Investment Will Aid Development of One of the World's First Commercial Microreactors
EL SEGUNDO, CA / ACCESSWIRE / November 14, 2024 / Radiant Industries, Incorporated, a leader in advanced nuclear technology, today announced a $100 million Series C funding round led by DCVC, a preeminent deep tech venture capital firm. The round included participation from a16z's American Dynamism team, which led the Series B, and Union Square Ventures, and welcomed new investors Felicis, Washington Harbour Partners LP, and Chevron Technology Ventures. This investment comes on the heels of Radiant's passive cooldown demonstration, a critical test of a full-scale, non-fueled reactor, and brings the company's total venture funding to $160 million.
Radiant's Kaleidos microreactors can provide clean, reliable power for new or expanding data centers. Render by Ryan Seper.
The funding round marks an important step towards Radiant's goal of bringing one of the world's first factory-constructed microreactors to market. Radiant has advanced through the U.S. Department of Energy's microreactor experiment design process and plans to deliver the Kaleidos Development Unit prototype microreactor to Idaho National Laboratory's (INL) DOME facility for testing in 2026, ushering in a new era for the advanced nuclear industry.
"Our major safety test is complete and nuclear materials are on order for fueled test readiness in 2026," said Doug Bernauer, CEO and co-founder of Radiant. "We now have the staff, hardware, and runway to deliver at the DOME, and with production commitments of more than 10 reactors through 2030, we need to move as quickly as possible. Radiant's success over the next two years will not only benefit our customers but will be a win for advanced reactor developers and the industry as a whole. New nuclear is around the corner, and it's arriving on a semi-truck."
The funding will primarily be used to complete Radiant's Kaleidos Development Unit, the same reactor design that will be manufactured and sold to customers. At INL, the unit will undergo a comprehensive testing program including rigorous evaluations of the reactor's failsafe mechanisms and proprietary semi-automated control system, providing validation cases for regulatory analyses. Funds will also be used for factory siting and early construction efforts, breaking ground on the facilities that are expected to produce up to 50 microreactors per year.
"Radiant is developing a product that brings clean, reliable, affordable energy to locations that couldn't access it otherwise," said Rachel Slaybaugh, partner at DCVC and Radiant board member. "Radiant has hit their major milestones on an impressive development timeline, giving them a leg up on commercialization, which is why we were so excited to lead this round and support Doug and the Radiant team."
"Radiant is developing technology with the potential to provide reliable and lower carbon energy to remote, off-grid locations, among other areas. This solution can circumvent grid connection challenges and provide uninterrupted, lower carbon intensity power for long periods," said Jim Gable, Vice President of Innovation within Chevron's Technical Center and President of Technology Ventures at Chevron. "This is the latest investment from our $300 million Future Energy Fund II, which focuses on industrial decarbonization, emerging mobility, energy decentralization and the growing circular economy. We welcome Radiant to the portfolio."
Radiant's Kaleidos microreactor is a 1MW nuclear power plant in a box that replaces diesel generators, providing power for military installations, remote industry, data centers, EV charging, and more. It can be shipped by land, sea or air and installed in a matter of days. By providing reliable, portable, and environmentally friendly nuclear power, Kaleidos represents a major step forward for global energy production.
Additional participation in this funding round came from Founders Fund, Decisive Point, McKinley Alaska, Boost VC, and Also Capital.
Contact Information
Rene Babior
press@radiantnuclear.com
SOURCE: Radiant Industries, Incorporated
View the original press release on newswire.com.
