Morning Brief: Nuclear fusion startup raises $84 million from Temasek and Equinor


U.S. fusion startup, Commonwealth Fusion Systems, raised $84 million from Singapore’s Temasek Holding, Norway’s Equinor and other investors in its latest round, according to CEO Bob Mumgaard. The company was founded by researchers at MIT in 2018 and has raised a total of more than “$200 million.” When combined with advanced computing power, Mumgaard believes nuclear fusion may be ready for prime time faster than people thought. CFS aims to show that its high-temperature superconducting magnets work at scale next year, and then hopes to build a working prototype reactor. Source: Bloomberg

North Dakota’s 300-kW Cannon Ball Community Solar Farm is bringing power to the Standing Rock Reservation: Thirty-five-year-old Cody Two Bears is the driving force behind the 300-kilowatt solar farm – North Dakota’s first, which formally opened last year – and he dreams of bringing solar-powered energy infrastructure and “energy sovereignty” to Native American reservations around the U.S. Built with the financial assistance of GivePower, Empowered by Light and Jinko Solar, the $470,000 solar farm will save the Native American community an estimated $7,000 to $10,000 annually in energy costs. Cypress Creek Renewables developed the project. Sources: Al Jazeera, Renewable Energy Magazine

Lime Rock New Energy, a Connecticut-based growth equity firm focused on renewable energy tech, is raising $600 million for its debut fund, per an SEC filing. Lime Rock recently led a $75 million round in Smart Wires, a provider of modular power flow control technology for electric utilities and grid operators. Source: Axios, Lime Rock

Six of Denmark’s biggest companies are teaming up to launch one of the world’s largest green hydrogen projects — looking to create emission-free fuels suitable for ships, trucks, aircraft and heavy industry. Container shipping group AP Moller-Maersk, airline SAS, logistics group DSV Panalpina, ferry line DFDS, Copenhagen Airports and renewable energy company Orsted are aiming to open their first hydrogen facility powered by offshore wind by 2023. Henrik Poulsen, CEO of Orsted, the world’s largest wind developer, said that while direct electrification through batteries made sense for cars it did not work for heavier forms of transport and industries such as steel and cement. Source: Financial Times

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