The Saudi-based Jameel Investment Management Co. has participated in a $1.8 billion funding round for a US fusion energy company, it has been announced.
JIMCO has invested an undeclared amount in Commonwealth Fusion Systems, a company founded in 2018 that is building the world’s first net-energy giant fusion system.
“The world is ready to make big investments in commercial fusion as a key part of the global energy transition,” the chief executive officer of CFS, Bob Mumgaard, said.
He added: This diverse group of investors includes a spectrum of capital from energy and technology companies to venture capitalists, hedge funds, and university endowments who believe in the impact fusion will have as we look for large scale solutions to decarbonize.”
CFS’ HTS magnet technology enables significantly stronger magnetic fields in a fusion device called a “tokamak,” existing versions of which rely on the scale of the device to attempt net energy. HTS magnets support a high-field approach that will enable CFS to reach net energy from fusion with a substantially smaller, lower cost device and on a faster timeline. This HTS magnet technology will be used in SPARC, now under construction in Devens, Massachusetts and on track to demonstrate net energy from fusion by 2025.
Fady Jameel, a member of the Jameel family’s investment supervisory board, said: “It is critical that private investors cultivate close, collaborative relationships with research scientists and universities. The Jameel Family has nurtured our relationships with MIT, and others, supporting innovative thinking and development of emergent technologies towards solutions aiming to address some of the world’s most pressing challenges.”
“This investment in CFS is a step towards a more sustainable future for everyone demonstrating how ‘patient capital’, particularly from family investors, can show leadership in enabling transformational change by championing opportunities for business in the new green-tech economy.”