wbjournal.com | December 29, 2025 | Worcester Business Journal 23
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field County, Virginia, which it expects
to come online in the early 2030s.
Eni has been a shareholder in De-
vens-based CFS since 2018, the year
the company was founded, according
to a Sep. 22 press release from CFS. Eni
increased its investment in CFS during
the latter firm's August fundraising
round aer the two firms signed a
cooperation agreement in 2023.
"e agreement with Eni demon-
strates 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," Bob Mumgaard, co-found-
er and CEO of CFS, said in the press
release. "Our fusion power attracts
diverse customers across the world —
from hyperscalers to traditional energy
leaders — because of the promise of
clean, almost limitless energy."
CFS' Series B2 fundraising round
will be used to complete SPARC, its
fusion demonstration machine in De-
vens, and for its planned Virginia pow-
er plant. Both projects will be critical
for CFS as it races with other firms to
commercialize fusion energy, a long-
sought-aer source of clean energy.
MANUFACTURING
Bob Mumgaard,
co-founder and CEO
of Commonwealth
Fusion Systems
PHOTO | COURTESY OF COMMONWEALTH FUSION SYSTEMS
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