Capital

Every kind of money moving into US energy technology. Public money: what's open to apply for and what the federal government has paid out. Private and project capital: what investors have put into companies and what's financing specific projects.

Debt, equity, DOE loans, grants and tax credits behind specific projects. Public and private sources are marked.

Where project money sits

Project-specific money by how mature the technology is. Darker cells hold more money; click a cell to see the deals.

Type of money	Research and prototype	Demonstration	First commercial	Scaling
DOE loanPUBLIC	—	—	$1.8B	$4.7B
GrantPUBLIC	—	$328M	$4.1B	—
State supportPUBLIC	$55M	—	—	$290M
Tax creditPUBLIC	—	—	$61M	—
EquityPRIVATE	—	—	$300M	—
Project debtPRIVATE	—	—	$400M	—
Total	$55M	$328M	$6.6B	$5.0B

TechnologyMoneyYearMaturitySourceSort

Total shown

$21B

39 entries

By year

Infinity Two · Company equityPRIVATEFusionBreakthrough Energy Ventures; Clutterbuck Capital (co-leads) — Series B; funds stellarator development and Project Infinity design$200M2026-10+ THESIS
Pratt Energy thermal battery · EquityPRIVATELong-duration storageCopenhagen Infrastructure Partners (lead); Grok Ventures; University Pension Plan Ontario — Third-party project equity; amount not disclosedundisclosed2026-10+ THESIS
Dixie Valley EGS · GrantPUBLICGeothermalUS Department of Energy (EGS field tests) — Up to $25M, subject to award negotiations$25MANNOUNCED · 2026-09+ THESIS
Project Ceres · Company equityPRIVATEGeothermalMazama Energy funding round (venture and oil-company investors) — More than $135M raised$135M2026-09+ THESIS
Project Obsidian · GrantPUBLICGeothermalUS Department of Energy (EGS field tests) — Up to $25M for the superhot demonstration, subject to award negotiations$25MANNOUNCED · 2026-09+ THESIS
Duane Arnold restart · DOE loanPUBLICFissionDOE Loan Programs Office — Up to $1.9B; financial close announced Sept 8, 2026$1.9B2026-09+ THESIS
SPARC · Company equityPRIVATEFusionGoogle, Eni, pension and sovereign funds — Company round (total raised about $4B); funds SPARC completion and ARC$1.0B2026-07+ THESIS
ARC (Fall Line Fusion Power Station) · Company equityPRIVATEFusionCFS equity round (CFS total raised now $4B) — For SPARC completion and the path to ARC; no ARC project financing disclosed$1.0B2026-07+ THESIS
Hammir mirror device · State supportPUBLICFusionState of Wisconsin and City of Madison — Up to $55M of investments and incentives for the Madison site$55MANNOUNCED · 2026-07+ THESIS
Project Obsidian · Company equityPRIVATEGeothermalQuaise Series B first close: Prelude Ventures (lead), JERA, Idemitsu, Safar Partners — Funds Project Obsidian and drilling; project-level equity and debt expected later$134M2026-07+ THESIS
Orion · Company equityPRIVATEFusionThrive Capital (lead) and others — Series G at $15.5B valuation; company total raised $1.5B$465M2026-06+ THESIS
POET Big Stone thermal battery · EquityPRIVATELong-duration storageGrok Ventures (with Antora) — Project-level equity; amount not disclosedundisclosed2026-05+ THESIS
Cape Station Phase II · Company equityPRIVATEGeothermalFervo Energy IPO (Nasdaq: FRVO) — Company-level; funds Phase II and the wider pipeline, not ring-fenced to this project$2.2B2026-05+ THESIS
Long Mott Generating Station · Company equityPRIVATEFissionX-energy IPO (Nasdaq: XE) — Company-level IPO proceeds$1.0B2026-04+ THESIS
Lightning Dock · Project debtPRIVATEGeothermalJust Climate; Spring Lane Capital; Tierra Adentro — Development capital facility for Zanskar's portfolio (scalable to $100M), not this plant alone$40M2026-04+ THESIS
Cape Station Phase I · Project debtPRIVATEGeothermalRBC (lead); Barclays, BBVA, HSBC, MUFG, Société Générale, J.P. Morgan, Bank of America, Sumitomo Mitsui Trust — Construction-to-term loan (non-recourse)$309M2026-03+ THESIS
