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Princeton-based Thea Energy Inc. this week announced the closing of a $20 million Series A financing round.

Founded in 2022, Thea Energy is a fusion energy company that focuses on leveraging recent breakthroughs in stellarator physics and engineering to create a faster, simpler approach to commercializing fusion energy.

The funding round was led by Prelude Ventures – with participation from investors including 11.2 Capital, Anglo American, Hitachi Ventures, Lowercarbon Capital, Mercator Partners, Orion Industrial Ventures and Starlight Ventures.

Thea Energy says proceeds from the financing will support:

• Construction and operation of its proprietary superconducting planar coil magnet array systems;
• The design and simulation of Eos, large-scale integrated neuron source stellarator system; and
• Continued team growth.

“With the support of this distinguished group of investors, we will continue to advance our fusion technology to addressing the growing energy demands of humanity by providing a clean, safe, and abundant source of fusion power,” said Brian Berzin, co-founder and CEO of Thea Energy, in a press release. “Company progress on core intellectual property, magnet systems, and the Eos stellarator has proven the determination and know-how of our team.”

As part of the Series A financing close, Prelude Ventures Managing Director Mark Cupta will join Thea Energy’s board of directors.

“In meeting with the Thea Energy team, it became clear that they are not only leaders in the fields of plasma physics and fusion systems engineering, but also highly passionate about creating a sustainable future,” said Cupta. “I am thrilled to join as the company is well positioned to commercialize fusion energy. Thea Energy’s first-generation fusion system, Eos, will show a clear path to deploying fusion power plants and its development is not contingent on further scientific breakthroughs.”

One other important tidbit about Thea Energy — the company is building off foundational research and technology that it spun out of Princeton University and Princeton Plasma Physics Laboratory – where the stellarator was first imagined in 1951.

“In our next phase, we will be constructing our planar coil magnet systems at scale while further expanding our team of fusion and commercialization experts,” Berzin added.