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2024 Power 100: Bob Mumgaard

A man in a dark blue shirt Photo | Courtesy of Commonwealth Fusion Systems Bob Mumgaard, co-founder & CEO of Commonwealth Fusion Systems
Bob Mumgaard  Title Co-founder & CEO Company Commonwealth Fusion Systems, in Devens Employees 650+ Residence Boston Colleges Massachusetts Institute of Technology, University of Nebraska. Read all the Power 100 profiles here
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The year 2023 was a big one for Commonwealth Fusion Systems.

The company doubled in size, to more than 650 employees, moved into its corporate campus in Devens, and was chosen as one of eight companies to receive funding as part of a federal $46-million fusion development program.

The $2-billion Devens campus comprises CFS headquarters, a magnet factory, and a building to house SPARC, touted as the world’s first commercially viable net-energy fusion device. The headquarters is under construction and expected to be operational in 2025.

CFS has drawn a lot of attention. The company hosted 2,500 visitors in 2023 after opening in February, including federal and state officials, foreign government dignitaries, business leaders, scientists, academics, and investors.

As the world races to find clean, renewable energy, Bob Mumgaard envisions CFS and Devens becoming the center of the global fusion industry.

Mumgaard co-founded CFS out of MIT in 2018, driven by what he calls one of the world’s greatest challenges – the move to carbon-free energy.

President Joe Biden has made tackling the climate crisis a priority of his administration. In May, the U.S. Department of Energy announced its Milestone-Based Fusion Development Program, part of an effort to produce a pilot-scale demonstration of fusion energy generation within a decade. The eight companies selected to participate in the $46 billion program, including CFS, will have to achieve certain commercialization milestones to receive funding.

“There is a growing global race for commercial fusion energy, and this DOE program will serve as a clear, data-driven, and transparent way to measure private sector progress and ensure that the U.S. is playing a leading role,” Mumgaard said in a press release at the time of the announcement.

Read all the Power 100 profiles here.

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