Type One Energy Raises $200M Series B to Build 400MW Fusion Plant by 2034

Type One Energy, a Knoxville, Tennessee-based fusion startup founded in 2019, announced Tuesday it raised $200 million in Series B funding, led by Breakthrough Energy Ventures and Clutterbuck Capital, with participation from Lowercarbon Capital, Siemens Energy Ventures, and SiteGround Capital. The company previously raised at least $82.5 million. CEO Christofer Mowry told TechCrunch the round should cover roughly half the cost of a 400-megawatt commercial power plant, which the company aims to bring online by 2034. The plant, named Infinity Two, will be built with engineering support from infrastructure consultant AECOM on the Tennessee Valley Authority's Bull Run site. Type One will operate as an integrator, designing its reactor and outsourcing component manufacturing to a "bespoke" supplier network, rather than vertically integrating. Commonwealth Fusion Systems has licensed its high-temperature superconducting magnet technology to Type One. Mowry said the model reduces capital needs but introduces supplier-management risk.