Commonwealth Fusion Systems’ $84 Million Funding Round

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian, LLP advised Commonwealth Fusion Systems.

Commonwealth Fusion Systems (CFS), a startup commercializing fusion energy, announced it has raised $84 million in A2 funding, bringing the company’s total funding to more than $200 million. The A2 round was led by Temasek with participation from new investors Equinor and Devonshire Investors, the private equity group affiliated with FMR LLC, the parent company of Fidelity Investments, as well as current investors Breakthrough Energy Ventures, The Engine, ENI Next LLC, Future Ventures, Hostplus, Khosla Ventures, Moore Strategic Ventures, Safar Partners LLC, Schooner Capital, Starlight Ventures, and others committed to accelerating the path towards commercial fusion energy.

CFS is collaborating with MIT’s Plasma Science and Fusion Center to design and build SPARC. This includes the development of the HTS magnets which will allow CFS to build significantly smaller and lower-cost fusion power plants. This collaboration is on track to demonstrate a successful 20 Tesla, large-bore magnet in 2021. This magnet test, the first of its kind in the world, opens a widely identified transformational opportunity for fusion energy. These magnets will then be used in constructing SPARC to demonstrate net energy gain from fusion for the first time in history. SPARC will pave the way for the first commercially viable fusion power plant called ARC.

Commonwealth Fusion Systems (CFS) is on track to bring fusion energy technology to market. CFS was spun out of MIT and is collaborating with MIT’s Plasma Science and Fusion Center to leverage decades of research combined with the innovation and speed of the private sector. CFS has assembled a world-class team working to design and build fusion machines that will provide limitless, clean, fusion energy to combat climate change.

The Gunderson Dettmer deal team was led by David Gammell (Picture) and included Brian Huber, Samantha Gross, Vanessa Smith and Jace Clegg.

Involved fees earner: Jace Clegg – Gunderson Dettmer; David Gammell – Gunderson Dettmer; Samantha Gross – Gunderson Dettmer; Brian Huber – Gunderson Dettmer; Vanessa Smith – Gunderson Dettmer;

Law Firms: Gunderson Dettmer;

Clients: Commonwealth Fusion Systems ;

Author: Ambrogio Visconti