Type One Energy, a US-based fusion energy company, has raised $200 million in a Series B funding round to advance its plans to develop commercial fusion power plants.
The round was co-led by Breakthrough Energy Ventures and Clutterbuck Capital, with participation from Lowercarbon Capital, Siemens Energy Ventures, SiteGround Capital and other new investors.
The new funding will support Type One Energy’s FusionDirect technology development program and its Project Infinity, which aims to develop a commercial fusion power plant at the Tennessee Valley Authority’s Bull Run site in east Tennessee.
Project Infinity includes the Infinity One stellarator engineering prototype and plans for the 400-megawatt Infinity Two commercial fusion power plant at the Bull Run Energy Complex.
Type One Energy is using a partnership-focused business model to reduce the cost and time needed to develop fusion power. Instead of building every part of its manufacturing and engineering infrastructure itself, the company plans to work with established energy and industrial partners.
“The breadth and quality of investors in this funding round demonstrates growing support for our strategy to industrialize the commercial deployment of fusion energy,” said Christofer Mowry, Chief Executive Officer of Type One Energy. “The Series B financing enables us to remain focused on advancing our stellarator technology and Project Infinity design activities, while working with experienced industrial partners to deliver the first commercial fusion power plant at TVA’s Bull Run site.”
The company said this approach can provide access to existing manufacturing, engineering and operational capabilities while allowing multiple fusion power projects to be developed at the same time.
The Series B includes both climate and technology investors as well as strategic industrial investors. Type One Energy said this combination reflects growing interest in the commercialization of fusion energy and its approach to scaling the technology.
The company believes the main challenges for stellarator fusion are now focused on engineering and industrial development rather than fundamental plasma physics. Its work combines advanced manufacturing, computational physics and high-field superconducting magnets to develop its fusion energy system.
“Fusion is approaching the point where deployment, not discovery, defines the challenge,” said Carmichael Roberts of Breakthrough Energy Ventures. “Type One Energy brings together the necessary business and technical leadership, optimized stellarator technology and industrial relationships that will help move fusion from breakthrough science to commercial power plants. We are pleased to deepen our support as the company advances Project Infinity and its international partnerships.”
“Fusion has the potential to become an important source of reliable, low-carbon energy at scale. This investment strengthens our position in the fusion field as we continue to explore the technologies and collaborations that can help advance commercialization. Type One Energy’s pragmatic, execution-focused approach, strong industry and research network, and experienced and knowledgeable team provide a strong foundation for turning scientific progress into a commercially viable energy solution,” said Enrique Gonzalez Zanetich, Partner at Siemens Energy Ventures.
The latest funding follows Type One Energy receiving its initial operating license from the State of Tennessee for Project Infinity at Bull Run. The company is also working on another potential commercial fusion project in the UK through the Infinity Fusion Consortium with Tokamak Energy, AECOM, Sheffield Forgemasters and Barclays.
Founded in 2019, Type One Energy is focused on developing sustainable and affordable fusion power. Its FusionDirect program aims to provide a lower-risk and faster path toward commercial fusion power over the coming decade.
