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Why Industrial Partnerships Matter for Startups
The path from breakthrough technology to commercial success is rarely one that a startup can walk alone. In industries where capital intensity, regulatory complexity, and technical risk are high, a startup’s partnership with well-established industrial players can not only unlock doors and technical progress, but secure success.
A compelling example of how industrial partnerships can accelerate climate tech innovation is found in the collaboration between Marvel Fusion, a startup pioneering laser-based fusion previously presented as a Climate Brick Moonshot, and Siemens Energy, a global leader in energy infrastructure.
In collaboration since 2020, the two companies are applying scientific ingenuity and industrial-scale engineering expertise to pioneer the commercialization of fusion power plants. Climate Brick sat down with Heike Freund, COO of Marvel Fusion, and Enrique Gonzalez, Partner at Siemens Energy Ventures, for a conversation around the partnership. Exploring its beginnings, ingredients for success and lessons learned, the discussion provides useful insights for startups seeking to bridge the gap between deep-tech innovation and real-world deployment.
Finding and Nurturing the Right Partnership
Founded in 2019, Marvel Fusion is pioneering a novel approach to fusion energy by using high-intensity laser technology to trigger reactions in nanostructured fuel. While the breakthrough is positioned to provide a potentially limitless clean energy resource — without the drawbacks associated with conventional nuclear fission such as long-lived radioactive waste — Marvel Fusion quickly recognized that scaling a commercially viable energy technology would require deep industrial expertise in power conversion and plant design.
“From the start, we knew we couldn’t do everything in-house,” said Heike Freund, COO of Marvel Fusion. “Siemens Energy was the first partner that came to mind when we thought about how to integrate fusion energy into an actual power plant. Their expertise in energy infrastructure is unparalleled.”
“Startups are driving innovation, but they need industrial expertise to bring their technologies to scale.“
“The energy transition is a team sport,” said Enrique Gonzalez, Partner at Siemens Energy Ventures. “All need to contribute; startups, financial investors, strategic investors, lenders and corporates.”
“Startups are driving innovation, but they need industrial expertise to bring their technologies to scale. We see our role as a bridge — helping startups navigate the commercialization journey by providing engineering support, credibility, industrial experience and access to market infrastructure.”
Startups are characteristically agile, fast-moving, and risk-tolerant — not exactly hallmarks that people typically attribute to larger, well-established industrial players. So, does this present challenges to a partnership?
“Cultural fit is very important,” said Heike. “But it can be managed provided the two sides are smart about how they set up the partnership. We found a great group of entrepreneurial thinkers inside Siemens Energy,” said Heike. “Their ability to allocate a dedicated ‘Fusion Squad’ to work on this as an integrated team made a big difference and resolved potential conflicts.”
Enrique added: “What I’d call ‘cultural speed’ is certainly a point of potential friction. I think larger corporate partners need to be prepared for the rapid pace of change, iteration and agility of the startup. But the startup also should be aware that sometimes the corporates have a good sense of perspective on the commercialization process — you have to have a rigorous process if you want to deliver a product that’s fit for market and operations.”
Heike agreed, highlighting: “Speed and response to change management, through development cycles, need to be spoken about and agreed on. The way we tackled it was through having integrated teams and not adopting a simple customer–supplier relationship, but a strategic partnership.”
What Siemens Energy Brings to the Table
Startups in the energy sector often struggle with challenges beyond their immediate technology, including in manufacturing scalability, regulatory approval, and integration with existing infrastructure. An energy veteran, Siemens Energy brought multiple advantages to Marvel Fusion’s journey:
- Power plant design & energy conversion – Siemens Energy provides expertise in designing the systems that will convert fusion-generated heat into usable electricity, ensuring that Marvel Fusion’s reactors can be integrated into the grid.
- Industrial credibility – The involvement of an industry leader brought significant credibility to Marvel Fusion as it sought investment and policy support.
- Financial & strategic investment – Siemens Energy began as a technical collaborator, but the partnership has since evolved to the point that the company has just recently become an investor in Marvel Fusion.
“One cannot underestimate how much credibility the involvement of a company like Siemens Energy adds to the project and reduces risk.
Heike highlighted: “One cannot underestimate how much credibility the involvement of a company like Siemens Energy adds to the project and reduces risk. For Marvel Fusion it took out one big risk — if someone asked, ‘Can Marvel Fusion build a fusion power plant?’, the answer is no, not alone, but having Siemens Energy on board is a major reassurance in answering that question.”
Enrique added: “What we try to help with through this kind of collaboration is to increase the credibility of the technology by giving some additional trust to other investors, but also to the bankability of the first-of-a-kind projects.”
What’s in it for Siemens Energy?
In approaching an industrial partner, it is useful for a startup to consider their perspective. Siemens Energy saw fusion energy as a strategic market of the future — nothing less than a potential trillion-dollar industry aligned with its long-term decarbonization strategy. But Enrique unpacked this further, explaining the thought process of a group like Siemens Energy.
For them, partnering with startups like Marvel Fusion must create direct strategic value for the core business. Enrique said: “From the very beginning, we need to justify what's the value that the case is bringing to the core of Siemens Energy as a business. We call them synergies, and they take many forms…”
- The opportunity to sell equipment or enter new markets.