Cape Station Phase I · Tax creditPUBLICGeothermalSame bank group — Tax credit bridge loan$61M2026-03+ THESIS
Cape Station Phase I · Project debtPRIVATEGeothermalSame bank group — Letter of credit facility$51M2026-03+ THESIS
Thunderwall laser pilot · Company equityPRIVATEFusionBessemer Venture Partners (lead); GV — Series A$450M2026-02+ THESIS
First utility-scale plant (TAE) · Company equityPRIVATEFusionTrump Media & Technology Group — Up to $200M at signing plus $100M on S-4 filing, in a merger valued over $6B$300MANNOUNCED · 2025-12+ THESIS
Clinch River BWRX-300 · GrantPUBLICFissionUS Department of Energy (Gen III+ SMR program) — Up to $400M cost-shared; selected, award terms to be negotiated$400MANNOUNCED · 2025-12+ THESIS
Palisades SMR-300 (two units) · GrantPUBLICFissionUS Department of Energy (Gen III+ SMR program) — Up to $400M cost-shared; selected, award terms to be negotiated$400MANNOUNCED · 2025-12+ THESIS
Crane Clean Energy Center · DOE loanPUBLICFissionDOE Loan Programs Office — LPO loan for the restart$1.0B2025-11+ THESIS
Kemmerer Unit 1 (Natrium) · Company equityPRIVATEFissionTerraPower investors (Gates, SK, KHNP and others) — Company raise; private capital since 2022 above $2.2B$650M2025-06+ THESIS
Willow Rock Energy Storage Center · EquityPRIVATELong-duration storageGoldman Sachs Asset Management; CPP Investments — Company-level backing (over $300M) plus committed project equity$300M2025-02+ THESIS
Willow Rock Energy Storage Center · DOE loanPUBLICLong-duration storageDOE Loan Programs Office — Conditional commitment for a loan guarantee; placed under review after the Jan 2025 change of administration$1.8BUNDER REVIEW · 2025-01+ THESIS
Project AMAZE (Turtle Creek lines) · DOE loanPUBLICLong-duration storageDOE Loan Programs Office — Title 17 loan guarantee for four manufacturing lines$304M2024-12+ THESIS
Cascade Advanced Energy Facility · Company equityPRIVATEFissionAmazon (lead) and others — X-energy Series C-1; Amazon also funds Cascade's development work$500M2024-10+ THESIS
Century · Company equityPRIVATEFusionSoros Fund Management (lead) and others — Series D; company total over $330M$130M2024-10+ THESIS
Albuquerque demonstration system · Company equityPRIVATEFusionGeneral Catalyst and others — Series A released in milestone tranches$900M2024-10+ THESIS
Palisades restart · DOE loanPUBLICFissionDOE Loan Programs Office — $1.52B loan guarantee finalized Sept 2024$1.5B2024-09+ THESIS
Sherco iron-air battery · GrantPUBLICLong-duration storageUS DOE Office of Clean Energy Demonstrations — Phases 1–2 for Sherco and Comanche together (up to $70M in later phases); DOE said in Oct 2025 the project won't proceed past the current budget period. Xcel appealed$4.3MCANCELLED · 2024-06+ THESIS
Comanche iron-air battery · GrantPUBLICLong-duration storageBreakthrough Energy Catalyst — Commitment to Xcel for the iron-air test projects$10MANNOUNCED · 2024-05+ THESIS
Mendocino iron-air battery · GrantPUBLICLong-duration storageCalifornia Energy Commission — $30M CEC grant$30M2023-12+ THESIS
Columbia Energy Storage Project · GrantPUBLICLong-duration storageUS Department of Energy (Office of Clean Energy Demonstrations) — About $30M$30M2023-09+ THESIS
Form Factory 1 · State supportPUBLICLong-duration storageState of West Virginia — State incentive package for the Weirton factory$290M2022-12+ THESIS
Hermes · GrantPUBLICFissionDOE Advanced Reactor Demonstration Program (risk reduction) — Up to $303M cost share$303M2020-12+ THESIS
Kemmerer Unit 1 (Natrium) · GrantPUBLICFissionDOE Advanced Reactor Demonstration Program — Up to $2B federal cost share, matched 50/50 by private funds$2.0B2020-10+ THESIS
Long Mott Generating Station · GrantPUBLICFissionDOE Advanced Reactor Demonstration Program — ARDP cost share for X-energy's first Xe-100 plant (amount approximate)$1.2B2020-10+ THESIS

