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Area Development - Site Selection, Facility Planning and Workforce Development

Commonwealth Fusion Systems Plans Chesterfield County, Virginia, Operations

12/29/2024
Commonwealth Fusion Systems, the largest private fusion company, plans to establish operations in Chesterfield County, Virginia.

The investment will include a new commercial fusion power plant, known as ARC and located at the James River Industrial Center, which will generate approximately 400 megawatts of electricity, enough energy to power large industrial sites or about 150,000 homes.

“In the early 2030s, all eyes will be on the Richmond region, and more specifically Chesterfield County, as the birthplace of commercial fusion energy,” said CFS Co-founder and Chief Executive Officer Bob Mumgaard. “Virginia emerged as a strong partner as they look to implement innovative solutions for both reliable electricity and clean forms of power. We are pleased to collaborate with Dominion Energy.”

The project is being supported by a $1 million grant by the Virginia Clean Energy Innovation Bank matched with a $1 million grant by Chesterfield County.

“Virginia offers a strong talent pool and the Chesterfield County site is excellent for fusion energy’s debut,” noted Secretary of Commerce and Trade Caren Merrick. “Commonwealth Fusion Systems will create hundreds of temporary construction jobs then full-time jobs once operations begin.”

The Virginia Department of Energy partnered with Virginia Economic Development Partnership (VEDP), Chesterfield County, and Dominion Energy to secure this project.

“Commonwealth Fusion Systems is the clear industry leader in advancing the exciting energy potential of fusion,” added Dominion Energy Virginia President Edward H. Baine. “Our customers’ growing needs for reliable, carbon-free power benefits from as diverse a menu of power generation options as possible, and in that spirit, we are delighted to assist CFS in their efforts.”

Commonwealth Fusion Systems spun out of MIT in 2018 to commercialize fusion energy. The company has raised more than $2 billion to date.

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