US energy company Type One Energy has completed an $82.4m seed financing round aimed at advancing the commercialisation of fusion power.
The FusionDirect programme, expected to lead to the launch of a fusion pilot power-plant project by 2030, has garnered interest from a diverse group of global investors.
The funding round has seen the participation of prominent new shareholders, including Centaurus Capital and GD1 from New Zealand, along with Foxglove and other Australian funds.
Type One Energy not only drew in new investors to the fusion sector but also secured substantial commitments from seasoned industry investors. Among them is John Arnold, co-founder of Breakthrough Energy Ventures and founder of Centaurus Capital.
Breakthrough Energy Ventures official Carmichael Roberts stated: “The successful commercialisation of fusion energy will play a critical role in achieving clean, abundant energy.
“Stellarator fusion technology now offers the opportunity to directly develop and deploy a fusion pilot power plant without the need to resolve any more fundamental science or engineering challenges, and Type One Energy has assembled a great team and strategy to accelerate the deployment of fusion technology globally.”
Fusion energy, often described as the power of the stars, offers a revolutionary energy source that is fuelled by seawater, deployable anywhere, intrinsically safe and that produces no long-term waste. This positions fusion power as a potentially transformative solution for global energy needs.
With four locations across North America and initiatives to engage global talent and stakeholders, Type One Energy is strategically positioning itself to lead the fusion sector.
The company's approach focuses on a partner-rich, capital-efficient, and decadal [lasting for a decade] path to commercialising fusion energy, which could transform the power sector.
Type One Energy Group CEO Christofer Mowry stated: “By aligning our financing round with rapid, thoughtful expansion of our organisational capabilities, we have been able to demonstrate unique credibility and shareholder value in the private fusion industry
“We appreciate the confidence of new stakeholders in the success of this essential element of a low-carbon future of energy.
“We have taken the time needed to bring them up the learning curve on this new technology and its path to commercialisation.”
In February 2024, Type One Energy revealed its plan to construct a prototype stellarator nuclear fusion reactor at the TVA’s Bull Run Fossil Plant site in Clinton, Tennessee.
