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Knoxville Business News Tennessee Mountain Scenery Background
February 25, 2024 | Tom Ballard

First recipient of Nuclear Energy Fund dollars announced

Type One Energy will establish its headquarters in the Greater Knoxville region and expand fusion R&D operations at the Bull Run plant.

State of Tennessee and Type One Energy Group Inc. officials announced last week that the company will invest $223.5 million to establish its headquarters and expand operations in Tennessee.

In making the announcement, Type One Energy said that 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. In addition, Type One Energy intends to locate at the Tennessee Valley Authority’s Bull Run Fossil Plant in Clinton 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.

Type One Energy is the first recipient of funding through the $50 million Nuclear Energy Fund, which was proposed by Governor Bill Lee and approved by the Tennessee General Assembly in the 2023-2024 budget. The fund 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.

Project Infinity is the result of a tri-party memorandum of understanding signed in 2023 between TVA, Type One Energy, and the U.S. Department of Energy’s Oak Ridge National Laboratory (ORNL), in which they recognized that fusion has the potential to become an attractive carbon-free power generation technology and expressed an interest in the successful development and commercialization of economic and practical fusion energy technologies.


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