Type One Energy Group finalizes $82.4M Seed financing round
Type One Energy announced today the final closing of its $82.4 million seed financing round, attracting 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 intended to culminate in the launch of Type One Energy’s fusion pilot power-plant project with an owner/operating partner by 2030.
Prominent new shareholders in Type One Energy include Centaurus Capital, GD1 from New Zealand, together with Foxglove and other funds from Australia. This global support highlights the growing international conviction that stellarator fusion technology can play a critical role in completing the transition to a net zero carbon emissions energy system. 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 unique attributes of fusion energy are what makes the technology increasingly compelling to stakeholders in the future of energy.
The Asia-Pacific (APAC) region features prominently in Type One Energy’s seed financing, with funds from both New Zealand and Australia making first-time investments in fusion energy. The Co-Managing Partner of New Zealand’s GD1 fund, Vignesh Kumar, stated: “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.” Complementing GD1’s decision to become a Type One Energy shareholder, important elements of Australia’s venture capital market joined this financing round. Foxglove’s CEO Gareth Hicks, based in Perth, offered the following comment about Australia’s engagement in Type One Energy: “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.”
In addition to bringing new investors into the fusion sector, Type One Energy attracted significant commitments from long-time investors in the industry, including Breakthrough Energy Ventures (BEV) co-founder and founder of Centaurus Capital, John Arnold.
“The successful commercialization of fusion energy will play a critical role in achieving clean, abundant energy,” said Carmichael Roberts, from Breakthrough Energy Ventures. “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.”
Type One Energy continues to attract some of the fusion sector’s best technical and business leadership talent. 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.
“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,” said Type One Energy Group CEO Christofer Mowry. He added that “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.”
Last Updated on 5 months by News Desk 2
