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| Tue, 26th May 2020 14:32:00 |
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Nuclear Fusion Startup Gets $84 Million to Enter Next Phase |
U.S. clean-energy startup, Commonwealth Fusion Systems, raised an additional $84 million from major investors in Europe and Asia, underscoring that the appetite remains to back new technologies which could mitigate climate change.
As the world looks to ramp up the use of intermittent renewable energy, it needs to add forms of flexible clean power that can be turned on whenever needed. That's why investments in previously-fringe technologies like long-duration energy storage, hydrogen and nuclear fusion are taking off.
Singapore's Temasek Holding Pte and Norway's Equinor ASA were among equity investors in Commonwealth Fusion Systems' latest round, according to Chief Executive Officer Bob Mumgaard, who said the cash will be used to build a headquarters and manufacturing facility. The company, called CFS, was founded by researchers at the Massachusetts Institute of Technology in 2018 and has now raised more than $200 million.
"We're entering the next phase," Mumgaard said. "It's time to put down some roots, get us all under one roof, and build some hardware for the future fusion business line."
Read original full article
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