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Hostplus-backed company makes major clean energy breakthrough

Hostplus has joined one of its investment partners, Safar Partners, in congratulating Commonwealth Fusion Systems (CFS) for achieving a major clean energy breakthrough, in successfully testing a high-temperature superconducting magnet that will help achieve net positive energy through fusion technology.

Hostplus is an anchor investor in Safar Partners, a seed-to-growth-stage venture fund specialising in investments in companies like CFS and others offering the most promising innovations in the cleantech, renewable energy, artificial intelligence, information technology and life sciences areas.

This investment is part of Hostplus’ $2.2 billion commitment to its venture capital investment program through which it is supporting companies who are changing the world for the better.

CFS was spun out of the Massachusetts Institute of Technology (MIT) in 2018 with the purpose of harnessing decades of research to deliver a path to commercial fusion energy. With this historic breakthrough, CFS is now on course to establish the first test plant to achieve sustained fusion energy generation by 2025.

Hostplus CEO David Elia said, “Alongside our partners, Hostplus congratulates Commonwealth Fusion Systems on this important announcement which marks a significant milestone in the world’s transition to renewable energy.  This remarkable advancement in fusion technology holds the hope of now accelerating the path to a new clean energy source.

“Climate change is one of the biggest challenges facing the world today and our investment in Safar and CFS is just one element in our commitment to support the development of renewable and sustainable forms of energy to facilitate a transition to a low carbon economy. Importantly, in doing so, we continue to ensure our investment strategy, program and portfolio is focused on our members' best financial interests, now and for the longer-term”.

Hostplus CIO Sam Sicilia said, “Fusion is arguably the ultimate renewable energy, promising unlimited, safe and clean energy. CFS’s breakthrough is a game-changer which provides a promising path to commercially viable fusion plants that can be deployed globally.

“As a long-term investor we are well placed to supporting companies that will develop the life changing technologies that are so critical to our economy, our quality of life and our planet.”

Nader Motamedy, a Managing Partner at Safar Partners said, “We are proud to be one of the first investors in CFS and are excited to continue our collaboration with Hostplus to support the company meet future milestones.”

CFS CEO Bob Mumgaard said, “There is now a clear path to fusion power and global clean energy for the first time. The world needs a fundamentally new technology that will support efforts to decarbonize on a timeline that can mitigate climate change. This test of our magnet proves we have that technology, and we’re on our way to producing clean, limitless energy for the entire world. It has been great to work with Safar and Hostplus who understand the power of technology to transform the world and have the wherewithal to enable the highest impact companies to grow to their full potential.”