Sorted by date, newest first. From the reviewed projects spreadsheet. Conditional and under-review money is labelled; company-wide raises are under Private raises.

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Funding sources tracked (53)

53 sources

DOE - Office of Energy Efficiency and Renewable Energy (EERE) & Tech Offices
Federal
Applied R&D across solar, wind, hydrogen/fuel cells, vehicles, buildings, advanced manufacturing, geothermal, hydropower, etc.
Programs
Technology-specific FOAs/NOFOs; often cost-shared
Stage
TRL 2–6 (applied R&D to early demo)
Feed
Grants.gov API
Website
energy.gov (search funding opportunities)
DOE - Advanced Research Projects Agency-Energy (ARPA-E)
Federal
High-risk, high-impact energy technologies too early for private investment (fusion, storage, grid, hydrogen, materials, etc.)
Programs
Focused programs and OPEN solicitations; SCALEUP; SBIR/STTR topics
Stage
TRL 2–6 (transformational R&D to early prototype)
Feed
Grants.gov APIadded to your list
Website
arpa-e.energy.gov
DOE - Office of Science (SC)
Federal
Basic/foundational energy research (materials, chemistry, fusion, biological systems, etc.)
Programs
Early Career Research Program; Energy Frontier Research Centers; Open Call; EPSCoR
Stage
TRL 1–3 (basic research)
Feed
Grants.gov API
Website
science.osti.gov
DOE - Office of Fossil Energy and Carbon Management (FECM)
Federal
Carbon management, fossil energy tech improvements, related early R&D
Programs
Competitive FOAs for early-stage projects
Stage
TRL 2–6
Feed
Grants.gov API
Website
energy.gov/fecm
DOE - Office of Nuclear Energy (NE)
Federal
Advanced nuclear reactor concepts, fuels, materials, and related R&D
Programs
FOAs and SBIR topics on nuclear energy
Stage
TRL 2–6
Feed
Grants.gov API
Website
energy.gov/ne
DOE - Office of Electricity (OE)
Federal
Grid technologies, reliability, resilience, controls, and related early-stage work
Programs
FOAs focused on grid innovation
Stage
TRL 2–6
Feed
Grants.gov API
Website
energy.gov/oe
DOE - Office of Technology Transitions (OTT)
Federal
Commercialization of DOE/lab technologies; early-stage entrepreneur support
Programs
Technology Commercialization Fund (TCF); Lab-Embedded Entrepreneurship Program (LEEP); vouchers; CRADAs
Stage
TRL 3–6 (lab-to-market)
Feed
Page monitor
Website
energy.gov/technologytransitions
DOE - Office of Critical Minerals and Energy Innovation (CMEI) & related offices
Federal
Critical minerals/materials, advanced manufacturing, alternative fuels/feedstocks, integrated systems
Programs
FOAs for early R&D and scale-up support
Stage
TRL 2–6
Feed
Grants.gov API
Website
energy.gov (CMEI / related)
DOE SBIR/STTR Program
Federal
Broad energy R&D topics from multiple DOE offices (production, efficiency, grid, nuclear, materials, etc.)
Programs
Phase I (~$200–250K); Phase II (~$1.1–1.6M); two cycles/year historically
Stage
TRL 2–5 (feasibility to prototype)
Feed
SBIR.gov API
Website
science.osti.gov/sbir or sbir.gov
National Science Foundation (NSF)
Federal
Fundamental energy research + broad commercialization of energy technologies
Programs
Research grants; SBIR/STTR (America’s Seed Fund) with open energy topics
Stage
TRL 1–4 (basic to early applied)
Feed
Grants.gov API
Website
nsf.gov (Energy Technology focus area)
Department of Defense (DOD) SBIR/STTR
Federal
Energy resilience, microgrids, field/portable power, dual-use energy technologies
Programs
Service-specific topics (Army, Navy, Air Force, DARPA, etc.); variable award sizes
Stage
TRL 2–6 (dual-use)
Feed
DoD SBIR topics
Website
dodsbirsttr.mil or sbir.gov
Department of Agriculture (USDA)
Federal
Bioenergy, advanced biofuels, biomass, rural energy systems
Programs
SBIR/STTR + other bioenergy R&D programs
Stage
TRL 2–5
Feed
Grants.gov API
Website
usda.gov or sbir.gov
Environmental Protection Agency (EPA)
Federal
Energy-related environmental technologies (air, water, waste/circular economy, remediation)
Programs
SBIR program
Stage
TRL 2–5
Feed
SBIR.gov API
Website
epa.gov/sbir
NASA (limited energy topics)
Federal
Energy technologies with space or dual-use applications
Programs
SBIR topics occasionally relevant to energy
Stage
