Antares Secures $96 Million to Advance Microreactor Technology for Diverse Applications
Antares, a pioneering startup in the nuclear energy sector, has successfully raised $96 million in a Series B funding round to further develop its small modular reactor (SMR) technology. This substantial investment comprises $71 million in equity and $25 million in debt, with Shine Capital leading the round. Other notable participants include Alt Capital, Caffeinated, FiftyThree Stations, and Industrious Ventures.
The company’s flagship product, the R1 microreactor, is designed to generate between 100 kilowatts and 1 megawatt of electricity. Utilizing TRISO fuel—spheres of carbon- and ceramic-coated uranium embedded in graphite—the R1 aims to provide a reliable and efficient power source. Antares envisions deploying this technology across a range of sectors, including commercial enterprises, defense operations, and space exploration missions.
This funding milestone for Antares reflects a broader resurgence of interest and investment in nuclear power technologies. Over the past six months, several companies in the sector have achieved significant financial backing:
– X-energy, backed by Amazon, secured a $700 million Series D funding round. The company focuses on developing reactors that also utilize TRISO fuel, indicating a growing confidence in this fuel type’s safety and efficiency.
– Deep Fission, after facing fundraising challenges earlier in the year, successfully went public through a $30 million reverse merger in September, signaling renewed investor interest in nuclear startups.
– Aalo Atomics raised $100 million in August to construct a demonstration data center powered by a microreactor, showcasing the potential for nuclear technology in supporting energy-intensive computing operations.
– TerraPower, a small modular reactor startup supported by Bill Gates, received a $650 million investment in June, with contributions from Nvidia, highlighting the tech industry’s commitment to advancing nuclear energy solutions.
The revival of interest isn’t limited to small-scale reactors. Traditional large nuclear plants are also experiencing a renaissance:
– Constellation Energy, in partnership with Microsoft, obtained a $1 billion loan from the Department of Energy to restart a reactor at Three Mile Island by 2028. The refurbishment project is estimated to cost $1.6 billion and aims to bring the reactor, which was idled in 2019, back online.
– Google announced a collaboration with NextEra Energy to reopen a nuclear power plant in Iowa that suffered damage during a 2020 flood, further emphasizing the tech industry’s role in revitalizing nuclear infrastructure.
– Amazon expanded its clean energy portfolio by purchasing 1.92 gigawatts of generating capacity from a Talen Energy nuclear plant in Pennsylvania. Similarly, Meta committed to buying clean energy attributes from a Constellation Energy nuclear power plant in Illinois, underscoring the growing trend of tech giants investing in nuclear energy to meet sustainability goals.
The U.S. government is also actively promoting the development of small nuclear reactors. In August, Antares was selected as one of 11 participants in the Department of Energy’s reactor pilot program. This initiative aims to have at least three reactors operational by July 4, 2026, a timeline that accelerates the traditional pace of nuclear projects. Antares plans to demonstrate its reactor for the DOE next year and anticipates bringing its full-power reactor online by 2027.
The renewed focus on nuclear energy, both in microreactors and traditional large-scale plants, reflects a collective effort to diversify energy sources, reduce carbon emissions, and meet the increasing global demand for reliable and sustainable power. Antares’ recent funding success positions the company as a key player in this evolving landscape, with the potential to make significant contributions to energy solutions on land, at sea, and in space.
