Eni has signed an agreement worth over $1 billion to purchase decarbonized energy from Commonwealth Fusion Systems (CFS), further strengthening their strategic partnership in the commercialization of fusion energy, according to an official statement.
The Power Purchase Agreement (PPA) stipulates that Eni will buy electricity generated by CFS's Arc plant, located in Chesterfield County, Virginia, with a capacity of 400 MW. The plant is expected to be connected to the power grid at the start of the next decade, the statement adds.
This deal follows CFS's $863 million Series B2 funding round, during which Eni increased its investment in the company.
"This strategic collaboration marks a turning point, making fusion an actual industrial prospect. Eni is committed to strengthening its partnership with CFS through its technological expertise, ever since our initial investment in CFS in 2018," emphasized CEO Claudio Descalzi in the statement.
(Reporting by Giancarlo Navach; editing by Gianluca Semeraro)