Type One Energy announces final close on its $82.4 million seed round
The company also announced that its world headquarters will be in the Hardin Valley area of West Knox County.
Type One Energy, the first recipient of funding under the new Tennessee Nuclear Energy Fund, announced on Tuesday 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.
The announcement came as the first day of the “Nuclear Opportunities Workshop” launched at the Hilton Knoxville Airport Hotel. During a panel discussion later in the morning, Chris Mowry, Chief Executive Officer of Type One Energy, said the company had selected the Hardin Valley area of West Knox County for its global headquarters.
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.
“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,” Mowry said. 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.”
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.
In a February announcement (see teknovation.biz article here), Type One Energy indicated that it intended to locate at the Tennessee Valley Authority’s Bull Run Fossil Plant in Clinton for the company’s stellarator fusion prototype machine. The company said it would invest $223.5 million to establish its headquarters and expand operations in Tennessee.
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