Type One Energy raised $82.4M in a seed funding round to pursue its FusionDirect program aimed at commercializing fusion energy.

Jul 30, 2024•about 1 year ago

Amount Raised

$82.4 Million

Round Type

seed

Oak RidgeBiomass EnergyRenewable EnergyEnergy

Investors

FoxgloveGd1Centaurus Capital

Description

Type One Energy has announced the final closing of its seed funding round of $82.4 million, attracting a wide base of international investors. The funds will support the FusionDirect program, which aims to commercialize fusion energy with a pilot power plant project expected to launch in 2030.

Company Information

Company

Type One Energy

Location

Oak Ridge, Tennessee, United States

About

Type One Energy Group is mission-driven to provide sustainable, affordable fusion power to the world. The company was formed in 2019 by a team of globally-recognized fusion scientists with a strong track record of building state-of-art stellarator fusion machines, together with veteran business leaders experienced in successfully 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 fusion power plant over the coming decade, using a partner-intensive and capital-efficient strategy.

Related People

Funding Insights

Based on industry data

VC-backed spending patterns

VC-backed companies spend 89% more on sales and 100% more on marketing than bootstrapped peers

Tech investment trends