(ANSA) – ROME, SEP 24 – Eni and Commonwealth Fusion Systems (CFS) have signed a power offtake agreement worth over 1 billion dollars, thus expanding a longstanding strategic partnership between the companies to commercialize fusion power, the Italian energy giant said.
The power purchase agreement (PPA) concerns Eni’s acquisition of decarbonized power from CFS’s 400 MW ARC fusion power plant in Chesterfield County, Virginia, which is expected to connect to the grid in the early 2030s.
The financial terms of the accord have not been disclosed.
This is the second offtake agreement that CFS has signed in three months for its first grid-scale fusion power plant.
According to Bob Mumgaard, co-founder and CEO of CFS, “the agreement with Eni demonstrates the value of fusion energy on the grid.
“It is a big vote of confidence to have Eni, who has contributed to our execution since the beginning, buy the power we intend to make in Virginia.
“Our fusion power attracts diverse customers across the world — from hyperscalers to traditional energy leaders — because of the promise of clean, almost limitless energy”, concluded Mumgaard.
Eni CEO Claudio Descalzi said that “this strategic collaboration, with a tangible commitment to the purchase of fusion energy, marks a turning point in which fusion becomes a full industrial opportunity.
“Eni has been strengthening its collaboration with CFS through its technological know-how since it first invested in the company in 2018.
“As energy demand grows, Eni supports the development of fusion power as a new energy paradigm capable of producing clean, safe, and virtually inexhaustible energy.
“This international partnership confirms our commitment to making fusion energy a reality, promoting its industrialization for a more sustainable energy future”, noted Descalzi.
The agreement follows CFS’s 863 million dollar Series B2 round in which Eni increased its investment in CFS.
Eni, which in 2018 was among the first to invest in CFS and believe in fusion, is currently a strategic shareholder.
In 2023, Eni and CFS signed a collaboration framework accord for fusion energy development.
In detail, the cooperation between the companies includes operational and technological support, project execution through the sharing of methodologies learned from the energy industry as well as relationships with stakeholders.
The power purchase agreement, according to a statement, “represents further confirmation that CFS is on the most promising path to deliver commercial fusion power over the coming years”.
“CFS has shown its capabilities by developing key advances in high-temperature superconducting magnets and sustaining its execution velocity in the construction of the SPARC fusion demonstration machine in Devens, Massachusetts”, the statement concluded. (ANSA).
Read article…
The power purchase agreement (PPA) concerns Eni’s acquisition of decarbonized power from CFS’s 400 MW ARC fusion power plant in Chesterfield County, Virginia, which is expected to connect to the grid in the early 2030s.
The financial terms of the accord have not been disclosed.
This is the second offtake agreement that CFS has signed in three months for its first grid-scale fusion power plant.
According to Bob Mumgaard, co-founder and CEO of CFS, “the agreement with Eni demonstrates the value of fusion energy on the grid.
“It is a big vote of confidence to have Eni, who has contributed to our execution since the beginning, buy the power we intend to make in Virginia.
“Our fusion power attracts diverse customers across the world — from hyperscalers to traditional energy leaders — because of the promise of clean, almost limitless energy”, concluded Mumgaard.
Eni CEO Claudio Descalzi said that “this strategic collaboration, with a tangible commitment to the purchase of fusion energy, marks a turning point in which fusion becomes a full industrial opportunity.
“Eni has been strengthening its collaboration with CFS through its technological know-how since it first invested in the company in 2018.
“As energy demand grows, Eni supports the development of fusion power as a new energy paradigm capable of producing clean, safe, and virtually inexhaustible energy.
“This international partnership confirms our commitment to making fusion energy a reality, promoting its industrialization for a more sustainable energy future”, noted Descalzi.
The agreement follows CFS’s 863 million dollar Series B2 round in which Eni increased its investment in CFS.
Eni, which in 2018 was among the first to invest in CFS and believe in fusion, is currently a strategic shareholder.
In 2023, Eni and CFS signed a collaboration framework accord for fusion energy development.
In detail, the cooperation between the companies includes operational and technological support, project execution through the sharing of methodologies learned from the energy industry as well as relationships with stakeholders.
The power purchase agreement, according to a statement, “represents further confirmation that CFS is on the most promising path to deliver commercial fusion power over the coming years”.
“CFS has shown its capabilities by developing key advances in high-temperature superconducting magnets and sustaining its execution velocity in the construction of the SPARC fusion demonstration machine in Devens, Massachusetts”, the statement concluded. (ANSA).
Read article…
