Madison-based deep tech startup Type One Energy has closed a $29 million seed funding round.
Type One Energy’s fusion solution involves the use of stellarator technology, which is based on magnetic-confinement fusion, using 3D-shaped magnetic fields to keep particles at high enough temperatures for nuclei to fuse.
Fusion energy, the power of the stars, is inherently safe, according to the company. On Earth, only a fraction of a gram of fuel can be burnt before the process self-terminates, and any abnormal event will lower the temperature of the fuel and extinguish the burn.
This latest funding round will be used to commercialize the Type One Energy’s stellarator fusion technology. Kirkland, Washington-based Breakthrough Energy Ventures (founded by Bill Gates); San Jose, California-based TDK Ventures; and Tel Aviv-based Doral Energy Tech Ventures co-led the round.
“Fusion is the ultimate energy source, and its successful commercialization will be a huge leap towards achieving clean and abundant energy for everyone,” said Carmichael Roberts, business lead at Breakthrough Energy Ventures. “Advances in stellarator science, including Type One Energy’s ability to execute a stellarator development project, provide the basis for a very exciting and promising path to practical fusion on the grid in the coming decades.”
Following the close of this funding round, Type One Energy has also appointed a new chief executive officer. The startup is onboarding Christofer Mowry, a former Breakthrough Energy Ventures senior advisor.
Mowry was previously the CEO at Canadian company General Fusion, where he scaled up the company and raised over $200 million in private investment and government support from three countries.
“Type One Energy represents a special opportunity,” said Mowry. “This team’s knowledge and credibility gives Type One the unique ability to effectively integrate recent global advances in stellarator-relevant technology and to deliver a fusion power plant without another costly, large-scale, science validation machine.”
