Type One Energy
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Type One Energy Group finalizes $82.4M Seed financing round
Type One Energy announced the final closing of its $82.4 million seed financing round, attracting a broad base of global investors to the Company and its FusionDirect program, which is pursuing a direct path to commercializing fusion energy. FusionDirect is intended to culminate in the launch of Type One Energy’s fusion pilot power-plant project with an owner/operating partner by 2030.
Prominent new shareholders in Type One Energy include Centaurus Capital, GD1 from New Zealand, together with Foxglove and other funds from Australia. This global support highlights the growing international conviction that stellarator fusion technology can play a critical role in completing the transition to a net zero carbon emissions energy system. Fusion energy, unlike traditional nuclear fission, is the power of the stars - fueled from sea water, deployable anywhere, intrinsically safe, and leaving no long-term waste. These unique attributes of fusion energy are what makes the technology increasingly compelling to stakeholders in the future of energy.
Stellarator Fusion Company, Type One Energy Group, Raises $29 Million in First Financing, Appointing Christofer Mowry as CEO
Type One Energy announced the close of an over-subscribed $29 million financing round. This effort launches the company’s ambitious, partner-rich and capital-efficient FusionDirect program to commercialize its stellarator fusion technology. Breakthrough Energy Ventures (BEV), TDK Ventures and Doral Energy Tech Ventures co-led the round with additional cleantech investment from Darco, the Grantham Foundation, MILFAM, Orbia Ventures, Shorewind Capital, TRIREC, VAHOCA and others.
Type One Energy’s technical foundations provide a powerful springboard to achieve its mission. Founded by several of the world’s leading stellarator experts, Type One Energy also brings concentrated experience from renowned fusion science institutions, including the University of Wisconsin-Madison in the U.S., the Max Planck Institute for Plasma Physics in Germany and the Massachusetts Institute of Technology (MIT) for its work on advanced magnet technology. The stellarator is a fusion technology characterized by inherently stable and steady-state operations. Related to tokamaks, stellarators do not, however, require massive circulating electric currents to assist in creating the magnetic fields used to confine their fusion plasma. This makes stellarator technology less physically complex and easier to translate into a practical fusion power plant.