Venture Capital: Fusion Energy Startup Type One Energy Nabs $29M
Type One Energy is bringing stellarators to fusion and the global energy market by applying proven innovations in advanced manufacturing methods, modern computational physics and high-field superconducting magnets.
Type One Energy has successfully closed an over-subscribed $29 million funding round to commercialize its stellarator fusion technology through the FusionDirect program. The program aims to develop practical fusion power plants using stellarators, which are more stable and require less electric current to create magnetic fields compared to tokamaks.
Breakthrough Energy Ventures, TDK Ventures, and Doral Energy Tech Ventures co-led the funding round, which also involved other cleantech investors such as Darco, the Grantham Foundation, MILFAM, Orbia Ventures, Shorewind Capital, TRIREC, VAHOCA and others.
Type One Energy’s technical leadership team, which includes the Chief Technology Officer, Chief Science Officer, Chief Engineer, and Head of Stellarator Plasma Science, will carry out the FusionDirect commercialization program through partnerships with leading fusion science and technology research institutions, universities, and industrial companies.
Christofer Mowry, former Senior Advisor on Fusion at Breakthrough Energy Ventures, has joined Type One Energy as CEO. According to him, Type One Energy’s expertise and reputation will allow them to incorporate the latest worldwide advancements in stellarator-related technology and create a fusion power plant without the need for another expensive, large-scale, scientific validation apparatus.
Type One Energy Group is dedicated to providing sustainable and affordable fusion power to the world. The company was established in 2019, and its mission-driven approach reflects its technical leadership team’s career-long collaborative relationships.
“The science basis for stellarators has taken major leaps forward in the past several years. Through a combination of experimental demonstrations and the use of high-performance computing, the stage is set for the development of power plant scale machines,” said Dennis Whyte, Director of MIT’s Plasma Science and Fusion Center.
Related Story: French Startup Renaissance Fusion Lands €15M ($16.3M) Seed Round
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