Type One Energy Raises $200 Million in Series B Funding to Build Fusion Plant by 2034

Type One Energy announced on Tuesday that it has raised $200 million in Series B funding. The Knoxville, Tennessee startup, founded in 2019, aims to build fusion power plants. CEO Christofer Mowry stated the new funds will help the company reach the halfway mark in paying for a 400-megawatt commercial power plant.

The firm targets bringing the plant online by 2034. Break-through Energy Ventures and Clutterbuck Capital led the funding round, with additional participation from Lowercarbon Capital, Siemens Energy Ventures, and SiteGround Capital. Type One previously raised at least $82.5 million. The company plans to keep costs low by using an outside network of suppliers to build components rather than manufacturing them in-house.

Type One will construct its first two fusion devices on the Tennessee Valley Authority’s Bull Run site. Infrastructure consultant AECOM is handling engineering for the Infinity Two commercial power plant. Additionally, Type One licensed high-temperature superconducting magnet technology from competitor Commonwealth Fusion Systems to use in its reactor design.