The path to commercial fusion energy Commonwealth Fusion Systems 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 1 Tokamaks are magnetic bottles • Magnets hold and insulate the plasma • Tokamak performance scales with magnetic field to the 4th power 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 2 Tokamaks trade size and field • 60 years of research across the world has assembled the data we need to design tokamaks • This is the type of data that can underpin an entirely new industry [Graph showing Size [m] vs. Magnetic field [T] across Fusion Gain Q curves (0.2, 1, 5, 20), categorizing regimes into Startup scale, Traditional Power plant, and Uneconomic] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 3 However, technical limits, not science have limited options • The magnet technology precluded operating fusion-relevant machines at high magnetic field [Chart note: Inaccessible magnetic fields with traditional superconductors which lose superconductivity at high magnetic field] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 4 Magnet technology limited tokamak progress for decades • ITER is the smallest machine that would "burn" given known plasma physics and '90s magnet technology [Note on ITER: Tokamaks need to be big to be superconducting and net energy gain.] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 5 Magnet technology limited tokamak progress for decades • But it was known that higher fields could unlock smaller and more economical machines • We have done the experiments 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 6 CFS has invented HTS magnets for higher field • High-Temperature Superconductor (HTS) materials expanded possibilities • New material enables re-optimization of magnet design • CFS developed a new generation of superconducting magnets • Doubling the magnetic field in fusion machines [Diagram showing operating space comparison between LTS ITER Technology and HTS across Current density [A/cm²], Temperature [K], and Magnetic field [T]] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 7 CFS built a revolutionary full-scale magnet • Novel construction • Optimized with proprietary software • Superconducting quench for HTS now understood and tamed • Robust and easy to manufacture This is the future for all superconducting magnets [Photos: Machining the structural case; Forging the TFMC case; Stacking the layers; Torquing the final bolts in assembly] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 8 New magnet test facility at MIT [Photograph of the experimental magnet test facility at MIT] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 9 World's strongest HTS magnet demonstrated [Press clippings include: - The Boston Globe: Cambridge startup takes big step toward clean fusion power - CNBC: Fusion gets closer with successful test of new kind of magnet at MIT start-up backed by Bill Gates - Ars Technica: Fusion startup builds 10-foot-high, 20-tesla superconducting magnet - U.S. News / Los Angeles Times / AP: Magnet milestones move dream of nuclear fusion closer] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 10 Magnet technology opens the space • Strong magnets are the key technology to fusion • CFS invented the world’s strongest High-Temperature Superconductor (HTS) magnets • Higher magnetic field in much smaller form - designed and built in 3 years • Power plants can be >50x smaller, faster, and much lower cost 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 11 New magnets reoptimize power plants ARC – fusion power plant using known physics + new magnets | ITER – to scale Comparison Table: - Parameter | ARC | ITER - R [m] | 3.2 | 6.2 - Magnet | HTS | LTS - B [T] | 9.2 | 5.3 - Pfusion [MW] | 500 | 500 - Q | 10 | 10 - Pelectric [MW] | 200 | 0 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 12 Opening a new development pathway [Trade-space diagram showing progression: JET -> C-Mod -> SPARC -> ARC alongside ITER. Inset comparison: C-Mod and SPARC to scale relative to ITER.] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 13 Risk retirement in concrete steps • COMPLETED: Alcator C-Mod - Record-setting tokamak • COMPLETED: Demonstrate groundbreaking HTS magnets (A/A2 rounds, $250m) -> Early revenue from magnet platform • CONSTRUCTION UNDERWAY for 2025 LAUNCH: SPARC Q>1 - Achieve net fusion energy (B round, $1.8B) -> Commercially-relevant net fusion energy for the first time • EARLY 2030s: ARC deployed ~400 MW -> Carbon-free commercial power on the grid 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 14 CFS is a company that executes • CFS Founded in 2018, spun out of MIT • Based on DOE research with exclusive licenses and a partnership to advance fusion • Built a high caliber, diverse team from SpaceX, Tesla, Boeing Company, TerraPower, Blue Origin, GE, Google, Amazon, Virgin Galactic, other tough tech leaders • Now >375 people in 5 facilities • Delivering projects on time and on budget Execution - Self-critique - Integrity - Impact Strong partners: MIT, MIT Plasma Science and Fusion Center (PSFC) 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 15 SPARC physics basis has been peer reviewed and published • Published in the Journal of Plasma Physics in a special 2020 issue • Builds extensively on the decades of government funded fusion research • 7 of the top 10 read articles in JPP in 2021 [Shown papers: Overview of the SPARC tokamak; Predictions of core plasma performance for the SPARC tokamak; Projections of H-mode access and edge pedestal in the SPARC tokamak; Physics