The nuclear company Taking an old approach to the construction of new nuclear reactors. Instead of trying to develop a new design or massive small reactors, they want to develop a series of reactors using existing designs.
Two -year -old Startup Announced Last month, a series that included the investment of CIV, Gold Crust Capital, MCJ Collecto, True Ventures, and Wonder Ventures, though it did not disclose the amount collected. Now, Tech Crunch has learned that the company has earned 51.3 million in a series A, which has raised the company’s total funding $ 70 million.
Nuclear Company was founded in 2023 Three serial businessmen: Former Aprawest CEO Jonathan Web, Arcadia CEO Kiran Bhatrajo, and CEO CEO Patrick Malony. Priority is preferring startup sites that already have permits or licenses. According to the filing, less than a dozen sites come under this robber Combined Operating License And The initial site permits At the Nuclear Regulatory Commission.
On sites that are close to ground breaking, each can help reactors that have more than 1 Gigwat generation capacity. The aim of the nuclear company is to produce 6 GHwat in its first fleet.
The funding round arrives when the tech companies and utility data centers are struggling to secure electricity. It is expected to rise by about 16 % of electricity demand in the United States by 2029 Grid strategiesAfter years of steady consumption. Data centers are a huge driver. May have the use of electricity Square By the end of the decade.
Despite the potential shortage of electricity, tech companies are harmonizing nuclear start and developers. Google is working with Keros to construct small modular reactors (SMR) worth 500 MW, while Amazon participated in a large amount of Million 700 million rounds to fund X -Energy’s SMR projects. Meta has sought tips for producing up to 4 GHwat by developers, and Microsoft is working together with Bridge Bridge to resume a reactor in the island of three miles.
But nuclear power is facing both ends and unexpectedly. Solar competition is the former: Tech companies and data center operators are increasing capacity with solar farms, which have signed large deals. These forms are often widely folded with batteries to provide 24/7 power. This technology is cheap, and new projects can be developed in about 18 months.
Nuclear may also face other financial obstacles soon. This week, the Houseways and Men’s Committee published a draft bill that would kill a subsidy for nuclear power, which was given under inflation. The nuclear power plant is currently eligible for tax credit, up to $ 15 per megawatt hour.
Most nuclear power plants, including the nuclear company’s timeline, are not expected to come online by the early 2030s. Given this prediction for the next five years The wildly variesMassive nuclear plants that have been entering the service for a decade from now on can be trapped in the bag.
Updated: Final Series A Fundage and Total Funding Money was added.