An oil and gas giant signed a $1B deal with Commonwealth Fusion Systems
7 hours ago
- #clean-tech
- #fusion-energy
- #energy-investment
- Eni, a major oil and gas company, signed a $1 billion power purchase agreement with Commonwealth Fusion Systems for electricity from its first commercial fusion power plant in Virginia.
- Commonwealth Fusion Systems has raised nearly $3 billion in total funding, with Eni being a long-term investor since 2018.
- The company's first demonstration reactor, Sparc, is over 65% complete and aims to generate plasma within two years.
- Commonwealth plans to build its first commercial power plant, Arc, by the early 2030s, requiring additional multibillion-dollar funding.
- Other companies like Helion are also advancing fusion technology, with Microsoft signing an agreement to purchase energy from Helion's reactor.
- Despite significant investment, commercial fusion energy still faces scientific and technical challenges before becoming a viable energy source.