenue Model - Kepler's strategy focuses on a Power-as-a-Service (PaaS) model, retaining ownership of Texatron™ units and selling electricity through long-term Power Purchase Agreements (PPAs) [5]. - The pricing for Texatron™ is set to start at approximately $0.0625 per kilowatt-hour, positioning it as a competitive baseload energy source and aiming to generate recurring cash flows through fleet expansion [6]. Technology and Fuel Pathway Differences - TAE Technologies utilizes Field-Reversed Configuration (FRC) technology with a proton-boron fuel pathway, focusing on experimental performance optimization [8]. - Kepler's Texatron™ employs a torsatron-based magnetic confinement architecture with a Deuterium-Helium-3 fuel orientation, designed for direct electricity generation and eliminating the need for extensive infrastructure [9]. American Fusion: Public Markets Strategy - The merger on December 17, 2025, resulted in Kepler becoming a wholly owned subsidiary of RNWF, which plans to rebrand as American Fusion to reflect its focus on advanced fusion energy infrastructure [12]. - Kepler is undergoing a third-party valuation of its intellectual property and operating assets, with expectations that the valuation will exceed $300 million, to be reflected in RNWF's fiscal year-end 2025 filings [13]. - Following the merger, American Fusion aims to pursue a national exchange listing on either NASDAQ or the Texas Stock Exchange in 2026, contingent on meeting listing requirements [14].