FluxPoint Energy, based in Houston and McLean, Virginia, closed its seed funding round. The company is developing a new U.S. uranium conversion facility. The project would process uranium into material needed for enrichment and fuel fabrication.
Use of proceeds
The capital will support front-end engineering design for the planned facility. It will also fund regulatory and permitting activities. FluxPoint plans to expand its development team with the financing.
Company leadership
FluxPoint is led by founder and CEO Mike Chilton. He is a chemical engineer and holds two nuclear-related patents. Chilton previously led global engineering and construction at AES.
What the facility does
FluxPoint expects the planned facility to be the first new U.S. uranium conversion facility in almost 70 years. It would convert yellowcake into uranium hexafluoride, or UF₆. Enrichment plants use uranium hexafluoride as a feedstock.
FluxPoint has completed market and technical feasibility studies. It targets initial commercial production in 2030 or 2031. The company is continuing to build its technical organization.