The fusion industry's largest financing deal was raised by Commonwealth Fusion Systems by investors including billionaire Bill Gates and venture capitalist John Doerr.
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Tiger Global Management was the leader in the Series B funding round, attracting new investors that also included Marc Benioff's Time Ventures and Emerson Collective, CFS said in a statement Wednesday. The Cambridge, Massachusetts-based company will use the money to build and operate a demonstration system and begin building a commercial fusion reactor that may be completed in the early 2030s.
Since it was founded in 2018, the company has raised more than $2 billion, which is a result of its merger with the Massachusetts Institute of Technology. A growing number of companies are trying to develop commercial fusion-based power plants, the same process that powers stars. Despite the technical hurdles that still remain, the funding round shows that fusion is gaining traction.
As part of the global energy transition, the world is ready to invest in commercial fusion, according to Chief Executive Officer Bob Mumgaard.
Conventional nuclear plants use fission, the process of splitting atoms, to generate energy. Fusion is the opposite, capturing energy that is produced when atoms slam together and fuse into heavier elements. It doesn't generate carbon emissions or toxic waste, but supporters say it may play a key role in the global effort to fight climate change.
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