Eni signs $1-billion fusion power offtake agreement in the US

DEVENS AND SAN DONATO MILANESE, September 22, 2025 – Eni has signed an agreement worth more than USD 1 billion to buy power from a planned ARC fusion plant being developed by Commonwealth Fusion Systems (CFS) in the US state of Virginia, the companies announced on Monday.

The 400-MW ARC fusion power plant will be located in Chesterfield County, Virginia, and is expected to connect to the grid in the early 2030s. The financial details of the deal were not disclosed.

Eni first invested in CFS in 2018 and increased its participation in an August 2025 Series B2 round that raised USD 863 million. To date, CFS has attracted nearly USD 3 billion in investments, which it estimates to be about a third of the total capital allocated to private fusion companies globally.

CFS is using the funds to complete its SPARC tokamak device – a fusion demonstration machine – and to further the development of its ARC fusion plant in Virginia.

“This collaboration, with a tangible commitment to the purchase of fusion energy, marks a turning point in which fusion becomes a full industrial opportunity. Eni supports the development of fusion power as a new energy paradigm capable of producing clean, safe and virtually inexhaustible energy,” said Eni CEO Claudio Descalzi.

As a shareholder in CFS, Eni provides operational and technological support and shares project execution expertise gained in its energy activities and from relationships with industry stakeholders.

The Eni deal follows a June 2025 agreement with Google for 200 MW of electricity, which included an option for additional offtake from other ARC power plants. As part of the deal, Google, which has been an investor in CFS since 2021, also agreed to up its stake in the company.

Photo courtesy of CFS

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