Key facts
- Type One Energy raised $200 million in a Series B funding round.
- The company aims to build a 400-megawatt commercial fusion power plant by 2034.
- Type One will act as an integrator, designing plants and using external suppliers for components.
- The funding round was led by Breakthrough Energy Ventures and Clutterbuck Capital.
- Type One previously raised at least $82.5 million.
Type One Energy, a startup founded in 2019 with the goal of building commercial fusion power plants, announced Tuesday it has secured $200 million in Series B funding. The company, based in Knoxville, Tennessee, aims to bring a 400-megawatt fusion power plant online by 2034.
CEO Christofer Mowry stated that the company's business model, which focuses on designing the plant and outsourcing component manufacturing to a network of suppliers, will allow it to commercialize fusion at a lower capital cost compared to vertically integrated competitors. Mowry, who previously ran a nuclear manufacturing company, emphasized the expense of in-house manufacturing.
Type One Energy has already established partnerships, including an agreement with the Tennessee Valley Authority to build its first two fusion devices at the Bull Run site. Infrastructure consultant AECOM is handling engineering for the initial commercial plant, Infinity Two. The company is also utilizing high-temperature superconducting magnet technology licensed from competitor Commonwealth Fusion Systems.
By acting as an integrator, Type One aims to leverage external expertise, such as that of AECOM's large engineering workforce, while mitigating the risks associated with manufacturing. Mowry believes this model allows companies to focus on their core competencies and manage risk effectively.