Congrats to Commonwealth Fusion on their new round of $84M with Temasek and Equinor joining as new investors.
“CFS has grown significantly since its founding in 2018, with a program to develop high-temperature superconducting (HTS) magnets and design and build the world’s first net-energy-gain fusion system, called SPARC. Both are on schedule and below budget.”
“Fusion energy is an investment in our future that offers an important path toward combating climate change. Our continued investment in CFS fits strongly within our mission as we seek long-term solutions to address the world’s energy challenges,” said Steve Jurvetson, Managing Director and Founder, Future Ventures.
“Today’s nuclear power plants split atoms in a process that releases lots of energy, which can be turned into carbon-free electricity. But the current breed of fission reactors come with some important downsides, such as long-lasting radioactive waste and ballooning costs of construction, which have undermined public acceptance of the technology.
Fusion energy is the power that makes stars shine and is the opposite of fission. It unleashes energy by merging atoms together — usually hydrogen isotopes — in a process that generates temperatures exceeding 100 million degrees Celsius. If it can be made to work, the technology comes with the advantage of creating less waste and having a near-unlimited supply of fuel.
The fact Commonwealth Fusion closed its last funding round during the pandemic shows that investors are still focused on addressing climate change, CEO Mumgaard said. “It’s a statement of how the world sees things”.
Today’s News
— Bloomberg
— TechCrunch
— Press Release
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