Alphabet (GOOGL) Strikes Deal to Purchase Clean Fusion Power from Commonwealth Fusion Systems

Alphabet Inc. (NASDAQ:GOOGL) is one of the 13 best blue-chip stocks to buy, according to analysts. On June 30, the company confirmed that it had struck a deal to purchase power from a fusion-powered project in Virginia. The company has signed its first-ever direct corporate power purchase agreement with Commonwealth Fusion Systems (CFS).

Pixabay/Public Domain

Under the terms of the agreement, Commonwealth Fusion Systems is to supply 200 megawatts of power from the CFS ARC project. The project boasts a total capacity of 400MW. The purchase comes as the growth of artificial intelligence and data centers fuels global demand for power.

Fusion has emerged as a preferred means of generating clean energy, as it does not produce large amounts of radioactive waste, unlike nuclear energy. With the purchase, Alphabet has also agreed to increase its investments in CFS. Alphabet is one of the companies that invested nearly $1.8 billion in CFS in 2021.

Alphabet Inc. (NASDAQ:GOOGL) is a technology company that owns a diverse portfolio of companies and brands. It owns Google, which runs the world’s largest search engine, and YouTube, which spearheads its efforts in digital advertising. It’s also a big player in cloud computing and AI.

While we acknowledge the potential of GOOGL as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 10 Most Undervalued Gold Stocks to Buy According To Analysts and 10 Undervalued Tech Stocks Flying Under Wall Street’s Radar.

Disclosure: None.