A US startup aiming to commercialise fusion energy has raised an additional $84m from major investors in Europe and Asia, bringing the company’s total funding to more than $200m.

Commonwealth Fusion Systems (CFS) was established in 2018 with a programme to develop high-temperature superconducting (HTS) magnets and design and build the world’s first net-energy-gain fusion system, called Sparc.

“Both are on schedule and below budget,” CFS said. “With this additional funding, CFS will continue to grow its capabilities to offer fusion power plants, fusion engineering services, and HTS magnets.”

Singapore’s Temasek Holding Pte and Norway’s Equinor ASA were among equity investors in CFS’s latest round, according to chief executive officer Bob Mumgaard, who said the cash will be used to build a headquarters and manufacturing facility.