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Virginia could be the site of the first grid-scale nuclear fusion power plant on the planet (CNN).

What’s going on: Nuclear fusion company Commonwealth Fusion Systems will make a multibillion-dollar investment in building this facility near Richmond. Once it’s operational (slated for early in the next decade), “the plant will be able to plug into the grid and produce 400 megawatts, enough to power around 150,000 homes,” according to company CEO Bob Mumgaard. 

• The site is owned by Dominion Energy, which plans to lease it to CFS and offer technical assistance with the project.

What it could mean: The facility’s operation “will mark the first time fusion power will be made available in the world at grid scale,” Mumgaard said, referring to projects that connect directly to the electrical grid and then sell power to third parties.

• If successful, the undertaking will be a significant step toward the commercialization of nuclear fusion.

A lofty goal: Going from laboratory to grid has proven a challenge to many, but CFS is currently building a tokamak—a machine that uses a powerful magnetic field to control fusion reactions—capable of demonstrating net fusion energy, or a reaction that produced more energy than it uses.

Others in the race: Other companies are vying to be the first to commercialize nuclear fusion, and like CFS, are saying it will happen early in the coming decade.

The NAM’s view: “Nuclear power is a critical component of an all-of-the-above approach to U.S. energy dominance,” said NAM Vice President of Domestic Policy Chris Phalen. “We applaud the initiative and innovation of companies seeking to commercialize nuclear fusion.”