Commonwealth Fusion Systems is a company focused on developing fusion energy, which is a promising new technology for generating clean, nearly limitless power. The company aims to be the first in the world to commercialize this technology. Its ongoing projects include completing the SPARC fusion demonstration machine and developing its first commercial power plant, ARC, in Virginia.
Commonwealth Fusion Systems has raised $863 million in a Series B2 funding round. This new investment brings the company’s total funding to nearly $3 billion. The current total represents about one-third of all capital invested in private fusion companies globally. The funding will be used to complete the SPARC project and advance the development of the ARC power plant.
Commonwealth Fusion Systems, headquartered in Cambridge, Massachusetts, United States, was founded in 2017 by Robert Mumgaard, Dan Brunner, Brandon Sorbom, and Martin Greenwald. In 2021, the company joined the unicorn club. “Investors recognize that CFS is making fusion power a reality. They see that we are executing and delivering on our objectives. 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,” said CFS CEO and co-founder Bob Mumgaard.
