Commonwealth Fusion Systems (CFS), a fusion power startup, announced on Thursday that it has raised an additional $1 billion in a new funding round. This latest investment, which included institutional investors such as pension funds and sovereign wealth funds, brings the company's total funding to $4 billion.
The new capital will be used to support the commercialisation of fusion power. CFS is currently constructing its Sparc demonstration reactor and finalising the design for Arc, its planned commercial power plant in Virginia.
CFS anticipates that its Sparc reactor will achieve scientific breakeven in 2027. This milestone signifies that the fusion reactions will release more energy than the reactor consumes to ignite them. Italian energy company Eni has committed to purchasing over $1 billion worth of electricity from the future Arc plant, while Google plans to buy 200 megawatts, representing half of Arc's total output.