Breakthrough Victoria has invested US$5 million in Type One Energy Group, Inc. (Type One Energy), a pioneering US-based company focused on commercialising stellarator-based fusion energy power plants over the coming decade.
The investment supports Type One Energy's mission to bring fusion power plants to the global energy markets in the early 2030s. This mission is aligned with the visions of Breakthrough Victoria and Type One Energy to play a transformative role in addressing Climate Change by making the energy transition to net zero emissions more practical and affordable.
Type One Energy employs high-temperature superconducting magnets, high-performance computing, and advanced manufacturing technologies to produce fusion—the physical process that powers the sun and all stars.
Photo Credit: Type One Energy Group
Fusion energy is a transformational technology for producing clean, safe, and virtually limitless electricity. By using deuterium - a naturally occurring isotope of hydrogen found in seawater - as its only external fuel source, Type One Energy’s fusion technology offers a sustainable, clean, secure energy source for generations to come.
The science behind Type One Energy has already been demonstrated at power-plant relevant scale and the technology integrates into existing grid infrastructure and repurposes legacy fossil power assets.
By generating grid-scale power continuously, Type One Energy’s technology delivers an on-demand complement to renewable energy that makes the energy transition to net zero carbon emissions affordable and practical.
Breakthrough Victoria’s investment is part of Type One Energy's recently closed Seed financing round, which raised a record-breaking US$82.4 million.
The financing round included contributions from several other prominent investors, including Breakthrough Energy Ventures, a clean energy fund founded by Bill Gates.
This achievement highlights the growing recognition of fusion energy’s transformative potential in addressing the energy transition challenge in Australia and around the world.
Breakthrough Victoria's partnership with Type One Energy includes a multi-year agreement focused on information sharing and knowledge building in Victoria, which will help develop a skilled workforce for future jobs in fusion technology and support the development of a fusion industry in Australia, positioning the country to take a leading role in the global fusion energy landscape.
By strategically investing in fusion technology now, Australia will foster the international collaborations needed to become a leader in this rapidly growing energy market of the future.
Quote attributable to Breakthrough Victoria Acting-CEO Lauren Morrey.
“As we move toward a cleaner energy future, investments in innovative technologies like those developed by T1E are crucial. This partnership not only enhances Australia's position in the global energy market but also contributes to the broader goal of achieving net-zero emissions.”
Quote attributable to Type One Energy CEO Christofer Mowry
“Type One Energy considers Australia pivotal in leading the energy transition across Southeast Asia. The country’s talent pool, resources, and industrial base, especially in places like Victoria, make it an ideal location for Type One Energy to establish our company and the capabilities we need to begin building the first fusion energy power plants by the early 2030s.”