The new funding will enable CFS to grow its capabilities to offer fusion power plants, fusion engineering services, and HTS magnets
Commonwealth Fusion Systems (CFS), a startup engaged in commercialising fusion energy, has raised $84m in the latest funding round led by Temasek.
The funding round also saw participation from new investors Equinor and Devonshire Investors, the private equity group affiliated with FMR, the parent company of Fidelity Investments.
With the new funding, CFS has raised a total funding of more than $200m since its founding in 2018.
The company is pursuing a program to develop high-temperature superconducting (HTS) magnets and design and build the world’s first net-energy-gain fusion system, called SPARC.
The new funding will enable CFS to grow its capabilities to offer fusion power plants, fusion engineering services, and HTS magnets.
The proceeds will be utilised towards accelerating progress to build SPARC, the new CFS headquarters, and manufacturing facilities.
The company will also use the new funds to support business development surrounding HTS magnets, the key component to SPARC.
It is collaborating with MIT’s Plasma Science and Fusion Center to design and build SPARC.
Existing investors of CFS also participated in the latest funding round
CFS CEO Bob Mumgaard said: “Even in these challenging times, we are thrilled to have this group of new investors including a global investment company and a world-leading energy company committed to the long-term investment in commercial fusion, enabling CFS to remain aggressive in building the first net-energy fusion machine as fast as possible.
“This funding is further evidence of a growing fusion industry and the important transition that is taking place as fusion expands from public-funded research to the private companies that will drive commercial fusion to market to help solve climate change.”
The latest funding round also attracted participation from existing investors Breakthrough Energy Ventures, The Engine, ENI Next, Future Ventures, Hostplus, Khosla Ventures, Moore Strategic Ventures, Safar Partners, Schooner Capital, Starlight Ventures, and others.