US startup Type One Energy has raised $200 million from investors including the venture unit of Germany's Siemens Energy, as it vies to build the world's first commercial fusion reactor, its chief executive told Reuters.
The Series-B round, which takes total funding to-date to more than $400 million, is the third-biggest sector Series B raise over the last five years, data from industry tracker PitchBook showed. The company did not disclose its valuation.
Fusion energy has been researched for decades. A wave of firms has launched in recent years as advances in magnets, computing and materials have fuelled hopes fusion technology could one day provide abundant clean power across the globe.