Princeton Fusion Project Gets $390 Million
Posted: Mon Jan 26, 2009 4:15 pm
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The U.S. Department of Energy (DOE) on Thursday announced the award of a new contract valued at $390 million to Princeton University for the management and operation of the DOE’s Princeton Plasma Physics Laboratory (PPPL), a collaborative national center for plasma and fusion science located in Plainsboro.
According to a DOE release, the contract is a cost-plus, award-fee contract for five years, with an award term provision under which Princeton can earn up to five additional years of contract term. The base performance period of the contract will be from April 1, 2009 through March 31, 2014. A 60-day transition period will begin in January 2009.
Based on current funding, the five-year base term of the contract is valued at approximately $390 million, according to the DOE. Under the agreement, Princeton University can earn an award fee of up to $1.8 million each year.