Thea Energy, a fusion energy company advancing stellarator technology for commercial power generation, announced it has raised $100 million in Series B funding. The oversubscribed round was led by US Innovative Technology Fund (USIT) with participation from General Innovation Capital Partners, Linse Capital, Calm Ventures, Climate Capital, Divergent Capital, Emerald Technology Ventures, Gaingels, Idemitsu Kosan, Overlay Capital, Timescale Ventures, and Whatif Ventures.
Existing investors, including Alumni Ventures, Hitachi Ventures, Lowercarbon Capital, Mercator Partners, Orion Industrial Ventures, Prelude Ventures, and Starlight Ventures, also participated in the financing round.
The company said the funding will be used to expand its magnet manufacturing capacity, accelerate construction of its integrated fusion system, and advance toward commercial deployment of scalable fusion power plants. Thea Energy plans to add a second facility in Northern New Jersey and support the development of “Eos,” a large-scale integrated stellarator designed to create steady-state fusion power with a simplified architecture intended to lower costs and shorten construction timelines.
The company also plans to select a site for Eos later this year and to double the size of its team to support the next phase of development.
Thea Energy said the financing follows the U.S. Department of Energy’s certification of the company’s Helios preconceptual design milestone, making it the first awardee to receive that distinction. Over the last 18 months, the company said it has de-risked core fusion technologies, built and operated a superconducting magnet array for stellarator systems, and assembled a team focused on scaling fusion power plant deployment.
The company added that it is progressing toward starting construction of its first “Helios” power plant before the end of the decade and is already in discussions with power offtakers, hyperscalers, and utility partners interested in fusion power generation.
KEY QUOTES:
“We built Thea Energy to take fusion out of the lab and onto the grid. Our architecture is simpler to manufacture, faster to construct, and more tolerant of real-world conditions compared to all other approaches. Commercial fusion requires adaptable, high-uptime power plants; this Series B accelerates that reality. With the U.S. Department of Energy (DOE)’s certification of our power plant preconceptual design milestone, proven magnet hardware, best-in-class team, and the capital now in place, we are on the path to delivering the first commercial stellarator power plants.”
Brian Berzin, Co-Founder and Chief Executive Officer of Thea Energy
“Thomas Tull has been clear about why he wanted USIT to lead this round: he believes the stellarator is the right architecture for commercial fusion, and Thea Energy is the company that makes it commercially viable. The stellarator is an inherently stable fusion architecture that offers the most efficient path to long-term power generation, but prior 3D stellarator magnets historically made the system impractical to build. Thea Energy’s breakthroughs shift complexity from precision mechanical fabrication to software-defined controls. As energy security and rapidly increasing power demands take center stage amidst re-industrialization and the AI boom, the U.S. cannot cede leadership in fusion. Thomas believes this team and their software-based technology are a winning combination.”
Gaetano Crupi, Managing Director at USIT
