.jpg)
1 hour ago
4
Article content
(Bloomberg) — Commonwealth Fusion Systems, already the best-funded nuclear fusion developer, raised another $1 billion to help complete systems designed to generate electricity on Earth by recreating the conditions inside stars.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The company has now attracted a total of $4 billion, accounting for about 30% of all funding raised by fusion developers to date, according to a statement Thursday. The latest round is the industry’s biggest since Commonwealth garnered $1.8 billion in 2021.
Article content
Article content
Article content
Fusion promises abundant, carbon-free energy, but it will require overcoming significant scientific and engineering hurdles to commercialize the technology, and progress has been slow. That’s one of the reasons why earlier funding rounds for the industry featured individual billionaires who were comfortable making speculative investments in a field where success has never been guaranteed. Commonwealth’s latest funding shows this is changing, a sign of growing confidence.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“This is a new class of capital,” Bob Mumgaard, Commonwealth’s chief executive officer, said during a conference call.
Article content
Commonwealth’s investors now include pension funds, sovereign wealth funds, industrial partners and infrastructure investors, though the Devens, Massachusetts-based company didn’t identify them.
Article content
Fusion involves replicating the conditions within a star, generating intense heat and pressure that forces small atoms to fuse into larger elements, releasing energy. Commonwealth has completed about 80% of a demonstration system at its headquarters and expects to switch it on next year.
Article content
The goal is to contain a superheated cloud of plasma within a donut-shaped device known as a tokamak, triggering a fusion reaction that releases more energy than is required to sustain it. If successful, the demonstration would pave the way for the company’s first commercial power plant, which it is already developing in Virginia.
Article content
“This really puts us in a position where we can go quickly,” Mumgaard said.
Article content
English (US)