Energy start up Commonwealth Fusion Systems (CFS) has raised $1.8 billion from investors such as Bill Gates, Marc Benioff, John Doerr and Soros Fund Management to commercialize fusion energy, the nuclear reaction combining atomic nuclei which power the stars.
“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 decarbonize the planet,” said CFS CEO Bob Mumgaard.|
This funding will be used to create and operate SPARC the world’s first commercially relevant net energy fusion machine, according to a CFS press release and the beginning of work on Arc the first commercial fusion power plant.
CFS is based on decades of MIT fusion research and hopes to finish Sparc in 2025. According to the company’s projections it will finish the world’s first fusion power plant in the early 2030s.
“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 commercialization in the next decade,” said Carmichael Roberts, Breakthrough Energy Ventures, one of the investors.