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2025-09-22 20:22
Eni (NYSE:E) said Monday it signed a power purchase agreement worth more than $1 billion with Commonwealth Fusion Systems to offtake energy from the U.S. company's first commercial fusion plant, which is anticipated to come online in Virginia in the early 2030s.
Spun out of MIT in 2018, Commonwealth Fusion Systems is working to develop the world's first net-energy positive - producing more energy than it consumes - fusion device to prove and scale the production of fusion energy, and the company is collaborating with MIT's Plasma Science and Fusion Center to build SPARC, the precursor to Commonwealth Fusion's first commercial plant, the 400 MW ARC project in Chesterfield County, Virginia, which the company expects to become the world's first grid-scale fusion power plant.
Commonwealth Fusion has raised nearly $3 billion in capital to advance the commercialization of its fusion technology; its new PPA with Eni (NYSE:E) follows an offtake agreement signed in June with Google for 200 MW from the ARC plant for an undisclosed price.