Commonwealth Fusion Systems has raised another $50 million and most of the financing will go toward construction of the full-scale superconducting magnet technology Commonwealth Fusion uses to contain its reactions.
They will build a far smaller tokamak fusion system using stronger superconducting magnets.
The ultimate goal is to build a fusion reactor that can generate 50 megawatts of energy either as heat or to create electricity using a steam turbine.
They want to build a significant prototype system in a few years (by 2025) and build a full-scale commercial system by about 2033.
Improved magnets would improve any nuclear fusion design that involves confinement of plasma. There is less science risk to this MIT approach but more technological risk. They are trying to accelerate the commercial use of high-temperature superconducting magnets and trying to contain their costs. Cost for superconducting magnets for past fusion projects have been $20 per watt but other applications have seen costs of $1.4 to $1.8 per watt.
Other Fusion Companies With Aggressive Timelines
TAE Technologies is now saying they being commercialization efforts by 2023.
General Fusion is saying that they could have commercial nuclear fusion within ten years.