Commonwealth Fusion Systems, the MIT spinoff on a mission to commercialize fusion energy, raised an additional $84 million in an A2 round. It's a follow-on investment to the $115 million Series A round it raised in June last year.
The A2 round was led by Temasek, with participation from new investors Equinor and Devonshire Investors. Existing 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 also participated in the round.
Founded in 2017, Cambridge-based Commonwealth Fusion Systems exited stealth mode in 2018 and is now building a compact power plant with the final goal of accelerating commercial fusion power.
The company promises to bring fusion power to market in 15 years.
"Even in these challenging times, we are thrilled to have this group of new investors including a global investment company and a world-leading energy company committed to the long-term investment in commercial fusion," CEO Bob Mumgaard said in a statement. "This funding is further evidence of a growing fusion industry and the important transition that is taking place as fusion expands from public-funded research to the private companies that will drive commercial fusion to market to help solve climate change."
The company, in collaboration with MIT's Plasma Science and Fusion Center, is building the world's first net-energy-gain fusion system, called SPARC. The system uses high-temperature superconducting magnets, which will allow the startup to build significantly smaller and lower-cost fusion power plants.
Commonwealth Fusion Systems will speed up its progress on building SPARC, its new headquarters and manufacturing facilities with this additional funding round.
