American Fusion™ AMFN Discusses Aneutronic Fusion Texatron™

Brent Nelson CEO of Kepler Fusion Technologies Discusses Texatron™

In December 2025, Renewal Fuels announced it would merge with Kepler Fusion to form American Fusion™ (AMFN).

Kelper Fusion is developing Texatron™, a compact, aneutronic fusion power system engineered to deliver continuous, zero-emissions baseload electricity with almost no radioactive waste.

Here’s how Kepler’s Texatron™ is different:

• Aneutronic D–He3 fusion → no long-term waste, almost no neutron radiation
• Direct electrical output → dramatically simplified engineering
• Modular footprint → scalable manufacturing & deployment
• Lower regulatory burden → faster path to market vs. fission & DT fusion

In early 2026, five independent peer-reviewed or institutional publications simultaneously validated five distinct pillars of the Texatron™ architecture.

Since the merger, and with the company forecasting to commercialize this technology by the END of 2026, the share price has appreciated by almost 900% and has been one of the best-performing stocks of 2026.

We’ve been inundated with questions from investors about AMFN, so we decided to interview Brent Nelson, the CEO of Kepler Fusion Technologies.

Our questions are in blue, his responses are in black.

(Here is our initial report on American Fusion AMFN) 

Nuclear Fusion, why is it called the “holy grail of energy?”

Fusion is called the holy grail because it offers what no other energy source can: virtually limitless fuel, no carbon emissions, and—if done correctly—no long-lived radioactive waste.

One gram of fusion fuel contains the energy equivalent of tons of fossil fuels.

If you can harness it economically, you fundamentally change global energy infrastructure.

Summarize Aneutronic Fusion, the Texatron™, and your “Energy Chip”

Aneutronic fusion—specifically Deuterium + Helium-3 (D–He³)—produces charged particles instead of neutrons. That allows us to convert energy directly to electricity, rather than using steam turbines.

The Texatron™ is our reactor architecture designed around:

• Pulsed compression 
• High magnetic fields (>5 Tesla) 
• Direct energy conversion

We think of it as an “energy engine” rather than a traditional reactor.

The Energy Chip is a downstream concept—essentially modularized energy capture and storage at the device level.

Longer-term, it has the potential to act as a compact, high-density power source—more analogous to semiconductors than conventional batteries.

We are developing our IP strategy now around the chip and we will announce that progress in the coming weeks and months.

Nuclear Fusion, why is it called the “holy grail of energy?”

Fusion is called the holy grail because it offers what no other energy source can: virtually limitless fuel, no carbon emissions, and—if done correctly—no long-lived radioactive waste.

One gram of fusion fuel contains the energy equivalent of tons of fossil fuels.

If you can harness it economically, you fundamentally change global energy infrastructure.

Texatron™ has been a concept or product from Kepler Fusion for several years. Why now? How close do you think you are to achieving net energy gain?

Three things changed:

1. Materials science 
2. Power electronics 
3. Capital market access

We’ve reached the point where we can build real hardware, not just simulations.

To be clear: Even though we have not yet publicly demonstrated net energy gain, we are confident that we can do this over the coming months with newly acquired internationally recognized testing equipment.

We are in advanced prototype/pre-production model stages.

Our goal is to demonstrate measurable gain in staged steps, not a single “all-or-nothing” event.

Why merge into an OTC company instead of raising VC or SPAC capital?

Speed and control.

Traditional VC funding:

• Takes time 
• Often dilutes aggressively 
• Can constrain long-term strategy 

SPACs:

• Expensive 
• Highly structured 
• Often misaligned with deep-tech timelines 

The public vehicle allows us to:

• Access capital incrementally 
• Build investor awareness early 
• Retain strategic control 

It’s not the conventional path—but our fusion timelines aren’t conventional either.

The company’s Form 10 vs. your 5MW / 100MW statements—have you achieved net gain? How will you know if or when you have achieved it?

Source: Form 10

No—we have not publicly disclosed net gain.

The 5MW unit is best understood as:
A pre-production system architecture.

Not a fully validated commercial reactor until we get our new test equipment.

We measure progress through:

• Plasma stability 
• Energy confinement 
• Input vs. output energy curves

Net gain will be defined when output energy consistently exceeds input energy under controlled conditions. 

We do expect to be able to do this before the end of 2026.

Will the company publish a white paper with the results achieved so far?

Yes—in stages.

We will release:

• Technical summaries 
• Followed by data-backed white papers

We are balancing transparency with IP protection.

How come Texatron™ hasn’t received media attention since the local news story a few years ago?

Fusion media coverage tends to follow:

• Funding events 
• Major milestones 

We’ve been focused on engineering, not PR.
That will change as we hit verifiable milestones.

Why haven’t we seen a Texatron™ 5MW demo? When can we?

Because we don’t want to show something prematurely.

When we demonstrate, it will be repeatable and measurable.

Can you sell power today (or do you plan to) with this 5 MW unit?

No. Not yet.

The 5MW system is a development platform, a display, and a demonstration model.

It is highly portable so that we can move it around and showcase it for various customers like data centers, the military and other government agencies.

Although not yet a commercial generator, it will be soon.

Is the fuel used in the Texatron™ reactor, Deuterium and helium-3, considered radioactive?

• Deuterium: Stable, non-radioactive isotope of hydrogen 
• Helium-3: Non-radioactive

The reaction itself is:
Aneutronic, which means no neutrons (so minimal radiation)

What is the Fuel supply—licenses and availability?

