Global energy tech company, Eni, and Commonwealth Fusion Systems (CFS) have signed a power purchase agreement (PPA) valued at more than $1 billion, extending their long-standing collaboration to commercialise fusion power.
Under the agreement, Eni will procure decarbonised electricity from CFS’s 400 MW ARC fusion power plant in Chesterfield County, Virginia, slated to connect to the grid in the early 2030s.
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This agreement marks the second large-scale power offtake contract signed by CFS within three months for its first commercial fusion power facility. It underscores growing confidence from industry leaders in fusion as a viable source of clean, nearly limitless energy.
Eni, an investor in CFS since 2018, views fusion as a crucial energy transition technology. CEO Claudio Descalzi called the partnership a turning point, committing to fusion’s industrialisation and its potential to deliver safe, clean, and virtually inexhaustible energy to meet rising global demand.
The deal follows CFS’s recent $863 million Series B2 funding round, in which Eni increased its investment. The companies’ collaboration spans technology sharing, operational support, and project execution methodologies, reflecting a comprehensive approach to accelerating fusion power commercialization.
This PPA strengthens CFS’s path toward delivering commercial fusion power, backed by key advances in superconducting magnets and ongoing construction of the SPARC fusion demonstration device in Massachusetts.
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By GlobalData
