Italian oil giant ENI and Commonwealth
Fusion System (CFS), a spin-off from the Massachusetts Institute
of Technology (MIT), signed a new cooperation agreement on
Thursday to speed up the industrialization of fusion energy.
ENI first invested in CFS in 2018 and is a major shareholder.
Thursday's agreement strengthens the partnership between the two
companies, bringing together ENI's engineering and project
management expertise and CFS' development project network.
The agreement paves the way for construction of the first
commercial power plant based on magnetic confinement fusion
capable of feeding electricity into the grid.
The plant is expected to be operational in the early 2030s.
"Having this technology at the industrial level, providing large
quantities of zero carbon energy produced in a safe, clean and
virtually inexhaustible way, will mean that we will contribute
substantially to the energy transition challenge," said ENI CEO
Claudio Descalzi.
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