2022 Power 50: Bob Mumgaard
Photo | Courtesy of Commonwealth Fusion Systems
Bob Mumgaard, CEO of Commonwealth Fusion Systems, in Devens
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Few companies worldwide have the ability to alter the entire course of human history, particularly our relationship with energy and limited global resources. Yet, the $300-million, 47-acre research and manufacturing facility Bob Mumgaard and his Commonwealth Fusion Systems are opening in Devens this fall will seek to do just that.
Using its SPARC fusion machine developed at MIT, CFS is seeking to make nuclear fusion – an emission-free technology with no waste products – a commercial reality and the default energy source on Earth. Founded in 2018, Mumgaard has already raised $2 billion in investments toward the effort and counts industry titans like Bill Gates among its investors.
The ambitious project, which would make Devens the manufacturing center for the next wave of electricity generation, seeks to create a SPARC machine by 2025 that creates more energy than it takes in. By 2030, Mumgaard plans to have that technology hooked up to the electric grid.
What sets the Central Mass. business community apart from the rest of the world? CFS conducted a nationwide search for this site, and we chose this location for a number of reasons that include a growing innovation hub, access to talent, and proximity to our research collaborators at MIT.
An oceanic adventurer: I used to be a competitive bluewater sailor.
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