Thea Energy has raised an oversubscribed $100 million Series B led by U.S. Innovative Technology Fund, the fusion startup told TechCrunch. The sum places the company among the better-funded fusion startups, giving it an improved chance at achieving a commercial reactor.

The new funding will help Thea expand manufacturing for its uniquely designed smaller magnets and begin construction of Eos, its “power plant relevant” demonstration device, starting next year. Thea previously closed a $20 million Series A in early 2024. The new round brings total private investment to $130 million, the startup told TechCrunch.

The new round brings total private investment to $130 million, the startup told TechCrunch.

Magnets are at the core of many fusion power plant designs — they are what keeps the superheated matter called plasma compressed and burning hot enough to fuse atoms, which then release heat and energy. But Thea’s magnets are different: Each rectangular magnet can be tuned to create the shape of the reactor’s overall magnetic field. Thea likens these to pixels in a computer monitor, which collectively follow software’s instructions to create the text and images the monitor displays.