RICHMOND, VA — Governor Glenn Youngkin today announced that Commonwealth Fusion Systems, the largest private fusion company, will make a multi-billion dollar investment to build the world’s first grid-scale commercial fusion power plant at the James River Industrial Center in Chesterfield County, Virginia, on a site owned by Dominion Energy. The project will create hundreds of temporary and permanent jobs in the region.
“This is an historic moment for Virginia and the world at large,” said Governor Glenn Youngkin. “Commonwealth Fusion Systems is not just building a facility, they are pioneering groundbreaking innovation to generate clean, reliable, safe power, and it’s happening right here in Virginia. We are proud to be home to this pursuit to change the future of energy and power.”
“Virginia offers a strong talent pool and the Chesterfield County site is excellent for fusion energy’s debut,” said Secretary of Commerce and Trade Caren Merrick. “Commonwealth Fusion Systems will create hundreds of temporary construction jobs then full-time jobs once operations begin.”
Headquartered in Massachusetts, CFS conducted a global search for the site of its first commercial fusion power plant, known as ARC, which the company will independently finance, build, own, and operate. ARC will generate about 400 megawatts of electricity — enough energy to power large industrial sites or about 150,000 homes. The project is expected to spur billions of dollars in economic development in the region and create hundreds of jobs during the long-term operation of the power plant.
“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.”
“Commonwealth Fusion Systems is the clear industry leader in advancing the exciting energy potential of fusion,” said 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.”
“There could not be a more significant project for the first grant of Virginia’s Clean Energy Innovation Bank than the world’s first commercial fusion plant,” said Virginia Department of Energy Director Glenn Davis. “Virginia Energy is excited about what this project could mean to the Commonwealth, our nation, and the world.”
“This is a tremendous announcement for Chesterfield County, the Commonwealth of Virginia, and the future of clean energy generation across the globe,” said Senator Mark Warner. “As we continue to build a clean energy economy, fusion energy is poised to play a critical role in providing the firm, reliable, and clean power needed to support growing energy demands in Virginia and across the nation. I’m incredibly proud Virginia will host this first-of-a-kind commercial fusion power plant and look forward to the continued development of this transformational technology.”
“I’m thrilled Commonwealth Fusion Systems is investing billions to build a fusion power plant in Chesterfield County, which will create hundreds of jobs. The large-scale commercialization of this technology, which I saw when I visited a lab at Massachusetts Institute of Technology a decade ago, was made possible by federal funding,” said Senator Tim Kaine. “I’m proud of the federal legislation I’ve helped pass that enables Virginia to accelerate its leadership in clean energy, especially the Inflation Reduction Act that provides strong tax incentives for CFS locating on the Chesterfield site.”
“I am thrilled to see a powerful step in fusion development undertaken in my beloved Virginia,” said Congressman Don Beyer. “Bringing clean, safe fusion energy to the grid is a longstanding dream that could dramatically boost standards of living in America and around the world, and I am so proud that our Commonwealth will help lead the way towards realizing that dream. As the founder of the bipartisan Fusion Energy Caucus, I look forward to continued efforts to support and grow American leadership on fusion in years to come.”
“As we continue the transition away from fossil fuels to cleaner, more sustainable energy sources, we must leverage every available technology,” said Congresswoman Jennifer McClellan. “Commonwealth Fusion System’s innovative energy source will help reduce our reliance on fossil fuels and aid in our continued fight against the climate crisis. I look forward to the launch of the ARC fusion power plant here in Virginia’s Fourth. This groundbreaking investment will create new jobs, stimulate our local economy, and position our congressional district as a trailblazing leader in clean-energy technologies.”
“Today’s announcement is a transformative step toward realizing an affordable, clean energy future for Virginia’s First District, the Commonwealth, and the nation,” said Congressman Rob Wittman. “This project in Chesterfield County will provide safe, clean, and reliable power for consumers and companies looking to do business in the Richmond area while bringing hundreds of jobs that will benefit Virginia’s First District residents. I’m thrilled that this commercial fusion power plant will help our region remain attractive for economic growth, and I thank Commonwealth Fusion Systems, Dominion Energy, and all of our state and local government partners for making this happen.”
“I am delighted that a clean energy innovator such as Commonwealth Fusion Systems has selected Chesterfield County for this groundbreaking plant,” said Senator Ghazala Hashmi. “This announcement is a major milestone in Virginia’s energy history.”
“The future of clean energy is being built right here in Virginia. Commonwealth Fusion Systems’ decision to invest in Chesterfield County is a game-changer—not just for our economy, but for the world’s energy future,” said Speaker Don Scott. “This historic project will create hundreds of jobs, power thousands of homes, and position Virginia as a global leader in innovation and clean energy technology. I’m proud to see the Commonwealth at the forefront of this transformative moment.”
“Virginia-made energy is the future! The first-ever commercial fusion power plant is an exciting opportunity for Chesterfield and for the Commonwealth,” said Senator Glen Sturtevant. “The opportunity to harness American and Virginia-made clean, safe energy is an important step to power Virginia’s electricity needs.”
“This innovative power plant represents both a major step forward for clean energy generation and good jobs for residents of Chesterfield County and the Richmond area,” said Delegate Delores McQuinn. “I am excited to see the results of this groundbreaking investment.”
“What used to be science fiction is about to become a reality in Chesterfield–and thus in the whole world,” said Delegate Lee Ware. “Once made commercially viable, power generated by nuclear fusion will become indispensable to the ‘All-of-the-Above’ resources needed to provide reliable and affordable electricity for Virginians.”
“The Board of Supervisors is grateful this innovative company has chosen Chesterfield for its new fusion facility,” said Chesterfield County Board of Supervisors Chairman James Holland. “Chesterfield is the home of many firsts, and we welcome the opportunity to be a part of Commonwealth Fusion Systems’ pursuit to be the world’s first grid-scale commercial fusion power plant. The county’s prime location, educated workforce, and competitive tax structure make us the perfect choice for this pioneering business.”
CFS is currently completing development of its fusion demonstration machine, SPARC, at its headquarters in Devens, Massachusetts. SPARC is expected to produce its first plasma in 2026 and net fusion energy shortly afterward, demonstrating for the first time a commercially relevant design that will produce more power than consumed. SPARC paves the way for ARC, which is expected to deliver power to the grid in the early 2030s.
CFS was spun out of Massachusetts Institute of Technology in 2018. Since then, it has raised more than $2 billion in capital. In addition to this private capital, CFS has been awarded $16.5 million in grants from the U.S. Department of Energy. The most recent grant of $15 million was announced in June 2024 as part of the first phase of the DOE’s Milestone-Based Fusion Development Program.
The Virginia Department of Energy partnered with Virginia Economic Development Partnership, Chesterfield County, and Dominion Energy to secure this project. This project includes a $1 million grant by the Virginia Clean Energy Innovation Bank matched with a $1 million grant by Chesterfield County.
Read More: https://governor.virginia.gov/newsroom/news-releases/2024/december/name-1037752-en.html
