Type One Energy closes a $200 million fusion Series B

Type One Energy announced a completed $200 million Series B on 6 October, co-led by Breakthrough Energy Ventures and Clutterbuck Capital. Lowercarbon Capital, Siemens Energy Ventures and SiteGround Capital also participated. The company said the funding supports its FusionDirect technology programme and Project Infinity, its planned fusion development at the Tennessee Valley Authority’s Bull Run site.

Type One describes Infinity One as an engineering prototype and Infinity Two as a planned 400-megawatt commercial plant. Its strategy relies on industrial partners for manufacturing, engineering and operations instead of building every capability itself. The company had received an initial operating licence for the project from Tennessee, according to the financing announcement. The Series B funds continued development; it is not evidence that the prototype or commercial plant is operating.