Commonwealth Fusion Systems (CFS), a Cambridge, Mass.-based startup commercializing fusion energy, raised $115m in Series A funding.
Backers included Future Ventures, Khosla Ventures, Lowercase Capital, Moore Strategic Ventures, Safar Partners, Schooner Capital, and Starlight Ventures, which joined Eni, Breakthrough Energy Ventures, The Engine and other investors.
The company intends to use the funds to to demonstrate its magnet technology at full scale.
Led by Bob Mumgaard, CEO, Commonwealth Fusion Systems leveraged MIT-led research to produce high temperature superconductor magnets to build smaller and lower-cost fusion power plants. The company, in collaboration with MIT’s Plasma Science and Fusion Center, will use these magnets to build its net energy gain fusion system, called SPARC, by 2025. SPARC will allow the first commercially viable fusion power plant called ARC, which will produce fusion power onto the grid.