Type One Energy announced the final closing of its $82.4 million seed financing round, bringing in 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 expected to culminate in the launch of Type One Energy’s fusion pilot power-plant project with an owner/operating partner by 2030. The new shareholders in Type One Energy include Centaurus Capital, GD1 from New Zealand, Foxglove, and other funds from Australia.
This global support highlights the increasing international conviction that stellarator fusion technology, which can play a major role in completing the transition to a net zero carbon emissions energy system. And 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 attributes of fusion energy are what makes the technology increasingly compelling to stakeholders in the future of energy.
The Asia-Pacific (APAC) region is prominently featured in Type One Energy’s seed financing, with funds from New Zealand and Australia making first-time investments in fusion energy.
Along with bringing new investors into the fusion sector, Type One Energy brought in significant commitments from long-time investors in the industry, including Breakthrough Energy Ventures (BEV) co-founder and founder of Centaurus Capital John Arnold.
Type One Energy continues attracting some of the fusion sector’s best technical and business leadership talent. And with four locations across North America and ongoing initiatives to further engage global talent, resources and energy transition stakeholders, the company is delivering on its strategy to execute a partner-rich, capital-efficient, decadal path to fusion commercialization.
KEY QUOTES:
“The progress Type One Energy has achieved in its FusionDirect program, its access to critical infrastructure such as Oak Ridge National Lab’s supercomputing resources, support from the US DOE Milestone Fusion Development Program, and its focus on advancing the FusionDirect program in the ASEAN region including across New Zealand, made an investment into the team and company a very compelling thesis for us.”
- The Co-Managing Partner of New Zealand’s GD1 fund Vignesh Kumar
“We are committed to the energy transition, and we want to participate in the value chain of new solutions to key global challenges. Type One Energy’s partner-based approach to fusion commercialization is important to us.”
- Foxglove’s CEO Gareth Hicks (based in Perth)
“The successful commercialization of fusion energy will play a critical role in achieving clean, abundant energy. Stellarator fusion technology now offers the opportunity to directly develop and deploy a fusion pilot power plant without the need to resolve any more fundamental science or engineering challenges and Type One Energy has assembled a great team and strategy to accelerate the deployment of fusion technology globally.”
- Carmichael Roberts, from Breakthrough Energy Ventures
“By aligning our financing round with rapid, thoughtful expansion of our organizational capabilities, we have been able to demonstrate unique credibility and shareholder value in the private fusion industry. We appreciate the confidence of new stakeholders in the success of this essential element of a low carbon future of energy. We have taken the time needed to bring them up the learning curve on this new technology and its path to commercialization.”
- Type One Energy Group CEO Christofer Mowry
