New Jersey-based Thea Energy, one of several U.S. companies working to commercialize fusion energy, said the company has raised $100 million in Series B funding.
Thea is advancing stellarator technology to provide baseload fusion power
The company, which has several investors, is moving toward beginning construction of its Helios power plant (Figure 1) by the end of the decade. A spokesperson for Thea in an email to POWER on May 27 wrote that the company’s goal is to “deliver cost-competitive, scalable fusion power plants with lower-risk and higher uptime—enabled by its simplified magnet technology. Compared to prior generations of the stellarator, Thea Energy’s tech uses flat, AI-enabled superconducting magnets.
This makes the company’s system simpler to manufacture, faster to construct, and more tolerant.” The spokesperson said the additional funding will help Thea Energy expand its manufacturing infrastructure for its magnets, including the addition of a second facility in New Jersey. The group is progressing toward siting and construction of Eos, the company’s first large-scale integrated stellarator. The spokesperson told POWER that Thea is preparing to select a location later this year, and also expects to double its team.