Venture Capital: Commonwealth Fusion Systems Raises $1.8B To Build The SPARC Net Energy Fusion Machine
Commercially relevant “net energy” from fusion is the industry’s Holy Grail.
Commonwealth Fusion Systems (CFS), the Cambridge-based startup developing fusion power plants to meet global decarbonization goals, has closed a $1.8 billion Series B round led by Tiger Global Management and included new investors such as Bill Gates, John Doerr, Google, and Marc Benioff’s TIME Ventures.
Other new investors were Coatue; DFJ Growth; Emerson Collective; Footprint Coalition; JIMCO Technology Fund, part of JIMCO, the Jameel Family’s global investment arm; JS Capital; Senator Investment Group; a major university endowment; and a pension plan.
Also participating were current investors including Breakthrough Energy Ventures; The Engine; Eni; Equinor Ventures; Fine Structure Ventures; Future Ventures; Hostplus; Khosla Ventures; Lowercarbon; Moore Strategic Ventures; Safar Partners; Schooner Capital; Soros Fund Management LLC; Starlight Ventures; Temasek; and others. (CISION PRNewswire)
Since its founding in 2018, CFS has raised more than $2 billion in funding.
“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, in a statement.
CFS: Use of funds
CFS will use the new capital for building SPARC, the first ever net energy fusion machine. It will also use the money to commence work on ARC, the world’s first commercial fusion power plant.
“We’ve followed developments in fusion energy for years, anxious to find a practical approach that can achieve net positive energy generation. The team at CFS has finally done it, breaking through longstanding technological barriers with an innovative design that promises to provide a safe, sustainable, and scalable source of clean fusion power. We are beyond excited to join Bob and his team at CFS to help power the future of our planet,” said Randy Glein, partner, DFJ Growth.
“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.
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