US startup Type One Energy has raised $200 million in a Series B funding round to develop the world’s first commercial fusion reactor, its chief executive said. The round, which brings the company’s total funding to over $400 million, is among the largest Series B raises in the sector over the past five years, according to PitchBook data.
The funding round included investors such as the venture unit of Germany's Siemens Energy, Bill Gates' Breakthrough Energy Ventures, and Clutterbuck Capital. Type One Energy is developing a stellarator fusion reactor that uses complex magnetic fields to contain superheated plasma. CEO Christofer Mowry said the funds will support further technology development and the deployment of an engineering prototype called Infinity One.
Fusion energy has been researched for decades, but recent advances in magnets, computing, and materials have spurred a wave of startups aiming to provide abundant clean power. Type One Energy’s approach involves partnering with engineering and construction firms to accelerate delivery and reduce costs. The company plans to launch a commercial plant, Infinity Two, within the next decade.
Project Infinity is based in Bull Run, Tennessee. The company emphasized that its work is focused on proving that its fusion machine design works as intended, moving beyond experimental science. Type One Energy’s total funding now exceeds $400 million, positioning it as a key player in the fusion energy sector.