- This round of capital is the largest raised among deep tech and energy companies since CFS’ $1.8 billion Series B round in 2021.
- The almost $3 billion that CFS has raised to date is about one-third of the total capital invested in private fusion companies worldwide, solidifying its leadership of the fusion industry.
- In recognition of the new category of energy technology that the company is creating, CFS expanded its global footprint by adding international investors from a widening range of sectors — from long-established fundamental investors, technology and industrial companies such as Counterpoint Global (Morgan Stanley) and Google, to hedge funds and leading individual investors such as Stanley Druckenmiller.
Commonwealth Fusion Systems (CFS), the largest and leading private fusion company, today announced that it raised $863 million in a Series B2 fundraising round as it moves closer to being the first in the world to commercialize fusion power.
The oversubscribed round of capital is the largest amount raised among deep tech and energy companies since CFS’ $1.8 billion Series B round in 2021. CFS will use the funds to complete SPARC, its fusion demonstration machine, and progress on development work on its first ARC power plant in Virginia. To date, CFS has raised close to $3 billion, about one-third of the total capital invested in private fusion companies worldwide.
“Investors recognize that CFS is making fusion power a reality. They see that we are executing and delivering on our objectives,” said Bob Mumgaard, CEO and Co-founder. “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.”
In this round, CFS expanded its global footprint by adding international investors from a widening range of sectors — from long-established fundamental investors to industrial companies. In recognition of the new category of energy technology that the company is creating, CFS deepened and broadened its access across the financial ecosystem, with investors that span venture capitalists, private equity firms, sovereign wealth funds, leading individual investors, industrials, hedge funds, pension funds and banks.
New investors in CFS include (in alphabetical order): Brevan Howard Macro Venture Fund; Counterpoint Global (Morgan Stanley); Stanley Druckenmiller; FFA Private Bank (Dubai) Ltd.; Galaxy Interactive, a venture platform within Galaxy Digital Inc. (NASDAQ: GLXY); Gigascale Capital; HOF Capital; Neva SGR (Intesa Sanpaolo Bank); NVentures (NVIDIA’s venture capital arm); Planet First Partners; Woori Venture Partners US; and others committed to the mission of commercializing fusion energy.
A consortium of 12 Japanese companies led by Mitsui & Co., Ltd. and Mitsubishi Corporation also participated. The Japanese consortium included Development Bank of Japan Inc.; Fujikura Ltd.; JERA Co., Inc.; JGC Japan Corporation; Mitsui Fudosan Co., Ltd.; Mitsui O.S.K. Lines Ltd.; NTT, Inc.; Sumitomo Mitsui Banking Corporation; Sumitomo Mitsui Trust Bank Ltd.; and The Kansai Electric Power Co., Inc.
They join existing CFS investors who increased their stakes, including Breakthrough Energy Ventures; Emerson Collective; Eni; Future Ventures; Gates Frontier; Google; Hostplus Superannuation Fund; Khosla Ventures; Lowercarbon Capital; Safar Partners; Eric Schmidt, former CEO of Google; Starlight Ventures; Tiger Global; a large state pension fund and others who support CFS’ leadership in this energy transition.
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