Type One Energy raises $200 million for a 400-megawatt fusion plant

The funding gives the company more room to pursue a commercial plant it says it wants online by 2034.

Type One Energy has raised $200 million in Series B funding to advance its plan for a 400-megawatt fusion power plant, a milestone that could help it reach commercialization with less capital than many rival fusion startups. The Knoxville, Tennessee company says its model is to act as an integrator: it will design the plant and key components, but rely on outside suppliers rather than building everything itself. CEO Christofer Mowry says that approach could let the company bring its first plant online by 2034 while keeping its capital needs lower than a vertically integrated competitor's. The company has already lined up partners including the Tennessee Valley Authority for its first two fusion devices, AECOM for engineering on Infinity Two, and Commonwealth Fusion Systems, which has licensed its high-temperature superconducting magnet technology to Type One. The round was led by Breakthrough Energy Ventures and Clutterbuck Capital, and Type One says it had previously raised at least $82.5 million.