Commonwealth Fusion Systems, a Cambridge, Mass.-based startup commercializing fusion energy, raised $84m in A2 funding.
The A2 round, which brought the company’s total funding to more than $200m, was 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 current 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.
The company intends to use the funds to continue to grow its capabilities to offer fusion power plants, fusion engineering services, and HTS magnets.
Led by Bob Mumgaard, CEO, Commonwealth Fusion Systems was spun out of MIT to design and build fusion machines that will provide fusion energy to combat climate change. The company, which is collaborating with MIT’s Plasma Science and Fusion Center, has grown since its founding in 2018, with a program to develop high-temperature superconducting (HTS) magnets and design and build the a net-energy-gain fusion system, called SPARC.