In a seismic boost for clean energy innovation, Commonwealth Fusion Systems (CFS) announced Thursday it has raised $863 million in a Series B2 funding round, calling it the largest infusion of capital for a deep tech or energy company since its record $1.8 billion Series B in 2021.
The Somerville, Massachusetts-based company, which aims to become the first to commercialize fusion power, said the funding will accelerate completion of its SPARC fusion demonstration machine and fuel development of ARC, its first grid-scale fusion power plant in Chesterfield County, Virginia.
SPARC and ARC: Toward Limitless Energy
SPARC is designed to prove the holy grail of fusion — producing net energy gain — and to chart a viable path to what CFS describes as “limitless, carbon-free power.” ARC, slated to become the world’s first fusion power station connected to the grid, already has heavyweight partners on board. Dominion Energy and Google have inked agreements to purchase half of the electricity generated at the plant.
“Investors recognize that CFS is making fusion power a reality,” said CEO and co-founder Bob Mumgaard. “This funding recognizes our leadership in developing a technology that can be a reliable, nearly limitless energy source — and gives investors a chance to back the birth of a new global industry.”
