Financing will support technology development of SPARC, the world's first system to prove the viability of commercial fusion power
CAMBRIDGE, Mass., June 27, 2019 /PRNewswire/ -- Commonwealth Fusion Systems (CFS), a startup commercializing fusion energy, today announced it has raised $115 million and closed its Series A round. New participants in the round include Future Ventures, Khosla Ventures, Lowercase Capital, Moore Strategic Ventures, Safar Partners, Schooner Capital, and Starlight Ventures who join Eni, Breakthrough Energy Ventures, The Engine and other investors committed to supporting the commercialization of fusion energy. CFS is collaborating with MIT's Plasma Science and Fusion Center to develop the world's first net energy gain fusion system, called SPARC.
"This visionary group of investors share our mission of revolutionizing the energy landscape with a fundamentally new power source to meet our global demands and combat climate change," said Bob Mumgaard, CEO of CFS. "CFS is on track to commercialize fusion and deliver an inherently safe, globally scalable, carbon-free, and limitless energy source."
Leveraging decades of MIT-led research, CFS will produce first-of-its-kind high temperature superconductor magnets to build smaller and lower-cost fusion power plants. This funding will allow CFS to demonstrate its magnet technology at full scale. CFS in collaboration with MIT's Plasma Science and Fusion Center will use these magnets to build SPARC by 2025 and demonstrate net energy gain from fusion for the first time in history. SPARC will pave the way for the first commercially viable fusion power plant called ARC, which will produce fusion power onto the grid.
"We need drastic changes and advances in the way we generate the world's energy supply," said Vinod Khosla, Founder of Khosla Ventures. "After looking closely at the fusion landscape, it's clear that the CFS approach is the world's best bet for getting commercial fusion power in time to make a difference."
"We have been looking for the right clean energy investment opportunity in fusion for the past 20 years," said Steve Jurvetson, CEO of Future Ventures. "We wanted a company that was ready to make a business of fusion and we have finally found it with Commonwealth Fusion Systems. The hard science from which their approach is based has been proven by this team as well as leaders in the field around the world. With some clever engineering, CFS is ready to harness the power of the solar cycle to change the world and usher in the era of clean baseload energy generation for the betterment of all."
Commonwealth Fusion Systems (CFS) is on track to bring fusion energy technology to market. CFS was spun out of MIT and is collaborating with MIT's Plasma Science and Fusion Center to leverage decades of research combined with the innovation and speed of the private sector. Supported by the world's leading investors in breakthrough energy technologies, the CFS team is uniquely positioned to deliver the fastest path to commercial fusion energy.
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