• The Nuclear Company has raised $51.3 million in a Series A round, bringing total funding to $70 million.
  • The startup plans to build 6 gigawatts of nuclear capacity using existing designs at pre-permitted sites.

The Nuclear Company, a startup founded in 2023, has raised $51.3 million in a Series A funding round to build large-scale nuclear reactors using existing designs. The round, led by Eclipse and supported by CIV, Goldcrest Capital, MCJ Collective, True Ventures, and Wonder Ventures, brings the company’s total funding to $70 million.

Instead of focusing on next-generation technologies or small modular reactors, The Nuclear Company is taking a traditional route. The startup aims to develop reactors at sites that already have permits or licenses, a strategic move to speed up deployment. According to filings with the Nuclear Regulatory Commission, fewer than a dozen such sites currently exist.

These sites have the potential to host reactors with more than 1 gigawatt of generating capacity. The Nuclear Company plans to develop 6 gigawatts in its initial fleet, targeting areas already close to groundbreaking.

The startup was founded by three serial entrepreneurs: Jonathan Webb, former CEO of AppHarvest; Kiran Bhatraju, CEO of Arcadia; and Patrick Maloney, CEO of CIV. Their collective expertise is helping navigate regulatory complexities and industry scepticism.

The funding comes amid a growing power crunch driven by the tech industry’s soaring demand for data centre energy. According to Grid Strategies, U.S. electricity demand is expected to rise nearly 16% by 2029. Tech giants like Google, Amazon, Meta, and Microsoft are increasingly investing in nuclear and renewable energy sources to meet their future needs.

Despite this momentum, nuclear faces stiff competition from solar power, which can be paired with batteries for round-the-clock supply and developed in just 18 months.

Additionally, a new draft bill from the House Ways and Means Committee threatens to cut subsidies granted to nuclear under the Inflation Reduction Act, potentially straining future project viability.

Most of The Nuclear Company’s reactors aren’t expected to be operational until the early 2030s.

Edited by Harshajit Sarmah