Saudi's JIMCO Technology Fund joins $1.8bln funding round for fusion energy
This comes amid the parties’ steps towards a more sustainable future to mitigate climate change
The Kingdom Tower is seen in Central Riyadh, Saudi Arabia. Image used for illustrative purpose.
By Staff Writer, Arab News
Saudi Arabia - The Saudi-based Jameel Investment Management Co. has participated in a $1.8billion funding round for a US fusion energy company, it has been announced.
JIMCO has invested an undeclared amount in Commonwealth Fusion Systems, a company founded in 2018 that is building the world’s first net-energy-giant fusion system.
“The world is ready to make big investments in commercial fusion as a key part of the global energy transition,” the chief executive officer of CFS, Bob Mumgaard, said.
The High-Temperature Superconducting magnet technology will be used in SPARC, a fusion device that is currently being constructed in Massachusetts and expected to demonstrate net energy from fusion by 2025.
This comes amid the parties’ steps towards a more sustainable future to mitigate climate change.
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