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.

Copyright: Arab News © 2021 All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.