CFS lights $50m fuse

Commonwealth Fusion Systems (CFS), a new US-based fusion power technology developer emerging from Massachusetts Institute of Technology’s (MIT’s) The Engine, has raised $50m in funding from energy supplier Eni.

Maria Zuber, vice-president for research at MIT, noted in an editorial for newspaper Boston Globe that unnamed US-based investment funds also participated in the round, but the press release ascribed the full $50m investment to Eni.

The company is hoping to attract additional investors, though a target size for the round has not been revealed.

CFS is working on fusion technology, which imitates the process by which the sun produces energy by smashing light elements, such as hydrogen, together to form heavier elements, such as helium, and harnesses the energy released in the process.

The concept of fusion technology has existed for decades, but so far researchers have failed to create a workable approach at scale. The potential for fusion power is significant: it theoretically offers unlimited, carbon-free and safe energy.

One of issues researchers have faced is containment. The heat generated by fusing atoms together far exceeds what any known material can withstand, meaning projects have had to rely on magnets.

CFS wants to develop large-bore superconducting electromagnets, using a material that only recently became commercially available and is expected to enable the creation of magnetic fields four times as strong as current technology – in turn enabling a more than tenfold increase in power that can be produced.

The company hopes to develop the electromagnets within three years – using a total of $30m to fund research at MIT. It will then build a compact device capable of generating 100 megawatts, while achieving key technical milestones that will eventually enable the construction of a full-scale prototype.

CFS emerged out of research led by Dennis Whyte and Martin Greenwald, respective director and deputy director of MIT’s Plasma Science and Fusion Center (PSFC).

The co-founders also include PSFC researchers Robert Mumgaard, who acts as chief executive of CSF, Dan Brunner, Brandon Sorbom and Zach Hartwig, who is now an assistant professor of nuclear science and engineering at the institute.

CFS was established through a collaborative effort led by Karen Gleason, associate provost at MIT, with the support of Technology Licensing Office, the university’s tech transfer arm, Office of the General Counsel, Office of Sponsored Programs and MIT Energy Initiative.

 L Rafael Reif, president of MIT, said: “This is an important historical moment: advances in superconducting magnets have put fusion energy potentially within reach, offering the prospect of a safe, carbon-free energy future.

“As humanity confronts the rising risks of climate disruption, I am thrilled that MIT is joining with industrial allies, both longstanding and new, to run full-speed toward this transformative vision for our shared future on earth.”

Claudio Descalzi, chief executive of Eni, said: “Today is a very important day for us. Thanks to this agreement, Eni takes a significant step forward toward the development of alternative energy sources with an ever-lower environmental impact.

“Fusion is the true energy source of the future, as it is completely sustainable, does not release emissions or long-term waste, and is potentially inexhaustible. It is a goal that we are increasingly determined to reach quickly.”

The Engine was created in October 2016 by MIT to drive commercialisation of research-intensive technologies, both developed at the institute and off-campus. The university put $25m into a $150m fund that grew to $200m in September 2017.