Thea Energy Raises $100M in Series B Funding

The round also saw participation from General Innovation Capital Partners, Linse Capital, Emerald Technology Ventures, and existing backers, including Lowercarbon Capital, Hitachi Ventures, and Prelude Ventures.

The company plans to use the funds to expand production of its planar superconducting magnets with a second facility in Northern New Jersey, complete site selection, speed up construction of its large-scale “Eos” fusion system, and double its workforce.

Backed by a group of investors that includes venture capital firms, technology and industrial companies, and financial institutions, Thea Energy is moving toward starting construction of its first “Helios” power plant before the end of the decade.

As demand for reliable power grows and global competition in fusion energy increases, the company aims to help position the U.S. as a leader in next-generation energy infrastructure. Thea Energy is already in talks with more than a dozen power buyers, hyperscalers, and utility partners interested in using its scalable fusion power technology.

This funding round comes after the US Department of Energy certified Thea Energy’s Helios preconceptual design milestone, making it the first company in the program to receive this recognition.

“Thomas Tull has been clear about why he wanted USIT to lead this round: he believes the stellarator is the right architecture for commercial fusion, and Thea Energy is the company that makes it commercially viable,” said Gaetano Crupi, Managing Director at USIT. “The stellarator is an inherently stable fusion architecture that offers the most efficient path to long-term power generation, but prior 3D stellarator magnets historically made the system impractical to build.

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Thea Energy’s breakthroughs shift complexity from precision mechanical fabrication to software-defined controls. As energy security and rapidly increasing power demands take center stage amidst re-industrialization and the AI boom, the U.S. cannot cede leadership in fusion. Thomas believes this team and their software-based technology are a winning combination, ”said Gaetano Crupi."

“We built Thea Energy to take fusion out of the lab and onto the grid. Our architecture is simpler to manufacture, faster to construct, and more tolerant of real-world conditions compared to all other approaches. Commercial fusion requires adaptable, high-uptime power plants; this Series B accelerates that reality,” said Brian Berzin, Co-Founder and Chief Executive Officer of Thea Energy. “With the U.S. Department of Energy (DOE)’s certification of our power plant preconceptual design milestone, proven magnet hardware, best-in-class team, and the capital now in place, we are on the path to delivering the first commercial stellarator power plants.”

About Thea Energy

Founded in 2022 by Brian Berzin, Matt Miller, and David Gates, Thea Energy is developing scalable and cost effective fusion energy systems using its planar coil stellarator technology. The company aims to provide a safe, abundant and zero-emission energy source by redesigning the stellarator with mass-manufacturable magnets and advanced software controls.

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