● CFS will independently finance, build, own, and operate the grid-scale fusion power plant in Chesterfield County, Virginia.

● Dominion Energy Virginia will provide non-financial collaboration, including development and technical expertise as well as leasing rights for the proposed site.

DEVENS, Mass., Dec. 17, 2024 /PRNewswire/ -- Commonwealth Fusion Systems (CFS), the largest private fusion company, today announced that it will build the world's first grid-scale commercial fusion power plant at the James River Industrial Park in Chesterfield County, Virginia.

As part of this effort, CFS has reached an agreement with Dominion Energy Virginia to provide non-financial collaboration, including development and technical expertise as well as leasing rights for the proposed site. Dominion Energy Virginia currently owns the proposed site.

CFS conducted a global search for the site of its first commercial fusion power plant, known as ARC, which the company will independently finance, build, own, and operate.

"This is a historic moment. In the early 2030s, all eyes will be on the Richmond region and more specifically Chesterfield County, Virginia, as the birthplace of commercial fusion energy," said Bob Mumgaard, Chief Executive Officer and Co-founder of Commonwealth Fusion Systems. "Virginia emerged as a strong partner as they look to implement innovative solutions for both reliable electricity and clean forms of power. We are pleased to collaborate with Dominion Energy."

"Commonwealth Fusion Systems is the clear industry leader in advancing the exciting energy potential of fusion," said Edward H. Baine, President of Dominion Energy Virginia. "Our customers' growing needs for reliable, carbon-free power benefits from as diverse a menu of power generation options as possible, and in that spirit, we are delighted to assist CFS in their efforts."

The new ARC fusion power plant will support economic development and the clean energy goals of Virginia. The project is expected to generate billions of dollars in economic development in the region and create hundreds of jobs during the construction and long-term operation of the power plant. ARC will generate about 400 megawatts of electricity — enough energy to power large industrial sites or about 150,000 homes.

CFS is currently completing development of its fusion demonstration machine, SPARC, at its headquarters in Devens, Massachusetts. SPARC is expected to produce its first plasma in 2026 and net fusion energy shortly after, demonstrating for the first time a commercially relevant design that will produce more power than consumed. SPARC paves the way for ARC, which is expected to deliver power to the grid in the early 2030s.

For more information about Commonwealth Fusion Systems, visit cfs.energy.

About Commonwealth Fusion Systems

Commonwealth Fusion Systems is the world's leading and largest private fusion company. The company's marquee fusion project, SPARC, will generate net energy, paving the way for limitless carbon-free energy. The company has raised more than $2 billion in capital since it was founded in 2018.

Media Contacts:

For Commonwealth Fusion Systems:

Christine Dunn
[email protected]

SOURCE Commonwealth Fusion Systems