Type One Energy Secures $200M to Build Fusion Power Plant by 2034
Type One Energy, a Knoxville-based fusion energy startup founded in 2019, has raised $200 million in Series B funding. The investment positions the company among the top-funded fusion power firms and aims to support its goal of building a commercial 400-megawatt fusion plant by 2034. The CEO, Christofer Mowry, emphasized that Type One’s business model focuses on designing components while relying on external suppliers for manufacturing. This integrator approach is intended to reduce costs and capital requirements compared to vertically integrated competitors like Commonwealth Fusion Systems or traditional nuclear manufacturers. The company has already secured partnerships with the Tennessee Valley Authority and AECOM. The funding round was led by Breakthrough Energy Ventures and Clutterbuck Capital, with participation from other investors including Siemens Energy Ventures. Type One had previously raised at least $82.5 million.
Tickers: $ACM