The US scaleup developed nuclear energy proprietary technology SPARC and also attracted the resources of Italian venture fund Neva
Commonwealth Fusion Systems (CFS), an US nuclear energy scale up that developed the proprietary technology SPARC, an innovative Tokamak nuclear reactor for magnetic confinement fusion, is carrying on an extension of its 1-1.5 billion US Dollars Series B round (Axios Pro) that also attracted the resources of Neva (part of Intesa SanPaolo) (press release). Market rumours say that once secured such resource, CFS post-money value will amount to 8 billion.
In 2021, the scaleup raised above 1.8 billion from lead investor Tiger Global Management, Bill Gates, Coatue, DFJ Growth, Emerson Collective, Footprint Coalition, Google, JIMCO Technology Fund (part of JIMCO, the global investment harm of the Jameel Family), John Doerr, JS Capital, TIME Ventures (a firm of Marc Benioff), Senator Investment Group, an University endowment fund, and a pension fund. The round also attracted the resources of Breakthrough Energy Ventures, The Engine, Eni, Equinor Ventures, Fine Structure Ventures, Future Ventures, Hostplus, Khosla Ventures, Lowercarbon, Moore Strategic Ventures, Safar Partners, Schooner Capital, Soros Fund Management LLC, Starlight Ventures, and Temasek (press release).
In 2018, CFS spun off from Massachusetts Institute of Technology (MIT). The company core business is the development of magnetic confinement fusion (MCF) using high-temperature superconductors (HTS). CFS made significant progress in recent years, starting with the direct production of high-temperature superconducting magnets at its plant. The company is a pioneer and leader in its field and recently announced plans to build the first fusion power plant in Virginia.
Bob Mumgaard, the co-founder and ceo of CFS, said: ‘In addition to access to clean, stable and virtually unlimited energy, fusion could represent an opportunity of economic value for Italy in particular, because some Italian companies are already part of the industry’s production chain”.
Luca Remmert, the chairman of Neva, added: “Our investment in CFS, in addition to financing a revolutionary project dedicated to the production of clean energy from nuclear fusion, aims to facilitate contact with the world of research and our country’s manufacturing sector of excellence, in the hope that they will be able to take an even greater part in the large-scale development of this next-generation technology. Neva connects Italian entrepreneurs with the global venture capital network and facilitates the entry of international entrepreneurs into the Italian scientific and industrial ecosystem, building bridges that turn ideas into global opportunities”. Remmert was speaking on the sidelines of the investment strategies Neva II and Neva II Italia presentation that took place on 16 June, Monday, at Officine Grandi Riparazioni di Torino (OGR).
