Overview

• The Series B2 round totals $863 million and includes Google, Nvidia, Breakthrough Energy Ventures and other backers, with no single lead investor.
• CFS says the raise brings total capital to nearly $3 billion, following a $1.8 billion round in 2021.
• SPARC in Devens, Massachusetts is about 65% complete, with the company targeting turn-on in the next year or two and scientific breakeven in 2027.
• CFS plans a first-of-a-kind 400 MW ARC plant in Virginia, with construction projected to start in 2027–28 if SPARC validates key assumptions.
• The new funds support SPARC but will not cover ARC, which CFS says will require several billion dollars more and a still-to-be-determined financing approach; Google has agreed to buy 200 MW from ARC.