Fusion energy has long been a distant dream. Slowly, but surely, companies have inched closer to reaching the power of the sun. Commonwealth Fusion Systems (CFS), for example, has raised another $1 billion.

Right now, CFS is the largest fusion company on the planet. This new cash brings their total funding to an impressive $4 billion. To put that in perspective, it accounts for about 30% of all money raised in the fusion industry. CFS pulled in $863 million last year alone, and this newest round is the largest single raise by a fusion company since their own $1.8 billion round back in 2021.

The company draws in serious institutional investors like pension funds, sovereign wealth funds, and major industrial partners.

Progress in Fusion Energy

CFS headquarters where it is assembling the SPARC fusion demonstration machine; Photo: CFS

CFS is busy building their fusion demonstration machine, called SPARC, at their headquarters in Devens, Massachusetts. They are finalizing the assembly right now.

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“CFS is making what once was impossible into inevitable. In the 2030s, we will put commercial fusion on the grid. We have the science that works and the proven execution that’s consistently validated by the market. We regularly welcome investors from around the world to our headquarters in Devens, Massachusetts, where they see real and tangible progress as we ready support systems and finalize the assembly of SPARC,” said Bob Mumgaard, Chief Executive Officer and Co-founder. “In unlocking commercial fusion energy, we’re on a path to make an impact at a civilizational level.”

Preparing for the Grid

The new funding will help speed up CFS’s goal of commercializing fusion power. While the company finishes SPARC, it’s also working on ARC. This will be the world’s first grid-scale fusion power plant, and it is planned for Chesterfield County, Virginia.

However, to generate power, it must be connected to the grid. CFS is the first fusion company to submit an application to PJM Interconnection, the largest wholesale electricity market in the U.S.

CFS plans to start contributing power to the grid in the early 2030s. Additionally, it has strategic partnerships with Dominion Energy, as well as Google and Eni. Google and Eni are investors who have already signed agreements to buy more than half the power the plant will eventually produce.