Commonwealth Fusion Systems raised more than $1 billion in additional equity financing in its latest fundraising round, bringing the total amount raised by the firm since its founding to more than $4 billion.
The $1-billion raise is the single largest funding round among fusion energy firms since CFS raised $1.8 billion via a Series B round in 2021, the company announced Thursday.
Investors in this latest round included pension funds, corporate partners, and sovereign wealth funds.
CFS declined to name the investors participating in this round, according to The Straits Times. Singapore’s state investment company Temasek has made past investments.
Other investors in previous CFS rounds include Google, Bill Gates’ Breakthrough Energy Ventures, and Italian energy firm Eni. CFS said the $4 billion it has raised represents about 30% of total capital raised by the fusion industry.
CFS’ SPARC fusion demonstration machine at its Devens headquarters was about 75% complete as of April, according to a company blog post at the time.
“We regularly welcome investors from around the world to our headquarters in Devens, where they see real and tangible progress as we ready support systems and finalize the assembly of SPARC,” Bob Mumgaard, CFS CEO and co-founder, said in the Thursday announcement.
The latest funds will be used to support its mission to commercialize fusion energy, as CFS races to develop ARC, the Virginia-based power facility seeking to be world’s first grid-scale fusion plant.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the real estate and banking & finance industries.
