Commonwealth Fusion Systems (CFS), a US-based fusion power technology developer emerging from Massachusetts Institute of Technology (MIT)’s The Engine accelerator, has raised $50m in funding from energy supplier Eni.
Maria Zuber, vice-president for research at MIT, revealed in an editorial for newspaper Boston Globe that the round included undisclosed US-based investment funds, but a press release ascribed the full $50m investment to Eni.
The company is hoping to attract additional investors, though a target size for the round has not been revealed.
CFS is working on fusion technology, which imitates the process by which the sun produces energy by smashing together light elements such as hydrogen to form heavier elements such as helium, harnessing the energy released in the process.
The concept of fusion technology has existed for decades, but so far researchers have failed to create a workable approach at scale. Fusion power theoretically offers unlimited, carbon-free and safe energy.
One issue researchers have faced involves containing the heat generated by fusing atoms together, which far exceeds what any known material can withstand, meaning projects have had to rely on magnets.
CFS wants to develop large-bore superconducting electromagnets, using a material that only recently became commercially available. It could facilitate the creation of magnetic fields four times as strong as current technology, in turn enabling a more than tenfold increase in the amount of power produced.
The company hopes to develop the electromagnets within three years, using a total of $30m to fund research at MIT. It aims to then build a compact device capable of generating 100 MW, while achieving key technical milestones that will eventually enable the construction of a full-scale prototype.
Claudio Descalzi, chief executive of Eni, said: “Today is a very important day for us. Thanks to this agreement, Eni takes a significant step forward toward the development of alternative energy sources with an ever-lower environmental impact.
“Fusion is the true energy source of the future, as it is completely sustainable, does not release emissions or long-term waste, and is potentially inexhaustible. It is a goal that we are increasingly determined to reach quickly.”
– The original version of this article appeared on our sister site, Global University Venturing.