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Devens, Massachusetts-based Commonwealth Fusion Systems has now raised $4 billion in its quest to build the first commercial fusion power plant anywhere in the world, following a fresh infusion of $1 billion that company executives say shows growing interest from risk-averse institutional investors.
Though only ENI and Google allowed their identities to be disclosed, the investors include pension funds, sovereign wealth funds and infrastructure and industrial corporations, said Bob Mumgaard, Commonwealth CEO and co-founder, according to the company’s transcript of the press conference following the July 30 announcement of the funding.
Mumgaard said the money will allow Commonwealth to complete its demonstration reactor and put it on the path toward deploying its first commercial reactor.
“At a time when we need more energy for electrifying everything, fusion is emerging as a next big thing in energy,” Mumgaard told reporters.
