Type One Energy finalizes $82.4m seed financing
The July 2024 final close expanded the company’s first financing to support its FusionDirect development program.
Type One Energy announced the final close of its seed financing at $82.4 million on July 30, 2024. The total includes the $29 million raised in 2023, rather than representing an additional $82.4 million on top of that earlier capital.
Breakthrough Energy Ventures led the extension. New shareholders named in the final-close release included Centaurus Capital, New Zealand’s GD1 and Australia’s Foxglove, broadening the company’s investor base across regions.
The funding supported FusionDirect, Type One Energy’s program to advance stellarator technology toward a pilot power plant with an owner and operating partner. The company sought investors and industrial relationships that could help it commercialize its technology, including in the Asia-Pacific region.
Use of funds
Advance FusionDirect development and pilot-plant design