Commonwealth Fusion Systems raises $1B, hits $4B total
Commonwealth Fusion Systems announced on July 30 that it closed $1 billion in additional equity financing from institutional investors, including pension funds, sovereign wealth funds and infrastructure partners, bringing its total capital raised to $4 billion, the largest total of any fusion company. CEO Bob Mumgaard said the funds will finish assembly of the SPARC demonstration tokamak in Devens, Massachusetts, which is about 80% complete, and fund planning for the ARC commercial power plant in Virginia.
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