Type One Energy raises $200M
Fusion power startup Type One Energy has raised $200 million to help build a commercial fusion power plant by 2034. The round was led by repeat investor Breakthrough Energy Ventures and Clutterbuck Capital.
Other participants in the round included Lowercarbon Capital, Siemens Energy Ventures, and SiteGround Capital. The funding moves Type One Energy higher among the best-funded companies in fusion, a capital-intensive sector at the intersection of plasma physics, materials science, and advanced computing.
Type One Energy was founded in 2019 in Knoxville, Tennessee. The company is developing fusion power plants and says its leaner approach is meant to get a commercial plant on the grid faster than competitors. Its first two fusion devices will be built at the Tennessee Valley Authority’s Bull Run site, and infrastructure consultant AECOM is working on engineering for Infinity Two, the company’s initial commercial power plant.
CEO Christofer Mowry said the company’s model is to design the power plant and many of its components, then rely on a specialized network of suppliers to build them. He said that approach lowers capital needs compared with vertical integration. Type One also has licensed Commonwealth Fusion Systems’ high-temperature superconducting magnet technology, which will help form the backbone of its reactor design. The company had previously raised at least $82.5 million.
The new Series B will help fund the company’s push toward a 400-megawatt commercial power plant. Mowry said the round should get Type One about halfway to covering the cost of that plant, and the company is aiming to bring it online by 2034.
