Tech Transfer eNews Blog

MIT start-up secures $50M to develop solar-powered nuclear reactor

By Jesse Schwartz
Published: July 3rd, 2019

A start-up from the Massachusetts Institute of Technology (MIT) aims to harness the power of the sun to create clean, sustainable nuclear energy — and has a pile of money to accomplish its task.

Commonwealth Fusion Systems (CFS) recently secured $50 million in funding to develop its technology, a nuclear reactor that could slot into the place of a wind farm or solar power plant.

“CFS is on track to commercialize fusion and deliver an inherently safe, globally scalable, carbon-free and limitless energy source,” says Bob Mumgaard, CEO of CFS.

The company’s ultimate goal is to build a fusion reactor that can generate 50 megawatts of energy either as heat or to create electricity using a steam turbine. CFS plans to have its smallest reactor built by 2025, with the recent funding going towards construction.

The start-up already had an initial backing of $64 million. The new funding comes from Now Future Ventures, Lowercase Capital, Moore Strategic Ventures, Safar Partners, Schooner Capital and Starlight Ventures.

“We have been looking for the right clean energy investment opportunity in fusion for the past 20 years,” says Steve Jurvetson, CEO of Future Ventures. “We wanted a company that was ready to make a business out of fusion, and we have finally found it with [CFS]. The hard science from which their approach is based has been proven by this team as well as leaders in the field around the world. With some clever engineering, CFS is ready to harness the power of the solar cycle to change the world and usher in the era of clean baseload energy generation for the betterment of all.”

Source: TechCrunch

Posted under: Tech Transfer e-News

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