First commercial fusion plant nears construction in US, Commonwealth CEO says

Construction of what could be the world's first commercial plant to generate power with fusion, the process that powers the stars, is set to start in the U.S. in 2027, and the search for more sites is under way, the head of Commonwealth Fusion Systems said in a Reuters NEXT Newsmaker interview on Tuesday.  

Commonwealth, based in Massachusetts, has raised about $3 billion in private money, more than any other firm looking to build fusion plants and start generating power in the early 2030s. 

Scientists have been trying to harness fusion, an elusive reaction in which light atoms are jammed together under extreme heat, for at least 50 years. But backers say it is getting closer to becoming commercially viable as money pours in. 

Fusion is the opposite of nuclear fission, which splits heavy atoms, creating a chain reaction and long-lasting nuclear waste. 

POWER-UP IN 2027

Bob Mumgaard, CFS co-founder and CEO, said the company's demonstration fusion machine in Massachusetts is more than 75% complete and will turn on in 2027. "Then immediately we'll go as fast as we can to construction of the first commercial power plant in Virginia," he said, adding that a less-likely 2026 start is possible. 

The 400-megawatt Virginia plant, less than half the size of a typical nuclear fission reactor, is getting its permits. 

"We still have a couple more on the electricity side," he said. "The goal is to be able to line that up so that as soon as capital is available, we can actually go build that project."

From there, Commonwealth hopes to build more plants, perhaps in the eastern U.S. Rust Belt, where coal plants have closed in recent years, or in the U.S. West. 

"We have a robust ... ground game of looking at sites," Mumgaard said. 

The UK, Germany, Japan, Korea and Singapore are other places where fusion could reduce dependence on liquefied natural gas and uranium fuel for gas and nuclear plants, he said. 

NEW INDUSTRIAL POLICY APPROACH

Trump Media & Technology Group late last year announced a $6 billion merger with TAE Technologies, a fusion company, that is expected to close this year and take the technology public. 

U.S. President Donald Trump's administration has also taken, or plans to take, stakes in companies it sees as essential, such as in mineral production, nuclear fission and semiconductors. 

"This is clearly an administration that's thinking through a new approach to industrial policy," said Mumgaard.

Last month, the administration appointed Mumgaard to Trump's Council of Advisors on Science and Technology, or PCAST, along with 12 other leaders, including Lisa Su, CEO of AMD, and Jensen Huang, CEO of NVIDIA.

Mumgaard was unsure if a government stake would be right for his company. "There's some interesting things to think about in that way for a new strategic energy source like fusion. But it would really depend on the details."