US-based Commonwealth Fusion Systems has raised $1 billion in new financing. The company has now secured $4 billion in total capital, TechCrunch reported, citing company representatives.
The money will support the commercialization of fusion technology. The company is continuing construction of its experimental SPARC device while preparing ARC, a future power plant designed to deliver electricity to the grid.
SPARC is intended to demonstrate that a compact magnetic system can produce more fusion energy than is needed to heat the plasma. ARC would be the next stage, using the proven technology to generate electricity at an industrial scale.
The new financing is expected to support both programs as they move from testing toward commercial deployment. The deal announcement did not provide a specific launch date for ARC.