TRL 2–5
Feed
SBIR.gov API
Website
nasa.gov/sbir
California Energy Commission (CEC)
State
Electricity-sector innovation, clean energy R&D, demos, and early-stage entrepreneurship
Programs
EPIC (~$130M+/yr); CalSEED (very early concept/prototype grants); BRIDGE; fusion initiative
Stage
TRL 2–7 (concept to demo)
Feed
CA Grants Portal dataset
Website
energy.ca.gov
Washington State Dept. of Commerce (Clean Energy Fund)
State
Innovative clean energy technologies aligned with state climate goals
Programs
RD&D Program grants (e.g., ~$10M rounds for TRL 4–7 in storage, bioenergy, carbon, grid)
Stage
TRL 4–7
Feed
Page monitor
Website
commerce.wa.gov
Connecticut Innovations (CI)
State
Climate tech and clean energy startups (pre-seed through growth)
Programs
Pre-Seed Financing; ClimateTech Fund ($100M equity/investments)
Stage
TRL 2–6 (pre-seed to Series B)
Feed
Reference only
Website
ctinnovations.com
Connecticut Green Bank
State
Clean energy financing and ecosystem support (leans more toward deployment but supports innovation)
Programs
Financing programs, open RFPs, ratepayer-funded clean energy investments
Stage
TRL 5–9 (more deployment-focused)
Feed
Page monitor
Website
ctgreenbank.com
Colorado Energy Office / related funds
State
Innovative energy solutions, efficiency, and clean tech advancement
Programs
State energy programs and related innovation support
Stage
Varies (planning to demo)
Feed
Page monitor
Website
energyoffice.colorado.gov
Illinois (DCEO and related)
State
Clean energy innovation and SBIR matching support
Programs
SBIR Phase I match (up to ~$100K) and related state programs
Stage
TRL 2–5 (supplements federal)
Feed
Page monitor
Website
dceo.illinois.gov
Hawaii State Energy Office
State
Clean energy technology proving ground and innovation acceleration
Programs
State energy programs supporting tech demonstration and adoption
Stage
TRL 4–7
Feed
Page monitor
Website
energy.hawaii.gov
Other State Energy Offices (e.g., North Dakota, Ohio, Maryland, etc.)
State
Varies widely: limited R&D, demos, or formula-funded innovation/planning
Programs
State Energy Program (SEP) formula funds; some dedicated R&D appropriations (e.g., ND energy R&D, OH nuclear/coal)
Stage
Mostly planning/demo; limited pure early R&D
Feed
Reference only
Website
See DOE State Energy Offices list
Texas Energy Fund (PUC of Texas) (TX)
State
Dispatchable generation loans
Programs
Texas Energy Fund loans and completion bonuses
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.texasenergyfund.com
Texas Advanced Nuclear Energy Office (Governor's Office) (TX)
State
Advanced nuclear grants (HB 14)
Programs
Texas Advanced Nuclear Development Fund
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
gov.texas.gov/taneo/page/tandf
TCEQ (TX)
State
Clean transport, hydrogen infrastructure
Programs
Texas Emissions Reduction Plan (TERP)
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.tceq.texas.gov/airquality/terp
Utah Office of Energy Development (UT)
State
Nuclear consortium, geothermal, incentives
Programs
Energy programs and incentives
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
energy.utah.gov
Utah Governor's Office of Economic Opportunity (UT)
State
Post-performance tax credits
Programs
Economic Development Tax Increment Financing (EDTIF)
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
business.utah.gov/recruitment/
Nevada Governor's Office of Energy (NV)
State
Clean energy grants
Programs
Energy programs and incentives
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
energy.nv.gov
Nevada GOED (NV)
State
Renewable energy abatements
Programs
Tax abatements for renewable energy
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
goed.nv.gov/programs-incentives/
CPUC (CA)
State
Storage incentives
Programs
Self-Generation Incentive Program (SGIP)
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.cpuc.ca.gov/sgip
Tennessee Department of Economic and Community Development (TN)
State
Nuclear supply-chain grants
Programs
Tennessee Nuclear Energy Fund
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
tnecd.com
Wyoming Energy Authority (WY)
State
Matching funds for energy projects incl. nuclear and hydrogen
