Company will create a total of 330 new jobs
Type One Energy Group, Inc. (TOEG), a leading stellarator fusion energy company, is the first recipient through Tennessee’s Nuclear Energy Fund and will invest $223 million in East Tennessee in a project that includes headquarters relocation, expanded research and development operations.
The company will create a total of 330 new jobs by establishing its headquarters in the Greater Knoxville region and expanding fusion research and development (R&D) operations in Clinton.
“Type One Energy will build the world’s most advanced stellarator at Tennessee Valley Authority’s (TVA) Bull Run Fossil Plant. This prototype, Infinity One, will not only confirm the design and operation of our subsequent Fusion Pilot Plant, but will also become an excellent platform for a potential long-term national fusion research facility. We are excited to expand our operations in Tennessee in partnership with TVA and ORNL. We are also grateful for the leadership of Gov. Lee and his vision, which led to the Nuclear Energy Fund’s valuable support for this project,” said Christofer Mowry, CEO, Type One Energy.
In addition, TOEG intends to locate at the TVA Bull Run Fossil Plant in Clinton, Tennessee, for the company’s stellarator fusion prototype machine, Infinity One. Construction will begin following completion of required environmental reviews, partnership agreements, permits and operating licenses.
TOEG is the first recipient of funding through the $50 million Nuclear Energy Fund, which was proposed by Gov. Bill Lee and approved by the Tennessee General Assembly in the 2023-2024 budget.
“TVA is working with our partners to pursue new ideas and innovative solutions that meet growing energy demand in real-world conditions. We appreciate this partnership between Type One Energy, ORNL, our local power companies and elected and economic development officials as we work together to identify energy technologies for the future,” said TVA President and CEO Jeff Lyash
The Nuclear Energy Fund, established by Executive Order 101, was created to support Tennessee’s nuclear development and manufacturing ecosystem by providing assistance to nuclear power-related businesses choosing to relocate or grow in the Volunteer State.
“Our administration created the Nuclear Energy Fund in partnership with the Tennessee General Assembly to recruit companies like Type One Energy. Tennessee is ready to secure its place as the top state for energy independence, and we are proud to partner with Type One Energy to further that mission and bring hundreds of high-quality jobs and more reliable energy to Tennesseans,” said Governor Bill Lee.
Image by vwalakte on Freepik.
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