Eni expands partnership with CFS through billion-dollar fusion energy purchase agreement for ARC power plant

Eni expands partnership with CFS through billion-dollar fusion energy purchase agreement for ARC power plant

(IN BRIEF) Eni has signed a $1 billion+ power offtake agreement with Commonwealth Fusion Systems (CFS) to purchase clean energy from the company’s first ARC fusion power plant in Chesterfield County, Virginia. Expected to connect to the grid in the early 2030s, the 400 MW facility will deliver decarbonized energy at scale. The agreement builds on Eni’s investment in CFS since 2018 and expands their partnership from technological collaboration to a commercial relationship. Eni CEO Claudio Descalzi emphasized the deal as a turning point for fusion as an industrial opportunity, while CFS CEO Bob Mumgaard described it as a vote of confidence in fusion’s potential. The agreement underscores the momentum behind fusion as a transformative energy technology, with CFS advancing toward commercialization and Eni reinforcing its long-term commitment to the energy transition and carbon neutrality by 2050.

(PRESS RELEASE) MILAN, 23-Seo-2025 — /EuropaWire/ — Eni, a strategic investor in Commonwealth Fusion Systems (CFS), has signed a power offtake agreement valued at more than $1 billion for clean fusion energy from CFS’s first commercial ARC fusion power plant in Chesterfield County, Virginia. Scheduled to connect to the grid in the early 2030s, the 400 MW plant represents a major milestone in the companies’ longstanding collaboration and underlines fusion’s potential to transform the global energy system.

The agreement expands Eni’s role from technological partner to commercial customer, strengthening the strategic partnership that began in 2018 when Eni first invested in CFS. The offtake deal follows CFS’s $863 million Series B2 financing round, in which Eni increased its investment, and a 2023 Collaboration Framework Agreement aimed at accelerating fusion development.

“This strategic collaboration, with a tangible commitment to the purchase of fusion energy, marks a turning point in which fusion becomes a full industrial opportunity,” said Claudio Descalzi, CEO of Eni. “Eni has been strengthening its collaboration with CFS through its technological know-how since it first invested in the company in 2018. As energy demand grows, Eni supports the development of fusion power as a new energy paradigm capable of producing clean, safe, and virtually inexhaustible energy. This international partnership confirms our commitment to making fusion energy a reality, promoting its industrialization for a more sustainable energy future.”

Bob Mumgaard, Co-founder and CEO of CFS, added: “The agreement with Eni demonstrates the value of fusion energy on the grid. It is a big vote of confidence to have Eni, who has contributed to our execution since the beginning, buy the power we intend to make in Virginia. Our fusion power attracts diverse customers across the world — from hyperscalers to traditional energy leaders — because of the promise of clean, almost limitless energy.”

CFS has made significant progress toward commercial fusion power, advancing high-temperature superconducting magnet technology and building the SPARC demonstration machine in Devens, Massachusetts, which is designed to achieve net energy. The Virginia ARC plant will represent the next step, bringing fusion to the grid at scale.

Eni, headquartered in San Donato Milanese, Italy, is a global energy technology company operating in 64 countries with around 32,500 employees. Active in the U.S. since 1968, the company has broad operations spanning oil and gas production, renewables, biofuels, and advanced research in game-changing technologies like fusion. Through Eni Next, its Boston-based corporate venture capital arm, the company invests in innovation to accelerate the energy transition and achieve its goal of carbon neutrality by 2050.

CFS, founded in 2018, is today the world’s largest private fusion energy company and has raised nearly $3 billion in capital. Its flagship project SPARC is designed to pave the way for ARC fusion power plants, which could provide virtually unlimited zero-carbon energy.

About Commonwealth Fusion Systems
Commonwealth Fusion Systems is the world’s largest and leading private fusion company. The company’s marquee fusion project, SPARC, will generate net energy, paving the way for limitless carbon-free energy. The company has raised almost $3 billion in capital since it was founded in 2018.
SPARC® and ARC™ are trademarks of Commonwealth Fusion Systems®.

About Eni
Eni is a global energy tech company operating in 64 Countries, with about 32,500 employees. Originally an oil & gas company, it has evolved into an integrated energy company, playing a key role in ensuring energy security and leading the energy transition. Eni’s goal is to achieve carbon neutrality by 2050 through the decarbonization of its processes and of the products it sells to its customers. In line with this goal, Eni invests in the research and development of technologies that can accelerate the transition to increasingly sustainable energy. Renewable energy sources, bio-refining, carbon capture and storage are only some examples of Eni’s areas of activity and research. In addition, the company is exploring game-changing technologies such as fusion energy – a technology based on the physical processes that power stars and that could generate safe, virtually limitless energy with zero emissions.

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SOURCE: Eni