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Commonwealth Fusion Systems Secures USD 84 Million in Series A2 Round of Financing
Since its inception in 2018, CFS has grown significantly, with a program to develop high-temperature superconducting (HTS) magnets and design and build the world's first net-energy-gain fusion system, called SPARC
Fremont, CA: Commercial fusion energy startup Commonwealth Fusion Systems (CFS) secured USD 84 million in a Series A2 funding round led by Temasek, with participation from new investors Equinor and Devonshire Investors, the private equity group affiliated with FMR LLC, the parent company of Fidelity Investments, as well as existing investors Breakthrough Energy Ventures, The Engine, ENI Next LLC, Future Ventures, Hostplus, Khosla Ventures, Moore Strategic Ventures, Safar Partners LLC, Schooner Capital, Starlight Ventures, and others committed to accelerating the path towards commercial fusion energy.
"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," said Bob Mumgaard, CEO, CFS. "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."
Since its inception in 2018, CFS has grown significantly, with a program to develop high-temperature superconducting (HTS) magnets and design and build the world's first net-energy-gain fusion system, called SPARC. Both of these are on schedule and below the proposed budget. Proceeds from the new investment round will help the company to grow its capabilities to offer fusion power plants, fusion engineering services, and HTS magnets. This includes accelerating progress to build SPARC, the new CFS headquarters, and manufacturing facilities.
"Equinor is a broad energy company, and we will continue to invest in promising and potentially game-changing zero-carbon energy technologies. We are investing in fusion and CFS because we believe in the technology and the company, and we remain committed to providing energy to the world, now and in a low carbon future," said Sophie Hildebrand, Chief Technology Officer and Senior Vice President for Research and Technology at Equinor. The funding will also help CFS to support business development surrounding HTS magnets, the critical component to SPARC, which also has various other commercial uses.
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