Dec 17 (Reuters) - Startup Radiant said on Wednesday it has raised over $300 million in its latest funding round, to mass-produce portable nuclear reactors.
The funding round was led by Draper Associates and Boost VC and included new funding from Founders Fund, ARK Venture Fund, Chevron Technology Ventures and other investors.
WHY IT'S IMPORTANT
U.S. nuclear power is experiencing a surge in demand after decades of stagnation, driven by record demand from data centers used for artificial intelligence technologies and the electrification of industries such as transportation and manufacturing.
The funding round will help Radiant commercialize as it prepares to break ground early next year on its new R 50 factory in Oak Ridge, Tennessee.
CONTEXT
Based in California, Radiant is developing 1-megawatt nuclear microreactors that can be transported easily. Earlier this year, the company entered an agreement to supply 20 microreactors to data center developer Equinix EQIX.O.
The reactors are designed to provide always-on power for defense, disaster response, remote industry and critical infrastructure - applications where traditional energy systems fall short.
Radiant is planning to test its first reactor in 2026, with initial customer deployments beginning in 2028.
KEY QUOTES
"Portable nuclear power is going to provide the bulk of our incremental energy in the years to come and Radiant is executing with purpose not just towards turning on their first reactor, but building them at scale in months, not years," said Tim Draper, founder of Draper Associates.
(Reporting by Dharna Bafna in Bengaluru; Editing by Sahal Muhammed)
((Dharna.Bafna@thomsonreuters.com))
Comments