basis for the ICRF system of the SPARC tokamak; Divertor heat flux challenge and mitigation in SPARC; MHD stability and disruptions in the SPARC tokamak; Fast-ion physics in SPARC] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 16 Confinement: SPARC will operate at absolute densities, temperatures, and confinement times equivalent to ARC • Initial ARC design will proceed using same confinement scalings as SPARC [2] • SPARC data will both reduce uncertainties in empirical confinement scalings and validate first-principles simulations, such as those performed in CGYRO by P. Rodriguez-Fernandez [3, next talk] • This data, and exploration of alternative confinement regimes, will allow for interpolation of ARC operation, as opposed to extrapolation far from demonstrated space 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 17 Performance is based on extensive tokamak database • International tokamak database was assembled to predict energy confinement time extrapolation to ITER • Similar to finding power law correlations for turbulent fluids • Methods done based on both dimensional and dimensionless parameters • SPARC energy confinement time is interpolation in database • Discharges on JET tokamak are identity match in dimensionless parameters • Have very strong confidence in predicting performance Reference: Creely, A., Greenwald, M., Ballinger, S., Brunner, D., Canik, J., Doody, J., . . . Zhu, J. (2020). Overview of the SPARC tokamak. Journal of Plasma Physics, 86(5), 865860502. doi:10.1017/S0022377820001257 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 18 SPARC is first tokamak built integrated physics modeling to predict performance • Same engineering inputs as empirical scaling (size, magnetic field, shaping, etc.) • Uses suite of validated physics codes to predict plasma profiles and turbulent transport • Integrated physics results in Qphysics that's remarkably close to empirical prediction: ~8 and ~11, respectively References: - Rodriguez-Fernandez, P. et al. (2020). Predictions of core plasma performance for the SPARC tokamak. Journal of Plasma Physics, 86(5), 865860503. - Hughes, J. et al. (2020). Projections of H-mode access and edge pedestal in the SPARC tokamak. Journal of Plasma Physics, 86(5), 865860504. 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 19 Ramping procurements for the machine • Ramping purchase orders for long lead items • Material orders at foundries • Locking equipment specs and layouts • Onboarding vendors and partners Progression in parallel with engineering [Images: Preparing materials; Production ready; Detailed SPARC facility layout] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 20 SPARC site found and license pathway clear • Site selected after national search • NRC agreed this is not in their jurisdiction • State license similar to a cancer treatment center The path is clear to build the first net energy fusion machine [Environmental clearance from Commonwealth of Massachusetts; Construction parties onboarded: Devens, HDR, BOND, KSP King Street Properties, nationalgrid; Architectural rendering: SPARC building] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 21 Site purchased and construction accelerating • Environmental review complete • Community engaged and excited • 47-acre site purchased • Readying for move into HQ and magnet factory Devens, Massachusetts construction progress [Aerial photograph: CFS magnet manufacturing, HQ and SPARC] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 22 Positioning to move to ARC ASAP after SPARC • Economics de-risked using our receipts from SPARC • Performance de-risked using SPARC to optimize it • Technologies de-risked using SPARC and other R&D • Business development to find beachhead • We’ll have assembled the partners and found the first customer • Manufacturing using our facilities Set up to move to ARC construction immediately after SPARC demonstrated [Subsystem breakdown: SPARC (Plasma physics + Demo cost and performance of 13 of 17 subsystems), ARC R&D (Demo cost and performance of 4 of 17 subsystems), ARC Design, Manufacturing, Power plant development, Partner building] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 23 ARC-specific design and R&D starting in earnest • ARC is ~2x linear scale-up of SPARC • ARC still pre-conceptual design • ARC R&D programs starting, focusing on technology needed to make fusion energy: • Molten salt blanket • Materials and manufacturing • Maintenance • Magnets • Tritium • Diagnostics • Power cycle [Comparison graphic: SPARC vs ARC cross-section and field coils] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 24 ARC site selection underway • Developing selection criteria for ARC 1 / ARC Block A • Engaging potential ARC customers to inform criteria and down select target markets • Lobbying governments to support commercial fusion Identifying ARC siting criteria and initial target markets 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 25 A plan that changes fusion outlook Timeline Comparison (2015 to 2060): Government plans: - JET (UK): Largest operating tokamak - ITER (World): Net-energy experiment (~2025-2035) - DEMO (World): First power plant (~2050+) CFS plan: - C-MOD (MIT): Plasma physics (Completed ~2016) - SPARC (CFS): Net energy demonstration (~2025) - ARC (CFS): First commercial power plant (~2030s) 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 26 Commonwealth Fusion Systems [Earth nighttime view from space] 12/15/2022 Commonwealth Fusion Systems • Confidential and Proprietary 27