Mitsubishi Corporation has announced its investment in Commonwealth Fusion Systems (CFS), a US-based fusion energy startup from the Massachusetts Institute of Technology (MIT).
The strategic move is part of a third-party share allotment and involves a consortium of 12 Japanese companies.
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The Japanese government has recently updated its ‘Fusion Energy Innovation Strategy’, signalling its ambition to become a key player in power generation by the 2030s.
The Japanese consortium’s collaboration with CFS is poised to enhance technical and commercial knowledge in various aspects of fusion energy, from policy and regulation to the development and operation of the ARC power plant.
Each member of the consortium will contribute its expertise to accelerate the commercialisation of fusion energy in Japan.
This partnership aligns with the Japan-US joint efforts to fast-track fusion energy development in both countries.
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By GlobalDataCFS, an MIT spin-off, employs a magnetic confinement system known as tokamak.
The company aims to construct the world’s first commercial fusion power plant, dubbed ARC, in Virginia, with plans to generate electricity by the early 2030s.
CFS has a power purchase agreement (PPA) in place with Google for 200MW of electricity from its inaugural ARC power plant.
Mitsubishi said its investment is a strategic step to gain advanced knowledge in fusion energy, aiming to contribute to decarbonisation and a stable energy supply.
Recently, CFS raised $863m in a Series B2 funding round, bringing the company closer to its objective of being the first to commercialise fusion energy.
This funding will aid in completing the company’s SPARC fusion demonstration machine.
