Photo credit: Commonwealth Fusion Systems
Commonwealth Fusion Systems announced today it has raised an additional $1 billion and hired the chief financial officer that took biotech and pharmaceutical company Moderna through its initial public offering.
But the raise isn’t “pre-IPO funding” and the arrival of Lorence Kim as CFO isn’t an indication of imminent plans for the fusion company to go public, Kim said on a call with reporters.
“The question in front of us is, what are the depths of the capital pools, both on the private side and perhaps the public side?” he added. “We see that the private markets have a lot of capital to deploy toward our mission, and that gives us a lot of confidence.”
This spring, CFS became the first fusion company to file a generation interconnection request, and the company says it’s on track for getting power to the grid in the early 2030s. This comes at a time when the federal government is pouring resources into getting fusion to commercial scale on a timeline relevant for the influx of large loads.
