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The Tennessee Valley Authority intends to use Type One technology at a retired coal plant that will be the site of a commercial fusion plant, CEO Christofer Mowry tells Axios Pro.

Why it matters: The deal includes "the first commercial contract related to a fusion power plant," Mowry says.

Zoom in: The TVA issued a letter of intent to build one or more 350 MW-equivalent power plants using Type One technology at the retired Bull Run Plant outside Knoxville.

The public power utility, the nation's largest, also issued a contract for early engineering and other "first activities," Mowry says.

The Type One CEO declined to close the contract terms, though described it as "revenue-generating."

What they're saying: "This really de-risks the path to commercialization," Mowry says. 

"We have someone here who is interested in constructing a power plant and operating a power plant. We don't have to do that."

Context: Type One is developing what's known as a stellarator, a twisty fusion machine that depends on more advanced manufacturing techniques than other fusion designs, but if successful, promises a potentially easier path to operation. 

The company plans to supply its technology to utilities and project developers, rather than build and operate power plants itself.

Reality check: Fusion companies, including Type One, remain years from supplying electricity.

The startup's anticipated Infinity Two commercial plant hinges on the performance of its $223 million prototype, which won't finish construction until 2029.   

The effort also requires plenty of capital. Type One needs "sub-$1 billion" in equity and debt by 2029, a source told Axios Pro this spring.

Friction point: Type One abandoned plans earlier this year to raise over $200 million in Series A funding, Mowry says. 

It's instead split the raise into a smaller one that's near closing, and another it expects to launch on the heels of the TVA announcement.

"We reformulated how we wanted to proceed with raising capital," Mowry says. "The value of Type One Energy after tomorrow is going to go up exponentially."

Follow the money: Mowry declined to disclose how much the startup is now aiming to raise. 

Type One closed $82.4 million in seed funding last fall.

Exclusive: TVA taps Type One tech for fusion plant

The startup is planning a raise on the heels of the deal.

A photo of tall transmission lines, set against smokestacks for the retired Bull Run Fossil plant, against a sunset sky.

The Tennessee Valley Authority's Bull Run power plant. Photo: Jim West/UCG/Universal Images Group via Getty Images

The Tennessee Valley Authority intends to use Type One technology at a retired coal plant that will be the site of a commercial fusion plant, CEO Christofer Mowry tells Axios Pro.Why it matters: The deal includes &quot;the first commercial contract related to a fusion power plant,&quot; Mowry says.

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Exclusive: TVA taps Type One tech for fusion plant

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