Italian oil major Eni is widening its bet on nuclear fusion, arguing the technology could become its "next refinery" and aiming to be among the first energy companies to commercialise fusion. Competition is growing in the fusion industry after technology and expectations changed significantly in the past five to six years. Eni head of magnetic fusion initiatives aims to open a commercial fusion plant in [ADDRESS] by the early 2040s or sooner.

The plant would be developed by [ADDRESS] start-up Commonwealth Fusion Systems (CFS), in which Eni is an investor. CFS has raised about $3bn to date and aims to bring its first commercial plant online in the [ADDRESS] by the early 2030s. Eni recently formed a joint venture with the UK Atomic Energy Authority to provide consulting services for the fusion fuel cycle.

The process involves recovering unburned fuel from the fusion reactor and separating tritium and deuterium so they can be purified and reused. Eni's decades of experience handling hydrogen and processing hydrocarbons could give it an engineering advantage. The fusion fuel was "the next refinery point for us, and for the world." Eni's core vehicle for its fusion ambition is a collaboration with CFS, which is one of the best-funded fusion companies.

Eni already agreed to buy electricity from CFS's first [ADDRESS] plant under a power purchase agreement valued at about $1bn. Recent investments by tech giants such as Google in both fusion and fission companies suggest even experienced backers are expanding bets. Eni's strategy reflects growing interest among energy and utility companies in fusion after an initial wave of investment led by big technology groups seeking clean energy for artificial intelligence data centres.