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 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 
 <a href="https://sp-edge.com/updates/17389">
 March 2023
 </a>
 .
 
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 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.
 
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 Notable new investors in the funding round included Centaurus Capital, GD1 from New Zealand, Foxglove, and Breakthrough Energy Ventures.
 
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 Analyst QuickTake: 
 In 
 <a href="https://sp-edge.com/updates/26959">
 February 2024
 </a>
 , 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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 <a href="https://www.businesswire.com/news/home/20240730842030/en/Type-One-Energy-Group-finalizes-82.4M-Seed-financing-round">
 Press release
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Alternative Energy

ANALYST_QUICK_TAKE

<div>
 
 Type One Energy, a stellarator fusion technology developer, has successfully raised an additional USD 53.5 million, concluding its seed funding round. The company's total seed funding now amasses to USD 82.4 million, with the round originally started in <a href="https://sp-edge.com/updates/17389"> March 2023 </a>. 
 The company plans to allocate the raised funds towards its FusionDirect program. The program is designed with a goal of inaugurating a pilot fusion power plant project in collaboration with an owner/operator partner by 2030.
 The recently concluded funding round witnessed notable new investments from Centaurus Capital, GD1 out of New Zealand, Foxglove, and Breakthrough Energy Ventures.
 
</div> Analyst QuickTake: 
 In <a href="https: 
//sp-edge.com/updates/26959"> February 2024 </a> , 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.

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

PROMINENT_CATEGORY

<div>
 
 Type One Energy, a company focused on stellarator fusion technology, announced plans to start building its stellarator fusion prototype, Infinity One, at the Tennessee Valley Authority's (TVA) Bull Run Fossil Plant, located in Clinton, Tennessee. This follows the closure of TVA's coal-fired Bull Run Fossil Plant in December 2023.
 The company aims to kick off the construction of Infinity One in 2025, pending successful completion of environmental reviews, partnership agreements, permits, and acquisitions of operating licenses. Additionally, Type One Energy plans to set up its headquarters in East Tennessee.
 The green light for Project Infinity was given following the signing of a tri-party Memorandum of Understanding (MoU) in 2023. This agreement involved TVA, Type One Energy, and the US Department of Energy’s Oak Ridge National Laboratory (ORNL), and it outlined the shared objective of the three entities to advance and commercialize fusion energy technologies.
 
</div> Analyst QuickTake: 
 Before this in <a href="https: 
//sp-edge.com/updates/17389"> May 2023 </a> , Type One raised USD 29 million in a funding round co-led by Breakthrough Energy Ventures, TDK Ventures, and Doral Energy Tech Ventures. At the time, the company intended to use the funds to launch its FusionDirect program to commercialize its stellarator fusion technology without needing a large proof-of-concept prototype.

All Updates

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

Type One Energy to construct fusion prototype machine in Tennessee

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Type One Energy raises USD 29 million in funding

Alternative Energy

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

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