Type One Energy Raises $200 Million for Fusion Reactor Development
By Simon Jessop
LONDON, Oct 6 (Reuters) – U.S. start-up Type One Energy has successfully raised $200 million from a range of investors, including the venture unit of Germany’s Siemens Energy, as it seeks to build the world’s first commercial fusion reactor, according to insights shared by its CEO with Reuters.
This Series-B funding round has increased the total investment in the company to over $400 million, marking it as the third-largest Series B raise in the fusion sector over the past five years, as reported by industry tracker PitchBook. The company has yet to disclose its valuation publicly.
Fusion energy has been a long-standing area of research, and recent advancements in magnets, computing, and materials have sparked an increase in startups aiming to harness this clean and abundant energy source.
Type One Energy, backed by Bill Gates’ Breakthrough Energy Ventures and Clutterbuck Capital, is developing a stellarator—a fusion reactor that employs complex magnetic fields to contain superheated plasma. The company is partnering with various engineering and construction firms to accelerate development and reduce costs.
CEO Christofer Mowry expressed optimism about the funding, stating that it will aid in the advancement of their technology and the deployment of an engineering prototype, known as Infinity One. Mowry emphasized, “It’s not an experimental science project… the only thing that we want to learn is that our design for the fusion machine in the power plant works as advertised.”
The Project Infinity is based in Bull Run, Tennessee, with aspirations to launch the commercial plant, Infinity Two, within the next decade. Type One Energy is also looking to establish a manufacturing partnership with Siemens.
Enrique Gonzalez Zanetich, a partner at Siemens Energy Ventures, commented that this investment bolsters Siemens’ position in fusion technology, as it continues to seek opportunities and collaborations that support commercialization.
New investors included Lowercarbon Capital, co-founded by notable early Uber backer Chris Sacca, along with SiteGround Capital.
(Reporting by Simon Jessop; Editing by Susan Fenton)
