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Type One Energy raises USD 82.4 million in seed funding to commercialize fusion energy
Alternative Energy
Jul 30, 2024
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Alternative Energy

Alternative Energy

View industry hub
Jul 30, 2024

Type One Energy raises USD 82.4 million in seed funding to commercialize fusion energy

Funding

  • Type One Energy, a company developing stellarator fusion technology, has raised an additional USD 53.5 million and closed its seed funding round. The company has raised a total of USD 82.4 million in seed funding, with the round initially opening in March 2023 .

  • Type One Energy intends to use the funds to support its FusionDirect program, which aims to launch a pilot fusion power plant project with an owner/operator partner by 2030.

  • Notable new investors in the funding round included Centaurus Capital, GD1 from New Zealand, Foxglove, and Breakthrough Energy Ventures.

  • Analyst QuickTake: In February 2024 , Type One Energy reported plans to begin construction of Infinity One, its stellarator fusion prototype machine, at the Tennessee Valley Authority's (TVA) Bull Run Fossil Plant in Clinton, Tennessee. With construction to begin in 2025, the company is now focusing on completing the necessary environmental reviews, partnership agreements, permits, and operating licenses.

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