The Trump administration’s so-called “nuclear renaissance” is in full force, with several startups earning large funding rounds in recent months.
This week, Nuclear startup Antares has raised $96 million in a Series B funding round. The new funds will go towards the development of the firm’s small modular R1 microreactor, built for use in remote locations on Earth as well as in space, the company announced on Tuesday.
The Antares funding round was led by Shine Capital, and it included Alt Capital, FiftyThree Stations, Industrious, Caffeinated, and others. The funding round will be delivered as $71 million in equity and $25 million in debt. That debt will go towards equipment, factory build-out, and uranium procurement, the company explained in a press statement.
Antares’ R1 microreactor is powered by TRISO fuel made up of carbon spheres and ceramic-coated uranium embedded in graphite. It will be capable of producing somewhere between 100 kilowatts and 1 megawatt of electricity.
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