Type One Energy Group finalizes $82.4M Seed financing round
July 30 2024 - 8:00AM
Business Wire
Fusion energy company goes global, attracting
broad base of financial stakeholders
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.”
About Type One Energy
Type One Energy Group is mission-driven to provide sustainable,
affordable fusion power to the world. Established in 2019 and
venture-backed in 2023, the company is led by a team of globally
recognized fusion scientists with a strong track record of building
state-of-the-art stellarator fusion machines, together with veteran
business leaders experienced in scaling companies and
commercializing energy technologies. Type One Energy applies proven
advanced manufacturing methods, modern computational physics and
high-field superconducting magnets to develop its optimized
stellarator fusion energy system. Our FusionDirect development
program pursues the lowest-risk, shortest-schedule path to a fusion
power plant over the coming decade, using a partner-intensive and
capital-efficient strategy. We are committed to diversity,
inclusion, and equitable access to clean energy. For more
information, visit www.typeoneenergy.com or follow us on
LinkedIn.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730842030/en/
Media Contact: Andrea Schneibel Communications Manager
Type One Energy +1 608-721-7452
andrea.schneibel@typeoneenergy.com