SHINE Technologies said on February 26 that it closed $240 million in new equity financing, adding fresh capital to a company that has tried to separate itself from many fusion peers by building revenue-producing businesses before pursuing full-scale power generation. The Janesville, Wisconsin-based firm also appointed Dr. Patrick Soon-Shiong, founder of NantWorks and executive chairman of ImmunityBio, to its board of directors as part of the same announcement. Together, the financing and board appointment mark a milestone for a company positioning itself as a commercially active fusion developer rather than a purely long-range energy bet.
Funding Round
NantWorks led the round, with additional backing from Fidelity Management & Research Company, Sumitomo Corporation of Americas, Pelican Energy Partners, Deerfield Management, Oaktree Capital Management and existing investors, according to SHINE. The company also disclosed that Soon-Shiong committed $150 million through the transaction, tying the round to a strategic relationship rather than a passive financial investment. Following the raise, SHINE said its cumulative funding has now exceeded $1 billion, underscoring continued investor support for its healthcare, industrial and energy-focused growth strategy.
Use of Proceeds
SHINE said the new money will accelerate work already underway in neutron testing for defense and aerospace customers, while also supporting its supply of medical radioisotopes used in diagnostic imaging and targeted cancer therapies. The company added that the capital is intended to push forward its next development phase, including technology for recycling used nuclear fuel and the longer-term goal of commercial fusion energy production. In a LinkedIn post accompanying the announcement, SHINE summarized the funding as support for expanding its reach across healthcare, defense and energy, reinforcing the broad commercial framing of the deal.
Strategic Implications
A key element of the transaction is a parallel strategic partnership between SHINE and NantWorks that gives the latter priority access to SHINE’s lutetium-177 supply, a radioisotope increasingly used in precision oncology. That provision connects the financing directly to a near-term commercial application, since Lu-177 is already used in radioligand treatments and remains difficult to scale reliably. The arrangement also gives SHINE a higher-profile role in the radiopharmaceutical supply chain, while Soon-Shiong’s board seat adds operational weight to the partnership.
Commercial Position
The company says it already operates one of the largest Lu-177 production facilities in North America, with current capacity of up to 100,000 doses a year and the ability to expand to 200,000 doses annually. SHINE also said its Ilumira product has shipped to customers in 19 countries across four continents and has maintained on-time, in-full delivery above 95% since its 2024 commercial launch. Those performance claims matter because they suggest the latest funding is being deployed into an existing operating platform, not solely into laboratory-stage research.
Market Context
Heatmap reported that SHINE’s model stands out in the fusion sector because the company is focusing first on higher-value applications such as isotope production and neutron-based services, rather than treating grid electricity as its initial product. The same report said SHINE expects to use that commercial base to support a future business in nuclear waste recycling before eventually moving into power generation on a longer timetable. That strategy helps explain why the latest raise is notable beyond its size: it reinforces investor appetite for fusion companies that can pair deep-tech ambition with nearer-term revenue opportunities.
The announcement does not mean SHINE is on the verge of delivering fusion-generated electricity to the grid, but it does signal stronger financial backing for its more immediate businesses in medicine, testing and nuclear recycling. By combining fresh capital, a major strategic investor and tighter links to the oncology supply chain, the company has sharpened its case that commercial traction can coexist with long-term fusion ambitions. For a sector often defined by distant promises, SHINE’s latest round stands out because it is tied to operating products, industrial partnerships and a clearer path to scaled deployment.