Bill Gates-backed Type One Energy raises $87M ahead of $250M Series B

Type One Energy, a fusion power startup backed by Bill Gates’s Breakthrough Energy Ventures, has raised $87 million through a convertible note, bringing its total venture funding to over $160 million. The company is currently pursuing a $250 million Series B funding round at a $900 million pre-money valuation. Fusion power, which offers the potential for nearly limitless clean energy by fusing atoms to release heat without the pollution or radioactive waste associated with fission, is gaining attention amid rising electricity demand driven by data centers and broader electrification trends. Type One Energy is developing a magnetic confinement fusion reactor based on the stellarator design, which uses twisted, doughnut-shaped magnets to control plasma for sustained fusion reactions. Unlike previous stellarators focused on plasma control, Type One aims to produce commercial power. The company has partnered with the Tennessee Valley Authority (TVA) to deploy its first commercial power plant, Infinity Two, at the site of the retired Bull Run Fossil Plant, targeting 350 megawatts