Photo | Courtesy of Commonwealth Fusion Systems
Bob Mumgaard, co-founder & CEO of Commonwealth Fusion Systems
3 hours ago
Google increases stake in Devens fusion energy firm
Photo | Courtesy of Commonwealth Fusion Systems
Google has increased its stake in Devens-based Commonwealth Fusion Systems, as CFS works to commercialize fusion energy technology.
Google is increasing its investment in Commonwealth Fusion Systems after signing a power purchase agreement with the Devens-based firm looking to commercialize fusion energy.
Google has signed an agreement for 200 megawatts of energy from CFS’ ARC power plant, which the firm is working to construct in Virginia. The agreement is Google’s first commercial commitment to fusion energy, according to a Monday press release from CFS.
"By entering into this agreement with CFS, we hope to help prove out and scale a promising pathway toward commercial fusion power,” Michael Terrell, head of advanced energy at Google, said in the press release. “We're excited to make this longer-term bet on a technology with transformative potential to meet the world's future energy demand, and support CFS in their efforts to reach the scientific and engineering milestones needed to get there.”
Should CFS’ plans for commercializing fusion energy come to fruition, the technology could help Google and other firms address the large amounts of energy necessary to power data centers, amid increasing usage of artificial intelligence and other advanced computing technology.
Data center energy use has tripled since 2014 and is expected to double or triple by 2028, at which point it could account for up to 12% of total electricity usage in the United States, according to a December press release from the U.S. Department of Energy.
"Fusion power is within our grasp thanks in part to forward-thinking partners like Google, a recognized technology pioneer across industries," Bob Mumgaard, CEO and co-founder of CFS, said in the press release. "Our strategic deal with Google is the first of many as we move to demonstrate fusion energy from SPARC and then bring our first power plant online. We aim to demonstrate fusion's ability to provide reliable, abundant, clean energy at the scale needed to unlock economic growth and improve modern living – and enable what will be the largest market transition in history."
Separate from the power purchase agreement, Google has increased its investment in CFS, building on an original investment made in the company in 2021. Terms of the investment were not disclosed.
The agreement between Google and CFS is based around the firm’s success in achieving net fusion energy with SPARC, a compact fusion device CFS is working on at its Devens facility as a precursor to ARC.
Fusion energy works by harnessing the same process which powers the sun, capturing energy released when atoms like hydrogen fuse together. Requiring only hydrogen and lithium, creation of fusion energy does not create harmful atmospheric emissions, long-lived nuclear waste, or the same risks for accidents associated with nuclear fission, according to the International Atomic Energy Agency.
CFS has raised more than $2 billion in capital since it was founded in 2018, according to the Monday press release.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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