News
News | 5 min read
Commonwealth Fusion Systems to build world’s first commercial fusion power plant in Chesterfield, Virginia
December 17, 2024
- Commonwealth Fusion Systems will independently finance, build, own, and operate the grid-scale fusion power plant in Chesterfield County, Virginia.
- Dominion Energy Virginia will provide non-financial collaboration, including development and technical expertise as well as leasing rights for the proposed site.
Commonwealth Fusion Systems (CFS), the largest private fusion company, today announced that it will make a multi-billion investment to build the world’s first grid-scale commercial fusion power plant at the James River Industrial Center in Chesterfield County, Virginia.
“This is a historic moment for Virginia and the world at large,” said Gov. Glenn Youngkin. “Fusion does not emit carbon dioxide or other greenhouse gases and it provides round-the-clock power that complements wind and solar. The Commonwealth is experiencing some of the fastest energy demand growth in the country, and I am proud we are leading the way to meet that demand with new clean, firm sources.”
As part of this effort, CFS has reached an agreement with Dominion Energy Virginia to provide non-financial collaboration, including development and technical expertise as well as leasing rights for the proposed site. Dominion Energy Virginia currently owns the proposed site.
CFS conducted a global search for the site of its first commercial fusion power plant, known as ARC, which the company will independently finance, build, own, and operate.
“This is a historic moment. In the early 2030s, all eyes will be on the Richmond region and more specifically Chesterfield County, Virginia, as the birthplace of commercial fusion energy,” said Bob Mumgaard, Chief Executive Officer and Co-founder of Commonwealth Fusion Systems. “Virginia emerged as a strong partner as they look to implement innovative solutions for both reliable electricity and clean forms of power. We are pleased to collaborate with Dominion Energy.”
“Commonwealth Fusion Systems is the clear industry leader in advancing the exciting energy potential of fusion,” said Edward H. Baine, President of Dominion Energy Virginia. “Our customers’ growing needs for reliable, carbon-free power benefits from as diverse a menu of power generation options as possible, and in that spirit, we are delighted to assist CFS in their efforts.”
“This is a tremendous announcement for Chesterfield County, the Commonwealth of Virginia, and the future of clean energy generation across the globe,” said Senator Mark Warner. As we continue to build a clean energy economy, fusion energy is poised to play a critical role in providing the firm, reliable, and clean power needed to support growing energy demands in Virginia and across the nation. I’m incredibly proud Virginia will host this first-of-a-kind commercial fusion power plant and look forward to the continued development of this transformational technology.”
“I’m thrilled Commonwealth Fusion Systems is investing billions to build a fusion power plant in Chesterfield County, which will create hundreds of jobs. The large-scale commercialization of this technology, which I saw when I visited a lab at Massachusetts Institute of Technology a decade ago, was made possible by federal funding,” said Senator Tim Kaine. “I’m proud of the federal legislation I’ve helped pass that enable Virginia to accelerate its leadership in clean energy, especially the Inflation Reduction Act that provides strong tax incentives for CFS locating on the Chesterfield site.”
“I am delighted that a clean energy innovator such as Commonwealth Fusion Systems has selected Chesterfield County for this groundbreaking plant,” said Senator Ghazala Hashmi. “This announcement is a major milestone in Virginia’s energy history.”
“This innovative power plant represents both a major step forward for clean energy generation and good jobs for residents of Chesterfield County and the Richmond area,” said Delegate Delores McQuinn. “I am excited to see the results of this groundbreaking investment.”
“The Board of Supervisors is grateful this innovative company has chosen Chesterfield for its new fusion facility,” said Chesterfield County Board of Supervisors Chairman James Holland. “Chesterfield is the home of many firsts, and we welcome the opportunity to be a part of Commonwealth Fusion System’s pursuit to be the world’s first grid-scale commercial fusion power plant. The county’s prime location, educated workforce, and competitive tax structure make us the perfect choice for this pioneering business.”
The new ARC fusion power plant will support economic development and the clean energy goals project is expected to generate billions of dollars in economic development in the region and create hundreds of jobs during the construction and long-term operation of the power plant. ARC will generate about 400 megawatts of electricity — enough energy to power large industrial sites or about 150,000 homes.
CFS is currently completing development of its fusion demonstration machine, SPARC, at its headquarters in Devens, Massachusetts. SPARC is expected to produce its first plasma in 2026 and net fusion energy shortly after, demonstrating for the first time a commercially relevant design that will produce more power than consumed. SPARC paves the way for ARC, which is expected to deliver power to the grid in the early 2030s.
CFS was spun out of the Massachusetts Institute of Technology in 2018. Since then, it has raised more than $2 billion in capital. In addition to this private capital, CFS has been awarded $16.5 million in grants from the Department of Energy. The most recent grant of $15 million was announced in June 2024 as part of the first phase of the DOE’s Milestone-Based Fusion Development Program.
The Virginia Department of Energy partnered with the Virginia Economic Development Partnership, Chesterfield County, and Dominion Energy to secure this project.
###
- Topics:
- Chesterfield County
