CHICAGO, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Clean Core Thorium Energy (CCTE) has raised a $15.5M Series Seed round of financing to advance the ANEEL fuel - a patented blend of thorium & HALEU designed to be seamlessly deployed into existing reactors. With plans to commercialize in 2026, the capital will be used towards solidifying the company's technical partnerships, such as the irradiation test at Idaho National Laboratory (INL), the further validation work at Canadian Nuclear Laboratories (CNL), a planned Demonstration Irradiation, and more. Further, this financing will be used to fund activities related to the company's hiring, supply chain partnerships, and regulatory and licensing requirements.
The syndicate of investors participating in this round are led by a Singapore-based family office and notable business leaders including Sumant Sinha, CEO and Founder of ReNew, Lakshmi Narayanan, former CEO of Cognizant Technologies, and Deepak Parekh, former Chairman of HDFC Bank.
Mehul Shah, CCTE's CEO and Founder, said:
"We are not only excited to have fresh capital infused in the business for critical growth, but also ecstatic to invite those with deep ties to the global energy industry as advisors and investors to accelerate our progress. This announcement marks the next chapter in CCTE's growth to revolutionize nuclear energy.
By demonstrating thorium's ability to deliver immediate and substantial operational benefits, we can accelerate the renewed momentum of nuclear. This new fuel cycle enhances reactor economics, strengthens energy security, improves safety, and ensures proliferation resistance-all within an existing and proven reactor system."
In 2024, CCTE achieved major milestones to advance the ANEEL fuel, including:
- The high burn-up irradiation test at INL achieved up to 25 GWd/ton (https://www.globenewswire.com/news-release/2024/11/12/2979394/0/en/Clean-Core-Achieves-Historic-Burnup-Milestone-with-its-Thorium-Fuel-at-US-National-Lab.html), demonstrating exceptional performance and achieving a historic milestone for thorium
- Canadian Nuclear Safety Commission (CNSC), the global regulator for CANDUs, completed a successful Phase 1 pre-licensing (https://www.globenewswire.com/news-release/2024/04/09/2859977/0/en/Thorium-HALEU-based-ANEEL-fuel-completes-Pre-Licensing-Milestone-with-Canadian-Nuclear-Safety-Commission.html) Vendor Design Review of ANEEL fuel
- Larsen & Toubro (L&T) (https://www.larsentoubro.com/pressreleases/2024-10-18-larsen-toubro-and-clean-core-thorium-energy-announce-strategic-partnership-in-clean-energy/) and National Thermal Power Corporation (NTPC) (https://ntpc.co.in/media/press-releases/ntpc-and-ccte-advance-thorium-based-aneeltm-fuel-phwrs) signed strategic partnerships to advance the ANEEL fuel
About Clean Core Thorium Energy
Clean Core Thorium Energy is a nuclear fuel company exploring thorium-driven nuclear innovations. Clean Core's patented nuclear fuel technology. Follow us on social media: LinkedInand X.
Contact: info@cleancore.energy
