An oil and gas giant signed a $1 billion deal with Commonwealth Fusion Systems – The power purchase agreement makes Eni the second major customer for Commonwealth’s first commercial fusion power plant.

From the article

Eni, one of the world’s largest oil and gas companies, just agreed to buy $1 billion in electricity from a power plant being built by Commonwealth Fusion Systems. The deal is the latest to illustrate just how much investment Commonwealth and other fusion companies are courting as they attempt to take fusion power from the lab to the power grid. 

“This is showing in concrete terms that people that use large amounts of energy, that know the energy market—they want fusion power, and they’re willing to contract for it and to pay for it,” said Bob Mumgaard, cofounder and CEO of Commonwealth, on a press call about the deal.   

The agreement will see Eni purchase electricity from Commonwealth’s first commercial fusion power plant, in Virginia. The facility is still in the planning stages but is scheduled to come online in the early 2030s.