(MENAFN- Khaleej Times)

Commonwealth Fusion Systems (CFS), a US-based fusion energy startup spun out of MIT, has raised Dh3.17 billion ($863 million) in its Series B2 round-one of the largest deep tech clean energy fundraises outside of AI. The round attracted a diverse mix of strategic investors, including tech giants like Google and NVIDIA, as well as major international banks and energy companies from Japan, Korea, Europe, and the UAE.

CFS Co-Founder and CEO Bob Mumgaard said the fundraising reflects a growing appetite for energy innovation, especially at the intersection of AI and clean energy.“While venture markets are down overall, energy remains a hotbed of interest. The capital is increasingly sophisticated, with strategic corporations joining traditional VCs,” he noted.

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Fusion energy, which replicates the reaction powering stars, promises a future of abundant, clean, and dispatchable power. CFS is currently building its Spark facility in Devens, Massachusetts, with supply chain partners from over 30 countries. The project is 70 per cent complete and aims to demonstrate net energy gain-producing more power than it consumes-within the next two years.

“Our approach combines proven Tokamak science with revolutionary high-field magnets,” Mumgaard explained.“We've moved from building a single magnet to operating a factory that produces them daily. The US Department of Energy has validated their performance, and we're now installing them into Spark.”

Fusion's potential impact on global energy systems is profound. It offers energy independence by decoupling power generation from natural resources, making it ideal for urban centers and regions with limited land. Mumgaard emphasized its relevance to AI, which demands constant, high-volume energy.“AI is the fastest-growing energy consumer. Fusion pairs well with its needs-technically and philosophically,” he said.

The UAE's role in the energy transition was also highlighted. Mumgaard praised the Emirates for its strategic vision and execution in energy infrastructure, from nuclear power to AI-driven innovation.“Energy is prosperity, and prosperity is change. The UAE understands this deeply and is well-positioned to lead the energy transition,” he said.

With Spark nearing completion and commercial fusion power on the horizon, CFS is not just chasing scientific milestones-it's building the future of energy. The next step: selling electricity from fusion, turning science fiction into reality.

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