Italian energy company Eni announced today that it has signed a power purchase agreement (PPA) worth more than $1 billion with Commonwealth Fusion Systems (CFS), to offtake energy from CFS’ first commercial fusion plant, which is anticipated to come online in Chesterfield County, Virginia in the early 2030s.
Fusion, the process of combining two atoms to form a single atom to release energy, has been long referred to as the “Holy Grail” of clean and abundant energy production, given its potential to produce power from hydrogen – the most common element in the universe – without producing carbon emissions associated with fossil-fuel based power,
