On March 29, 2023, Type One Energy announced the closure of an over-subscribed seed funding round of $29M. This move marked the beginning of our FusionDirect program, which we’ve devised to fast-track fusion energy generation in the short-term.
Type One was born out of the efforts of renowned industry scientists, engineers, and entrepreneurs who knew there could be a more straightforward route to bringing a stellarator to life. Their confidence in tried and tested scientific and technological advancements compelled investors to believe in their ambitious yet attainable vision.
Thanks to Breakthrough Energy Ventures (BEV), TDK Ventures, and Doral Energy Tech Ventures, FusionDirect is now becoming a reality. Additionally, Darco, the Grantham Foundation, MILFAM, Orbia Ventures, Shorewind Capital, TRIREC, and VAHOCA took part in this cleantech investment.
Renewables like solar and wind will account for 35% of all energy generation by 2025. Still, growing economies like China will raise their electricity demand by one-third in the same time period. This means that, as economies develop, electricity demand might increase faster than current renewable energy sources can supply, making it challenging to reach net-zero goals by 2050. Additional clean and reliable sources like fusion energy must be supported and developed.
We crafted the FusionDirect as a way to fast-track fusion energy to the grid within the next decade. This program is a partner-rich, capital-efficient path to commercialization, emphasizing the design and construction of a fusion power plant. Recent fusion energy breakthroughs allowed us to jump straight into building the pilot power plant instead of starting with a large-scale fusion science validation device. Advances in optimized stellarator technologies include those from the University of Wisconsin-Madison’s HSX and the Max Planck Institute’s Wendelstein 7-X. Both prove the maturity of stellarator technology. Confident that practice now matches theory, Type One moves ahead with FusionDirect.
Additionally, we’re working with our partners at the Massachusetts Institute of Technology (MIT) and Commonwealth Fusion Systems to optimize the manufacture of components needed.
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