Hyundai Motor Group joins Commonwealth Fusion Systems' $1 billion round

Commonwealth Fusion Systems

Hyundai Motor Group has become an investor in Commonwealth Fusion Systems during its $1 billion fundraise, first announced in July. The size of Hyundai's stake was not disclosed. The tie-up starts a partnership to explore collaboration on future ARC power plants and on fusion initiatives in Korea.

• CFS says it has raised $4 billion in total, about 30% of all capital raised by the fusion industry.
• The $1 billion round is the largest fusion round since CFS's $1.8 billion Series B in 2021.
• Hyundai's executive vice president Hokeun Chung says the company intends to contribute more than capital.
• Other Asia-Pacific investors in the round include Woori Venture Partners, a Japanese consortium led by Mitsui and Mitsubishi, Temasek and Hostplus.
• Next: complete SPARC assembly in Devens; the ARC plant in Chesterfield County, Virginia, targets power on the grid in the early 2030s.