Eni and Commonwealth Fusion Systems on Sept. 22 announce a power offtake agreement worth more than $1 billion, expanding a longstanding strategic partnership between the companies to commercialize fusion power.
The power purchase agreement concerns Italy-based Eni’s acquisition of decarbonized power from CFS’s 400 MW ARC fusion power plant in Chesterfield County, Virginia, which is expected to connect to the grid in the early 2030s.
Financial terms weren’t disclosed.
This is the second offtake agreement that CFS has signed in three months for its first grid-scale fusion power plant.
“The agreement with Eni demonstrates 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,” said Bob Mumgaard, Co-founder and CEO of CFS. “Our fusion power attracts diverse customers across the world — from hyperscalers to traditional energy leaders — because of the promise of clean, almost limitless energy.”
“This strategic collaboration, with a tangible commitment to the purchase of fusion energy, marks a turning point in which fusion becomes a full industrial opportunity,” said Eni CEO Claudio Descalzi. “Eni has been strengthening its collaboration with CFS through its technological know-how since it first invested in the company in 2018. As energy demand grows, Eni supports the development of fusion power as a new energy paradigm capable of producing clean, safe, and virtually inexhaustible energy. This international partnership confirms our commitment to making fusion energy a reality, promoting its industrialization for a more sustainable energy future.”
The PPA follows CFS’ $863 million Series B2 round in which Eni increased its investment in CFS. Eni, which was among the first to invest in CFS in 2018 and believe in fusion, is today a strategic shareholder.
In 2023 the two companies signed a Collaboration Framework Agreement to accelerate fusion energy development. The collaboration between the companies includes operational and technological support; project execution through the sharing of methodologies learned from the energy industry; and relationships with stakeholders.
The PPA further validates that CFS is on the most promising path to deliver commercial fusion power in the coming years, Eni said. “The company has demonstrated its capabilities by developing key advances in high-temperature superconducting magnets and sustaining its execution velocity in the construction of the SPARC fusion demonstration machine in Devens, Massachusetts,” Eni said.
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Generation
Google Signs PPA for 200 MW from Virginia Fusion Power Plant
July 1, 2025
Google and CFS on June 30 announced that Google had signed a power purchase agreement for 200 megawatts of electricity from CFS’ inaugural ARC power plant. Google also has the option to offtake power from additional ARC power plants.
