Kearny-based Thea Energy raises $100M in Series B funding to scale magnet manufacturing and construct the Eos fusion power plant prototype in New Jersey.
Thea Energy has secured $100 million in Series B financing to accelerate the commercial development of its fusion power technology. The capital will be utilized to expand the company’s magnet manufacturing capabilities, including the addition of a second production facility in Northern New Jersey, and to support the site selection and construction of “Eos,” a large-scale integrated stellarator designed to provide steady-state fusion power.
The financing round was led by Thomas Tull’s US Innovative Technology Fund, with participation from a broad group of new and existing investors. Following the U.S. Department of Energy’s certification of its power plant preconceptual design, the company plans to double its workforce and identify a location for the Eos project by the end of the year, aiming to bring fusion energy to the commercial grid.
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