Eni participates in $ 1.8 billion fundraiser for nuclear fusion project


Eni’s logo can be seen outside its head office in San Donato Milanese, near Milan, Italy on April 27, 2016. REUTERS / Stefano Rellandini / File Photo

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MILAN, Dec. 1 (Reuters) – Italian energy group Eni (ENI.MI) on Wednesday announced it had participated in a $ 1.8 billion funding round for a project to produce clean electricity from nuclear fusion.

In 2018, Eni became the major shareholder of Commonwealth Fusion System (CFS), a company created by the Massachusetts Institute of Technology to produce energy by fusing atoms together at very high temperatures.

Earlier this week, the head of Eni’s Fusion program told Reuters the company was ready to invest more in the project.

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As governments around the world redouble their efforts to tackle climate change, energy companies like Eni have launched strategies to switch from fossil fuels to cleaner energy.

The new funding program will allow a pilot reactor that generates more energy than it consumes to be built by 2025 and will accelerate progress towards preparing a first commercial power plant by the beginning of the years 2030, Eni said.

“We have worked with the CFS team in recent years because we have recognized that their work can transform the energy landscape,” said Claudio Descalzi, CEO of Eni.

Eni has never disclosed its stake in CFS.

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Reporting by Stephen Jewkes; edited by David Evans

Our Standards: Thomson Reuters Trust Principles.

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