Last Energy, a developer of small modular reactors (SMRs), has successfully secured $100 million in a Series C funding round to advance its mission of providing clean, scalable nuclear power. Led by the Astera Institute with participation from several other funds, the investment highlights growing confidence in nuclear energy as a solution for rising global power demands. This significant capital infusion will accelerate the company's efforts to commercialize its compact, factory-built nuclear power plants.
A Resurgence in Nuclear Investment
The nuclear industry is experiencing a significant revival, with startups attracting substantial capital to meet the insatiable power demands of data centers and AI. CEO Bret Kugelmass notes a dramatic shift in perception, where nuclear is now widely accepted as a key part of the energy solution. This funding is part of a broader industry trend that has seen competitors like X-energy and Antares also secure major investments.
Revitalizing Proven Technology for Modern Needs
Differentiating itself from competitors developing novel technologies, Last Energy is leveraging a proven pressurized water reactor design from a 1960s nuclear-powered merchant ship, the NS Savannah. The company's updated commercial unit is engineered to produce 20 megawatts of electricity, enough to power approximately 15,000 homes. This strategy of modernizing existing technology aims to reduce development risks and accelerate deployment timelines for scalable energy solutions.
Innovative Design for Scalability and Safety
Last Energy’s approach centers on mass manufacturing its reactors to streamline deployment and drive down long-term costs. Each reactor core is permanently encased in 1,000 tons of steel, which serves as the primary containment vessel and simplifies the overall architecture. This factory-built model, using durable materials over specialized concrete, is designed to enhance safety protocols while making nuclear power more accessible.
The reactors are delivered to sites pre-fueled for a six-year operational cycle, requiring no on-site servicing. At the end of its life, the entire steel-encased unit remains in place, acting as its own permanent waste cask and eliminating complex disposal logistics. This integrated design for operation and waste management is a core component of the company's plan for economic viability and simplicity.
A Clear Path to Commercialization
The new funding will fully support the construction of a 5-megawatt pilot reactor at a site leased from Texas A&M, with operations planned to begin next year. Following a successful demonstration of this smaller-scale unit, the company aims to start production of its 20-megawatt commercial units by 2028. This clear roadmap positions Last Energy to begin delivering its first products to customers within the decade.
Last Energy's $100 million funding round marks a significant milestone in its quest to make nuclear power more accessible, affordable, and scalable for a global market. By combining a proven reactor design with modern manufacturing techniques and an innovative waste management solution, the company is strongly positioned to address critical energy challenges. This strategic approach could play a pivotal role in the global transition toward a reliable and secure low-carbon energy future.