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.

The Kingdom Tower is seen in Central Riyadh, Saudi Arabia. Image used for illustrative purpose.

REUTERS/Peter Macdiarmid
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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