Commonwealth Fusion Systems Raises $863m in Series B2 funding

Google-backed nuclear fusion company, Commonwealth Fusion Systems (CFS), has successfully raised $863 million in Series B2 funding, adding a range of international investors to its list of backers. New investors included NVentures (Nvidia's venture capital arm), Counterpoint Global, Galaxy Interactive, Planet First Partners, and a consortium of 12 Japanese companies led by Mitsui & Co. and Mitsubishi Corporation, among others.

"Investors recognize that CFS is making fusion power a reality. They see that we are executing and delivering on our objectives," said Bob Mumgaard, CEO and co-founder. "This funding recognizes CFS' leadership role in developing a new technology that promises to be a reliable source of clean, almost limitless energy — and will enable investors to have the opportunity to capitalize on the birth of a new global industry."

The plant has a planned capacity of 400MW, and is projected to deliver its first power to the Virginia grid in the early 2030s. Google also has the option to offtake additional power from future ARC plants. The PPA was a continuation of a partnership between the two firms, first signed back in 2021.