Programs
Energy Matching Funds
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
wyoenergy.org
Idaho Governor's Office of Energy and Mineral Resources (ID)
State
Energy grants and loans
Programs
Energy programs
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
oemr.idaho.gov
New Mexico Energy, Minerals and Natural Resources Department (NM)
State
Geothermal, storage, hydrogen
Programs
Energy Conservation and Management grants
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.emnrd.nm.gov/ecmd/
New Mexico Finance Authority (NM)
State
Project financing
Programs
Strategic Water / clean energy financing
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.nmfinance.com
Minnesota Department of Commerce (MN)
State
Match for federal clean energy awards
Programs
State Competitiveness Fund
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
mn.gov/commerce/energy/
Virginia Department of Energy (VA)
State
SMR and nuclear grants, storage
Programs
Virginia Nuclear Innovation Fund / energy programs
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
energy.virginia.gov
Virginia Clean Energy Innovation Bank (VA)
State
Low-cost financing
Programs
Clean energy financing
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
energy.virginia.gov
Massachusetts Clean Energy Center (MA)
State
Clean energy grants incl. fusion, offshore wind, storage
Programs
Funding opportunities
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.masscec.com
Oregon Department of Energy (OR)
State
Community renewable and storage grants
Programs
Grants and incentives
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.oregon.gov/energy/Incentives/Pages/default.aspx
South Dakota Governor's Office of Economic Development (SD)
State
Payments for large energy projects
Programs
Reinvestment Payment Program
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
sdgoed.com
Pennsylvania Department of Community and Economic Development (PA)
State
Energy project grants, hydrogen hubs
Programs
PA Energy Development Authority grants
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
dced.pa.gov
Michigan Economic Development Corporation (MI)
State
Large project incentives (Palisades)
Programs
Strategic Outreach and Attraction Reserve (SOAR)
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.michiganbusiness.org
Michigan EGLE (MI)
State
Clean energy grants
Programs
Energy grants
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.michigan.gov/egle/about/organization/materials-management/energy
Ohio Department of Development (OH)
State
Energy loans and grants
Programs
Energy programs
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
development.ohio.gov
Georgia Environmental Finance Authority (GA)
State
Energy loans and grants
Programs
Energy programs
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
gefa.georgia.gov
West Virginia Department of Economic Development (WV)
State
Hydrogen hub and energy incentives
Programs
Office of Energy
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
westvirginia.gov
NYSERDA (NY)
State
Storage, clean energy, advanced nuclear studies
Programs
Funding opportunities
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.nyserda.ny.gov/Funding-Opportunities
New Jersey Board of Public Utilities (NJ)
State
Storage incentive program, clean energy
Programs
Clean energy programs
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.nj.gov/bpu/
NJ Economic Development Authority (NJ)
State
Clean energy grants and loans
Programs
Clean energy financing
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.njeda.gov
North Carolina Department of Environmental Quality (NC)
State
Energy grants
Programs
State Energy Office
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.deq.nc.gov/energy-climate
Indiana Economic Development Corporation (IN)
State
SMR and large-load incentives
Programs
Incentives
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.iedc.in.gov
North Dakota Industrial Commission (ND)
State
Energy research grants
Programs
Lignite and Renewable Energy programs
Stage
Varies
Feed
State funding reader (Claude, daily)
Website
www.nd.gov/ndic/

