The Scene
When Massachusetts-based Commonwealth Fusion Systems looked for companies that could produce large metal components and complex machinery for its prototype, it landed on the oil and gas industry. CEO Bob Mumgaard said the hydrocarbons industry shares many of the same skills and tools that fusion developers need to achieve a breakthrough and eventually take a share of the energy mix.
The UAE is well positioned to use its expertise in oil and gas to adopt fusion technology, Mumgaard said, especially after it has developed a track record of building nuclear power plants and its embrace of AI. “They understand what energy leadership and first mover advantage, advanced technologies can bring to their society, their place in the world,” he said.
Abu Dhabi’s government-owned fusion fund, Plynth Energy, acquired a minority stake worth more than $100 million in Commonwealth this year, according to Axios. The US company raised $1 billion in July, bringing its total funding to $4 billion, which Mumgaard said would be enough to build the prototype and prepare for a larger, utility-scale plant in the early 2030s.
Next decade
Scientists have long predicted that the fusion breakthrough is a decade away.