Fuel sourcing involves:

• We are VERY close to a 10–14-year supply agreement, with extensions, with a giant international company. This eliminates all risk on the supply side. 
• There is potential regulatory oversight depending on scale of inventory but we believe that we can overcome any government obstacles that may arise because of our location, Texas!!

We are working through supply agreements and compliance pathways, but details are not fully public.

Fuel consumption and cost for 100MW Texatron™?

At a high level:

• Fuel consumption is extremely small relative to output
• Costs depend heavily on He-3 pricing

Strategically: The fuels are not the limiting factor.
Our supply chain will be the key differentiator.

Do you need Nuclear Regulatory Commission or Dept of Energy licensing?

Yes, is the short answer.

Fusion regulation is evolving, but currently:

• NRC does not have any of these regulations. They have referred us back to Texas, which is an Agreement State. We have made our applications in late February 2026 and expect acceptance within 60-90 days.
• We are designing toward:
  Much lower regulatory burden vs. fission reactors

How do you access Helium-3 (He-3) if it’s restricted?

He-3 is scarce, but:

• There are commercial pathways 
• There are government and industrial allocations 

We are pursuing long-term supply agreements.

The Best Way To Invest in Fusion?

Here is how Texatron™ could replace nuclear energy by end of 2026

$12.5M cost for a 100MW Texatron™ unit—how do you fund it?

Combination of:

• Strategic capital raises 
• Project financing 
• Customer prepayments / PPAs

Our PPA agreements will all be bankable; if not, we will go to the next customer.

Commercialization of aneutronic fusion by the end of 2026—is that realistic?

It is an aggressive target.

We view it as:

A milestone objective, not a guarantee, but we are currently on target to hit this milestone.

Power-as-a-Service (PaaS) model—what could revenue look like?

Roughly:

• 100MW → ~$54M–$120M annual gross revenue (depending on pricing) 
• 1GW → ~$500M–$1B+

Margins:

Potentially very high due to low fuel costs. We are currently estimating an 80%, or close to that, EBITA on all installations.

Who are  American Fusion™ AMFN’s target customers?

Early adopters: Behind the meter:

• Data centers 
• Industrial facilities 
• Grid-constrained regions

Can you sign Power Purchase Agreements today?

Yes, again is the short answer, and yes we are in early to mid-discussions, but, as of this moment, we have not disclosed signed contracts yet.

What is the company’s IP status?

• Core patents (2022) → pending 
• Additional filings → recently submitted

We are building a defensive IP moat of probably close to 1,000 patents.

Most investors don’t know about the company’s Energy Chip. What is it?

It’s a Fusion-derived energy, at the device level

Long-term potential: Could complement or disrupt battery systems.

Still early-stage. The company is currently building an IP Strategy for the Energy Chip technology.

Give us a little background on your ability to go from product to revenue

That’s what I do!!

My career has been:
Identifying emerging tech early.
Building first-to-market platforms.

Commercializing the tech.

Selling or taking the technology to the public markets.

That’s the same playbook here.

After the court order is finalized, when will brokerages and Yahoo Finance reflect the new ~$65M market cap?

Should be by the end of April.

We are just waiting for final signoff from the court, with specific legal language from the transfer agent.

We will have this finalized this month, and then the transfer agent will cancel the shares and get them off the books.

The Form 10 shows hires paid in stock. With funding, will you shift to salaries and formal employees?

Yes. We are already paying some of our people from American Fusion™ with some of our interim financing.

Once fully funded, everyone will be switched over along with new hires.

Explain the preferred shares in the Renewal Fuels merger.

We now are in possession of the preferred share, so yes, we control the company at this time. Our Form 10 has been approved, but it goes effective May 14, 2026.

How much money does the current management have invested in AMFN?

We have invested more than $8 million into the technology so far. That is an estimate from Kepler Aerospace credits to Kepler Fusion.

Millions more have gone into testing, etc.

What is your uplisting goal?

Goal:

• Our registration statement was just approved, but it doesn’t go effective until May 14, 2026, then we will uplist to QB markets.
• Our goal is to uplist to either NASDAQ or the Texas Stock Exchange, which is set to begin operations later this year.

What keeps you up at night?

Execution risk:

• Engineering timelines 
• Capital access 
• Regulatory clarity 
• In the beginning, we had several engineering challenges to overcome, and over the years, through perseverance, we have overcome all of these challenges. Not to say that we may not have others to come up, but at this moment, we are very comfortable with our technology and our team’s ability to get the job done.

Next 90 days—what should investors watch?

We should be doing the following:

• Prototype milestones 
• Engineering updates 
• Strategic partnerships 
• Capital developments 
• New Facility developments
• Pre-production testing developments

Give us your closing thoughts.

Fusion is not easy.
If it were, it would already exist.

What we are building is:

High risk, but very high reward.
High complexity, even though we go by the KISS theory.
Our technology is potentially world-changing, for the better!!

So far, we have explored hundreds of applications for our technology, and we know that there are thousands more, both here on Earth and beyond!!

Additional American Fusion™ Inc Material

Articles:

Kepler Fusion Investor Fact Sheet (Dec 2025)

Textatron™ Fusion Energy Platform White Paper (Jan ’25) 

The Texatron™ Project (Aug ’25)

Harbinger Research Report Jan 2026

Independent Technical Review March 2026

YouTube Videos:

How Close Are We To Fusion Energy Commercialization

Clean Energy Just Got A Game Changer

American Fusion The Most Asymmetric Nuclear Bet

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