Prelude Ventures led the round with participation from other investors including 11.2 Capital, Anglo American, Hitachi Ventures, Lowercarbon Capital, Mercator Partners, Orion Industrial Ventures, and Starlight Ventures.

Thea Energy was founded in 2022 with a focus on leveraging recent breakthroughs in stellarator physics and engineering to create a faster, simpler approach to commercializing fusion energy. Thea Energy is reinventing the stellarator using computer-controlled arrays of planar coils, thus eliminating the intricate, complex modular magnets required in all other proposed stellarator architectures. Stellarators are inherently steady-state, stable magnetic configurations that eliminate disruptions, making them an optimal pilot plant architecture. Thea Energy is building off foundational research and technology development that it spun out of Princeton University and Princeton Plasma Physics Laboratory, where the stellarator was first imagined in 1951. Thea Energy's proprietary breakthroughs have now enabled systems to be simpler and more practical than previously possible, resulting in a system architecture that can scale to long-term commercial operation and maintenance.