Fusion energy technology startup Type One Energy announced today that it has raised $200 million in a Series B funding round, with proceeds aimed at advancing the company’s stellarator technology and advancing towards the world’s first commercial fusion plant.
Fusion, the process of combining two atoms to form a single atom to release energy, has been long referred to as the “Holy Grail” of clean and abundant energy production, given its potential to produce power from hydrogen – the most common element in the universe – without producing carbon emissions associated with fossil-fuel based power, and without the highly radioactive output of nuclear fission processes. Large scale fusion energy generation has been elusive, however, given the need to create extremely high temperatures and pressure. The new financing round is the latest in a growing series of recent large-scale fusion financings.
Founded in 2019, Knoxville, Tennessee-based Type One Energy develops stellarator fusion technology aimed at commercializing fusion energy. Stellarators are doughnut-shaped devices that magnetically levitate hot ionized plasma and heats it to extremely high temperatures to achieve fusion power, and are viewed as one of the top-performing fusion technologies in the race to commercialize fusion energy.
The company said that the new capital will support its development program and the advancement of Project Infinity at the Tennessee Valley Authority’s Bull Run site in East Tennessee. Project Infinity includes Infinity One, a stellarator engineering prototype, and Infinity Two, a planned 400 MWe commercial fusion power plant.
The financing follows Type One Energy’s receipt of its initial operating license from the State of Tennessee for Project Infinity at Bull Run. The company said that it is also advancing a second commercial fusion deployment project through the UK Infinity Fusion Consortium, working with Tokamak Energy, AECOM, Sheffield Forgemasters and Barclays.
Christofer Mowry, Chief Executive Officer of Type One Energy, said:
“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 new financing round, which brings Type One’s total funding to date to $400 million, was co-led by Bill Gates’ Breakthrough Energy Ventures and Clutterbuck Capital, with participation from new investors Lowercarbon Capital, Siemens Energy Ventures, SiteGround Capital and others.
Carmichael Roberts of Breakthrough Energy Ventures said:
“Fusion is approaching the point where deployment, not discovery, defines the challenge. 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.”
