本周，全球石油和天然气巨头意大利埃尼集团（Eni）宣布，将与总部位于美国马萨诸塞州的联邦聚变系统公司（Commonwealth Fusion Systems，简称 CFS）签署购电协议，购买价值 10 亿美元的聚变电力。 CFS 是麻省理工学院等离子体科学与聚变中心的衍生企业，被视为全球最领先的聚变公司之一。根据协议，埃尼将从 CFS 在弗吉尼亚州规划中的首座商 业聚变电厂购买电力。然而，这座电厂尚未建成，甚至连用来验证托卡马克设计的小型实验性反应堆也仍在建设中。 这笔交易凸显了核聚变行业的一个奇特现象：资本持续涌入，投资者斥资数十亿美元用于建设发电厂；部分企业甚至提前签订巨额购电协议。虽然这有助 于推动新技术发展，但也可能带来过度乐观的市场预期。 约三年前，美国劳伦斯利弗莫尔国家实验室的国家点火装置（NIF）曾取得里程碑式突破：利用全球最强大的激光，将燃料加热至一亿摄氏度，实现氢原 子聚变，释放的能量超过输入的激光能量。这是聚变研究首次在实验中实现"净能量增益"，极大振奋了学界信心。 事实上，埃尼早在 2018 年就投资了 CFS，并参与了最新一轮融资。虽然其仍以石油和天然气为主业，但该公司近年来积极布局生 ...

Core Insights - Commonwealth Fusion Systems (CFS) has successfully raised $863 million in its latest B2 funding round, with notable investors including Nvidia, Google, and Breakthrough Energy Ventures [1][4] - This funding brings CFS's total capital raised to approximately $3 billion, making it the most well-funded private fusion company globally, accounting for about one-third of total private fusion funding [4] - CFS aims to leverage the new funds to advance two key projects: the SPARC demonstration device and the ARC commercial power plant [7] Funding and Investment - The recent funding round was characterized by a strong lineup of investors, including Nvidia's NVentures, Google, and Laurene Powell Jobs' Emerson Collective [1][4] - CFS's total funding of approximately $3 billion positions it as a leader in the private fusion sector, highlighting significant investor confidence in fusion technology [4] Technology and Innovation - CFS utilizes a tokamak device for its fusion technology, employing high-temperature superconducting (HTS) magnets to create stronger magnetic fields for plasma confinement [6] - The SPARC device is designed to achieve net energy gain by 2027, marking a significant milestone in fusion energy development [7] - The ARC power plant, planned for Virginia, is expected to generate 400 megawatts of power, sufficient for approximately 150,000 homes, with commercial operations anticipated in the early 2030s [7] Competitive Landscape - The fusion energy sector is witnessing increased competition, with other notable companies like Helion Energy and General Fusion also making strides [8] - CFS faces competition from state-backed initiatives in China, including the establishment of China Fusion Energy Co. with a capital of $2.1 billion [8][9] - The Chinese EAST facility has made significant advancements in achieving high-quality plasma operations, indicating a strong commitment to fusion energy development [9] Challenges Ahead - Despite the enthusiasm in the capital markets, the path to commercial fusion remains fraught with technical challenges, including fuel supply, material science limitations, and precise plasma control [9] - The efficiency and reliability of tritium breeding and the durability of reactor materials under high-energy neutron bombardment are critical areas that require further validation [9]