Fresh $1.8bn funding raised to commercialise fusion energy

Commonwealth Fusion Systems will use part of the financing to start work on ARC, the first commercial fusion power plant

Pathway to COP26 report

Commonwealth Fusion Systems (CFS) has raised more than $1.8 billion (£1.3bn) in the latest funding round to help commercialise fusion energy.

It will use the financing, led by Tiger Global Management, to construct, commission and operate SPARC, which is claimed to be the world’s first commercial net energy fusion machine, as well as enable CFS to start work on ARC, the first commercial fusion power plant.

In 2021, the company, in collaboration with MIT, built and successfully demonstrated what is believed to be groundbreaking high temperature superconducting magnets, the strongest of their kind and the key technology to unlock commercial fusion energy.

SPARC is expected to achieve “commercially-relevant” net energy from fusion by 2025 and ARC is scheduled for completion in the early 2030s.

CFS CEO Bob Mumgaard said: “The world is ready to make big investments in commercial fusion as a key part of the global energy transition.

“This diverse group of investors includes a spectrum of capital from energy and technology companies to venture capitalists, hedge funds and university endowments that believe in fusion as a large-scale solution to decarbonise the planet.”

Carmichael Roberts, Senior Member of Breakthrough Energy Ventures, one of the current investors added: “Economical fusion power would deliver massive benefits to the world, enabling us to avoid dangerous climate change while allowing everyone to have a high standard of living. CFS is working to achieve fusion at this scale and they have the technology that gives us a path to commercialisation in the next decade.”

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