Canada Markets closed
  • S&P/TSX

    20,621.39
    -436.81 (-2.07%)
     
  • S&P 500

    4,397.94
    -84.79 (-1.89%)
     
  • DOW

    34,265.37
    -450.03 (-1.30%)
     
  • CAD/USD

    0.7948
    -0.0051 (-0.6438%)
     
  • CRUDE OIL

    84.83
    -0.72 (-0.84%)
     
  • BTC-CAD

    43,304.62
    -6,070.77 (-12.30%)
     
  • CMC Crypto 200

    870.86
    +628.18 (+258.85%)
     
  • GOLD FUTURES

    1,836.10
    -6.50 (-0.35%)
     
  • RUSSELL 2000

    1,987.92
    -36.12 (-1.78%)
     
  • 10-Yr Bond

    1.7470
    -0.0860 (-4.69%)
     
  • NASDAQ

    13,768.92
    -385.08 (-2.72%)
     
  • VOLATILITY

    28.85
    +3.26 (+12.74%)
     
  • FTSE

    7,494.13
    -90.88 (-1.20%)
     
  • NIKKEI 225

    27,522.26
    -250.64 (-0.90%)
     
  • CAD/EUR

    0.7004
    -0.0063 (-0.89%)
     

Eni takes part in $1.8 billion fund raising for nuclear fusion project

·1 min read
FILE PHOTO: Eni's logo is seen in front of its headquarters in San Donato Milanese

MILAN (Reuters) - Italian energy group Eni said on Wednesday it had taken part in a $1.8 billion funding round for a project that aims to produce clean electricity from nuclear fusion.

In 2018 Eni became the single biggest shareholder in Commonwealth Fusion System (CFS), a firm set up by the Massachusetts Institute of Technology to produce energy by fusing atoms at superhot temperatures.

Earlier this week the head of Eni's Fusion Program told Reuters the company was ready to invest more https://www.reuters.com/markets/europe/eni-ready-spend-more-nuclear-fusion-green-drive-2021-11-29 in the project.

As governments around the world pick up efforts to combat climate change, energy companies like Eni have launched strategies to shift from fossil fuels into cleaner energy.

The new funding package will allow a pilot reactor generating more energy than it consumes to be built by 2025 and will speed up progress towards having a first commercial plant ready by the early 2030s, Eni said.

"We have worked with the CFS team for these last years because we recognised that their work could transform the energy landscape," Eni CEO Claudio Descalzi said.

Eni has never disclosed its stake in CFS.

(Reporting by Stephen Jewkes; editing by David Evans)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting