Type One Energy raises $200 million for fusion plant planned by 2034

Type One Energy has raised $200 million in a Series B round to advance plans for a commercial fusion power plant it aims to bring online by 2034. The Knoxville, Tennessee-based startup was founded in 2019.

CEO Christofer Mowry told TechCrunch the funding should cover about half the cost of a 400-megawatt plant. He said the company could complete its first plant with less capital than many competitors, even after later funding rounds.

Type One plans to design the plant and many of its components, then use a project-specific network of suppliers to build them. Mowry said this model could reduce costs compared with making most parts in-house, while bringing its own risk: the company would have less control over suppliers.

The company says it has begun assembling partners. It plans to build its first two fusion devices at the Tennessee Valley Authority’s Bull Run site. Engineering consultant AECOM is working on Infinity Two, the first commercial plant. Competitor Commonwealth Fusion Systems has licensed its high-temperature superconducting magnet technology to Type One for its reactor design.

Breakthrough Energy Ventures and Clutterbuck Capital led the round. Lowercarbon Capital, Siemens Energy Ventures and SiteGround Capital also participated. Type One had previously raised at least $82.5 million.