Equinor stepping up on fusion investment
Equinor Ventures (EV) is increasing its investment in Commonwealth Fusion Systems (CFS) as part of the Series B funding round raising more than USD 1.8 billion to commercialise fusion energy.
Fusion is the process that release energy by merging two or more lighter atoms, typically hydrogen, into a larger one. This requires high temperature, high density, and sufficient confinement. Fusion energy has the potential to play a material global role in the decarbonization of energy. It offers safe, dispatchable, emission-free, baseload heat and power generation that is geographically flexible and resource independent with readily available input materials.
“By 2050, Equinor aims to become a net-zero company, delivering the energy the world needs without contributing to global warming. Fusion energy has the potential to be a game-changer providing clean energy at scale. The technology is promising and we want to be part of the CFS journey to mature the technology and the market potential. Our participation in the CFS fundraising represents our largest venture investment to date,” says Carri Lockhart, executive vice president for Technology, Digital and Innovation in Equinor.
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