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The combined company says it plans to find a site and begin construction next year on the “world’s first utility-scale fusion power plant,” with aims to needed for artificial intelligence.

Shares of , the parent company of President Donald Trump's Truth Social media platform, have tumbled 70% this year but jumped 20% before the opening bell Thursday. 

Backed by Google and other investors, TAE is a private company and the merger with Trump Media would create one of the first publicly traded nuclear fusion companies.

“We’re taking a big step forward toward a revolutionary technology that will cement America’s global energy dominance for generations," Nunes said in a prepared statement. 

TAE focuses on nuclear fusion, a technology that combines two light atomic nuclei to form a single heavier one. It releases enormous amount of energy, a process that occurs on the sun and other stars, according to the United Nations' International Atomic Energy Agency. It's been seen as a promising caused by burning fossil fuels, but one that is a long way off compared to today's clean technologies like wind and solar.

TAE and Trump Media shareholders will each own approximately 50% of the combined company. 

Trump is by far the largest stakeholder in Trump Media, owning 41% of all outstanding shares. 

In October, the U.S. Department of Energy released what it called a “roadmap” for fusion technology, with the aim of fostering “a burgeoning fusion private sector industry in the U.S. toward maturity on the most rapid timeline.” A number of tech companies, including Google, Microsoft and OpenAI CEO Sam Altman, have shown interest in fusion technology as a way of powering the energy-hungry data centers needed to build and run their AI products. 

TAE and Trump Media say the transaction values each TAE common stock at $53.89 per share.

At closing, Trump Media & Technology Group will be the holding company for Truth Social and TAE, along with its subsidiaries TAE Power Solutions and TAE Life Sciences.