Standard Nuclear to use funding for additional facilities
US nuclear fuel startup Standard Nuclear has raised $140m (€117m) to boost production of fuel for advanced reactors in an effort to expand the US energy supply chain amid surging interest in fission power.
The Series A round was led by venture capital firm Decisive Point and included new investors Chevron Technology Ventures and StepStone Group, with existing backers Andreessen Horowitz, according to a statement.
The Tennessee-based company, founded one year ago, began fabricating Triso fuel this month at its facility in Oak Ridge, Tennessee using high-assay low-enriched uranium (Haleu), a more potent form of uranium that will be used for many advanced reactors. Triso – or “tristructural-isotropic” – is an advanced, highly robust nuclear fuel designed to withstand extreme temperatures without melting.
Standard Nuclear said it plans to use the funding to start production at additional facilities, without giving further details.
The company is one of a few makers of Triso, demand for which is expected to grow as more companies begin deploying advanced nuclear power reactor to meet surging demand for electricity.
Dozens of companies, both in the US and around the world, are developing advanced nuclear designs, but there has been concern about whether there would be enough fuel available as they start testing and building systems.
Russia has been the world’s primary commercial supplier of Haleu, with state-owned Tenex dominating the market. The US is developing domestic capacity through companies like Centrus and General Matter.
Standard Nuclear can make about 500 kg of Triso a year at its Tennessee site. It is developing a second facility there and another one at Idaho National Laboratory, which are both expected to go into service by mid-2026. Each will be able to deliver about one metric tonne annually.
Kurt Terrani, chief executive officer of Standard Nuclear, said: “With this funding, we are positioned to accelerate our roadmap, scale operations, and deliver on the promise to fuel the next generation of reactors powering industry, defense, and space.”
Standard Nuclear said earlier this month that it had received a critical shipment of Haleu feedstock at its facility in Oak Ridge, Tennessee.
Standard Nuclear said it was the first company to both receive authorisation by the US Department of Energy (DOE) and physically receive Haleu for production of advanced Triso fuel.
