MIT's fusion energy spinout Commonwealth Fusion Systems secured the return of The Engine and Eni for a $84m series A2 round that followed a $115m series A last year.
Commonwealth Fusion Systems (CFS), a US-based fusion energy technology spinout of Massachusetts Institute of Technology (MIT), has attracted $84m in a series A2 round featuring MIT-aligned tough tech incubator and venture fund The Engine.
The deal was led by Singaporean government-owned investment firm Temasek, with participation from oil producers Equinor and Eni, the latter through cleantech-focused investment unit Eni Next.
Devonshire Investors, a private equity arm of financial services group Fidelity, also took part, as did pension fund Hostplus, Breakthrough Energy Ventures, Future Ventures, Khosla Ventures, Moore Strategic Ventures, Safar Partners, Schooner Capital, Starlight Ventures and undisclosed additional investors.
Founded in 2018, CFS is working on technology to produce nuclear fusion, a still-hypothetical means of electricity generation whereby two nuclei spliced together release vast amounts of energy.
The spinout’s approach leverages high-temperature superconducting (HTS) magnets, a relatively recent innovation, as the basis for size and cost-efficient nuclear…
