Type One Energy Raises $87M in Convertible Note, Prepares for $250M Series B for Fusion Power Development
Type One Energy has secured $87 million through a convertible note, bringing its total funding to over $160 million as it prepares for a $250 million Series B round at a $900 million pre-money valuation. The company, which specializes in stellarator-based fusion technology, has partnered with the Tennessee Valley Authority to develop its first commercial power plant, Infinity Two, expected to generate 350 megawatts by the mid-2030s. Type One's strategy focuses on licensing its technology to utilities rather than building plants directly.
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Type One Energy has raised $87 million through a convertible note, increasing its total venture funding to over $160 million. The company is preparing for a $250 million Series B round at a $900 million pre-money valuation.
Type One focuses on stellarator-based fusion technology, which can provide continuous operation and aims to meet increasing electricity demands from data centers. The firm has signed a deal with the Tennessee Valley Authority to develop its first commercial power plant, Infinity Two, at the former Bull Run Fossil Plant site, which is expected to generate 350 megawatts of electricity by the mid-2030s.
Type One's approach involves licensing technology to utilities rather than constructing plants itself. Prior investments include a $29 million seed round in 2023, extended to $82.5 million in 2024, with participation from Breakthrough Energy Ventures and others.
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