- Cost savings through shared R&D and the potential to repurpose co-developed technologies across other applications.
- Gaining early access to emerging technologies in areas Siemens sees as strategically important (e.g., fusion energy).
“Ultimately, it’s about ensuring that the collaboration supports Siemens Energy’s long-term goals, while accelerating innovation that the startup alone couldn't scale and ensuring it delivers”
Enrique continued: “The real question is, ‘What is the benefit that we are getting from these collaborations for the core of our business?’ When we speak to our board, that is one of the most important questions in order for them to release resources.”
In the case of Marvel Fusion, the fit was clear: Siemens Energy brings power plant expertise (heat-to-electricity conversion), while Marvel Fusion focuses on the core fusion technology. It’s a natural division with mutual long-term commercial potential.
Enrique emphasized that this strategic alignment — paired with up-front agreement over flexibility for Siemens Energy to work with other fusion players — is what made the Marvel Fusion case compelling.
“Ultimately, it’s about ensuring that the collaboration supports Siemens Energy’s long-term goals, while accelerating innovation that the startup alone couldn't scale and ensuring it delivers,” said Enrique.
Heike responded, adding: “Marvel Fusion has deep insights into the fusion industry. So we also see that as one benefit that we can bring into the partnership. Especially at the beginning of the partnership, we shared a lot of the knowledge that we have about this potential future business field: what kind of technologies are out there? What are the competitors doing? What would be the impact of the different technologies on power plants and so on. Openness builds trust and encourages longer-term partnership.”
Illustrating further opportunities as a partnership evolves, Marvel Fusion recently announced the extension of its Series B funding round by €50 million, bringing the total to €113 million. Alongside backing from EQT Ventures, the round included its partner, Siemens Energy.
Enrique commented: “This investment shows our growing confidence in Marvel Fusion and will cement the good collaboration that we have. It is also our commitment to being at the forefront, for when fusion becomes a reality, enabling reliable energy.”
With this recent development, Marvel Fusion’s total funding stands at €385 million, including €170 million in private investment from existing investors such as Tengelmann Ventures and Bayern Kapital.
Lessons for startups: how to secure and leverage an industrial partnership
For startups looking to form similar partnerships, the Marvel Fusion–Siemens Energy collaboration offers valuable insights:
- Find a partner with a clear long-term and strategic alignment
- Expect and work to build trust over time
- Secure clearly defined roles and responsibilities
“You don’t just approach a company and say, ‘Let’s be partners.’ It’s about starting conversations, demonstrating value, and building mutual trust.”
First, the importance of finding a partner with a clear long-term and strategic alignment. Here, it’s not just about technical capabilities, as Heike said: “A good industrial partner should have a long-term business interest in your success. Siemens Energy sees fusion as a future market where it can provide power plant infrastructure, making Marvel Fusion a natural fit.”
“More corporates should take this approach,” suggested Heike. “Thinking beyond immediate revenue to where new markets will emerge in 5–10 years. The companies that engage early will be the ones that lead the industry.”
Second, expect and work to build trust over time. The partnership between Marvel Fusion and Siemens Energy didn’t happen overnight. And few others do. “It’s something that I would say evolved from first discussions that we had back in 2020 to where we are today… gradually transforming into a strategic partnership,” explained Heike.
“You don’t just approach a company and say, ‘Let’s be partners.’ It’s about starting conversations, demonstrating value, and building mutual trust. Throughout that period, there’s a need for clear communications, openness and a mutual understanding of scopes of responsibility.”
Further to these tips, Heike and Enrique agreed on the importance of clearly defined roles and responsibilities as being key to avoiding friction in industrial partnerships. “A partnership works best when both sides bring distinct, complementary expertise. It’s especially important to avoid overlap in intellectual property and execution, as this reduces potential conflicts down the line. Be sure to address this topic early!” said Enrique.
A blueprint for industrial collaboration in climate tech?
So, is the Marvel Fusion–Siemens Energy partnership a blueprint for how climate tech startups and industrial leaders can collaborate effectively?
Perhaps — it’s apparent that Marvel Fusion has benefited substantially and Siemens Energy secured a strategic position. But equally, it’s clear that there is not a one-size-fits-all model for an industrial partnership. Still, the lessons drawn from the perspective of Heike and Enrique can certainly be applied to other ventures.
“The energy transition requires collaboration across startups, corporates, investors, and policymakers. If we treat this as a team sport, we can accelerate the path to net-zero.”
“This isn’t just about Marvel Fusion and Siemens Energy,” said Enrique. “The energy transition requires collaboration across startups, corporates, investors, and policymakers. If we treat this as a team sport, we can accelerate the path to net-zero.”
For any startup in deep-tech and climate innovation, the message is clear: established in the right way and nurtured carefully, industrial partnerships can be invaluable to a startup. By leveraging the expertise, resources, and credibility of established players, startups can significantly de-risk their journey and scale their impact faster.
Industrial players too should look towards the partnership of Marvel Fusion and Siemens Energy as a model of how to support and engage with startups. The future energy landscape will not be shaped through ingenuity, innovation and determination alone, but by forging strong partnerships that bridge innovation with industrial capability.
Fusion energy might be one of the greatest technological challenges of the century, but as Marvel Fusion and Siemens Energy demonstrate, it’s a challenge best tackled as a team.
