Information Technology
Commonwealth Fusion Systems Raises $863 Million Series B2 Round to Accelerate the Commercialization of Fusion Energy
"Investors recognize that CFS is making fusion power a reality. They see that we are executing and delivering on our objectives," said Bob Mumgaard , CEO and Co-founder. "This funding recognizes CFS' leadership role in developing a new technology that promises to be a reliable source of clean, almost limitless energy — and will enable investors to have the opportunity to capitalize on the birth of a new global industry."
In this round, CFS expanded its global footprint by adding international investors from a widening range of sectors — from long-established fundamental investors to industrial companies. In recognition of the new category of energy technology that the company is creating, CFS deepened and broadened its access across the financial ecosystem, with investors that span venture capitalists, private equity firms, sovereign wealth funds, leading individual investors, industrials, hedge funds, pension funds and banks.
New investors in CFS include (in alphabetical order): Brevan Howard Macro Venture Fund; Counterpoint Global (Morgan Stanley); Stanley Druckenmiller; FFA Private Bank ( Dubai ) Ltd.; Galaxy Interactive, a venture platform within Galaxy Digital Inc. (NASDAQ: GLXY); Gigascale Capital; HOF Capital; Neva SGR (Intesa Sanpaolo Bank); NVentures (NVIDIA's venture capital arm); Planet First Partners; Woori Venture Partners US; and others committed to the mission of commercializing fusion energy.
A consortium of 12 Japanese companies led by Mitsui & Co., Ltd. and Mitsubishi Corporation also participated. The Japanese consortium included Development Bank of Japan Inc.; Fujikura Ltd.; JERA Co., Inc.; JGC Japan Corporation; Mitsui Fudosan Co., Ltd.; Mitsui O.S.K. Lines Ltd.; NTT, Inc.; Sumitomo Mitsui Banking Corporation; Sumitomo Mitsui Trust Bank Ltd.; and The Kansai Electric Power Co., Inc.
They join existing CFS investors who increased their stakes, including Breakthrough Energy Ventures; Emerson Collective; Eni; Future Ventures; Gates Frontier; Google; Hostplus Superannuation Fund; Khosla Ventures; Lowercarbon Capital; Safar Partners; Eric Schmidt , former CEO of Google; Starlight Ventures; Tiger Global; a large state pension fund and others who support CFS' leadership in this energy transition.
"CFS offers investors the clearest path to bringing commercial fusion to the world — and an unprecedented opportunity to make a real impact as global demand for power accelerates with electrification and increased use of AI and data centers," said Ally Yost , Senior Vice President of Corporate Development at CFS. "Along with the promise of energy independence and security, fusion power will help to expand energy access, and with it, improve quality of life."
The oversubscribed round validates that CFS is developing the most promising path to commercial fusion power in the coming years, as demonstrated by the company's key advances in high-temperature superconducting magnets and its execution velocity in the construction of SPARC in Devens, Massachusetts .
In parallel, CFS is moving forward with plans to build the world's first grid-scale fusion power plant, called ARC , in Chesterfield County, Virginia . This effort to put power on the grid in the early 2030s is bolstered by strategic partnerships with Dominion Energy and Google — an investor in CFS that also agreed to buy half the power produced at the plant.
Commonwealth Fusion Systems is the world's largest and leading private fusion company. The company's marquee fusion project, SPARC, will generate net energy, paving the way for limitless carbon-free energy. The company has raised more than $3 billion in capital since it was founded in 2018.
Commonwealth Fusion Systems
press@cfs.energy
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