Type One Energy Completes $200M Series B Financing

Propels Project Infinity forward and advances Type One Energy’s strategy to industrialize fusion

• Breakthrough Energy Ventures and Clutterbuck Capital co-led the financing, joined by new investors Lowercarbon Capital, Siemens Energy Ventures, and SiteGround Capital
• Participation from strategic industrial investors validates Type One Energy’s capital-efficient, partner-based OEM business model
• Success follows granting of the initial fusion operating license for Project Infinity at TVA’s Bull Run site Tennessee, US

KNOXVILLE, Tenn.--(BUSINESS WIRE)--Type One Energy today announced the successful completion of a $200 million Series B financing round co-led by Breakthrough Energy Ventures and Clutterbuck Capital, with participation from Lowercarbon Capital, Siemens Energy Ventures, SiteGround Capital and other new investors.

This funding supports Type One Energy’s FusionDirect™ technology development program and continued execution of Project Infinity towards the world’s first commercial fusion plant at the Tennessee Valley Authority’s (TVA) Bull Run site in east Tennessee, United States.

It also advances Type One Energy’s fusion industrialization strategy of building best-in-class partnerships across the value chain. This approach – differentiated within the fusion industry – applies the proven energy industry growth model to fusion. It brings together the financing, manufacturing, engineering and operational capabilities required to rapidly deploy commercial fusion at global scale.

The company’s partner-based business model is designed to be highly capital-efficient, while reducing technology development costs, risks and timelines. It draws upon the expertise, resources and existing production infrastructure of established energy industry leaders, rather than recreating them at Type One Energy. Importantly, the company’s strategy also enables the concurrent development and deployment of multiple fusion power plant projects.

Type One Energy’s business model is reflected in both its capital structure and the industrial partnerships assembled to deliver Project Infinity, which includes the Infinity One engineering prototype and the world’s first commercial fusion power plant, the 400 MWe Infinity Two at Bull Run.

The presence of strategic industrial investors alongside leading climate and technology funds in the company’s Series B financing reflects the growing conviction that fusion is now ready to be commercialized at scale. It also demonstrates confidence in Type One Energy’s fusion industrialization and deployment business model. Siemens Energy Ventures’ participation in the Series B is representative of this capital structure and these partnerships propelling the industrialization of fusion forward.

"The breadth and quality of investors in this funding round demonstrates growing support for our strategy to industrialize the commercial deployment of fusion energy,” said Christofer Mowry, Chief Executive Officer of Type One Energy. “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.”

Type One Energy’s strategy is underpinned by a belief that the principal challenges to the commercialization of stellarator fusion technology are now engineering and industrial, rather than resolving questions of plasma physics. Building upon decades of scientific validation, the company is focused on translating the solid foundations of stellarator technology into practical fusion power plant engineering solutions required for rapidly scalable commercial deployment.

"Fusion is approaching the point where deployment, not discovery, defines the challenge,” said Carmichael Roberts of Breakthrough Energy Ventures. “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. We are pleased to deepen our support as the company advances Project Infinity and its international partnerships.”

“Fusion has the potential to become an important source of reliable, low-carbon energy at scale. This investment strengthens our position in the fusion field as we continue to explore the technologies and collaborations that can help advance commercialization. Type One Energy’s pragmatic, execution-focused approach, strong industry and research network, and experienced and knowledgeable team provide a strong foundation for turning scientific progress into a commercially viable energy solution,” said Enrique Gonzalez Zanetich, Partner at Siemens Energy Ventures.

This latest financing follows Type One Energy’s receipt of its initial operating license from the State of Tennessee for Project Infinity at Bull Run. The first-ever fusion power plant-specific licensing process, established consistent with national regulatory standards, sets the international standard for ensuring fusion power plant “safety by design”. Type One Energy is also progressing a second commercial fusion deployment project through the UK Infinity Fusion Consortium, working with Tokamak Energy, AECOM, Sheffield Forgemasters and Barclays.

About Type One Energy

Type One Energy Group is mission-driven to provide sustainable, affordable fusion power to the world. Established in 2019 and venture-backed in 2023, the company is led by a team of globally recognized fusion scientists with a strong track record of building state-of-the-art stellarator fusion machines and veteran business leaders experienced in scaling companies and commercializing energy technologies. Type One Energy applies proven advanced manufacturing methods, modern computational physics and high-field superconducting magnets to develop its optimized stellarator fusion energy system. Its FusionDirect™ development program pursues the lowest-risk, shortest-schedule path to a commercial fusion power plant over the coming decade, using a partner-intensive and capital-efficient strategy. Type One Energy is committed to community engagement in the development and deployment of its clean energy technology.