Capital

Where project money sits

DOE - Office of Energy Efficiency and Renewable Energy (EERE) & Tech Offices

DOE - Advanced Research Projects Agency-Energy (ARPA-E)

DOE - Office of Science (SC)

DOE - Office of Fossil Energy and Carbon Management (FECM)

DOE - Office of Nuclear Energy (NE)

DOE - Office of Electricity (OE)

DOE - Office of Technology Transitions (OTT)

DOE - Office of Critical Minerals and Energy Innovation (CMEI) & related offices

DOE SBIR/STTR Program

National Science Foundation (NSF)

Department of Defense (DOD) SBIR/STTR

Department of Agriculture (USDA)

Environmental Protection Agency (EPA)

NASA (limited energy topics)

California Energy Commission (CEC)

Washington State Dept. of Commerce (Clean Energy Fund)

Connecticut Innovations (CI)

Connecticut Green Bank

Colorado Energy Office / related funds

Illinois (DCEO and related)

Hawaii State Energy Office

Other State Energy Offices (e.g., North Dakota, Ohio, Maryland, etc.)

Texas Energy Fund (PUC of Texas) (TX)

Texas Advanced Nuclear Energy Office (Governor's Office) (TX)

TCEQ (TX)

Utah Office of Energy Development (UT)

Utah Governor's Office of Economic Opportunity (UT)

Nevada Governor's Office of Energy (NV)

Nevada GOED (NV)

CPUC (CA)

Tennessee Department of Economic and Community Development (TN)

Wyoming Energy Authority (WY)

Idaho Governor's Office of Energy and Mineral Resources (ID)

New Mexico Energy, Minerals and Natural Resources Department (NM)

New Mexico Finance Authority (NM)

Minnesota Department of Commerce (MN)

Virginia Department of Energy (VA)

Virginia Clean Energy Innovation Bank (VA)

Massachusetts Clean Energy Center (MA)

Oregon Department of Energy (OR)

South Dakota Governor's Office of Economic Development (SD)

Pennsylvania Department of Community and Economic Development (PA)

Michigan Economic Development Corporation (MI)

Michigan EGLE (MI)

Ohio Department of Development (OH)

Georgia Environmental Finance Authority (GA)

West Virginia Department of Economic Development (WV)

NYSERDA (NY)

New Jersey Board of Public Utilities (NJ)

NJ Economic Development Authority (NJ)

North Carolina Department of Environmental Quality (NC)

Indiana Economic Development Corporation (IN)

North Dakota Industrial Commission (ND)

Where project money sits