Radiant Industries Raises $100 Million in Series C Funding to Revolutionize Nuclear Power
Deal News | Nov 28, 2024 | Orrick
Radiant Industries, Inc., an innovative clean energy startup, has successfully raised $100 million in a Series C funding round led by DCVC, a leading venture capital firm specializing in deep tech. This crucial funding allows Radiant to advance its pioneering Kaleidos microreactor project, which aims for its testing phase at Idaho National Laboratory's DOME facility by 2026. Radiant focuses on developing this microreactor as a portable, zero-emissions alternative to diesel generators, marking the first new commercial reactor design in over 50 years if successful. Orrick provided legal counsel for Radiant in this investment round. The funds will be used to complete the Kaleidos Development Unit, order nuclear materials, and prepare for production commitments for over 10 reactors by 2030. Doug Bernauer, CEO and co-founder, emphasizes the importance of moving quickly to meet these ambitious timelines and production goals.
Sectors
- Clean Energy
- Nuclear Technology
- Venture Capital
Geography
- United States – Radiant Industries is based in the U.S., with testing planned at Idaho National Laboratory.
Industry
- Clean Energy – Radiant Industries is developing a nuclear microreactor as a zero-emissions power source, part of the clean energy sector.
- Nuclear Technology – Radiant Industries' project focuses on advanced nuclear technology, aiming to be a leader in microreactor development.
- Venture Capital – DCVC, a venture capital firm, led the funding round, highlighting the industry's role in financing innovative technologies.
Financials
- $100 million – Raised in Series C funding by Radiant Industries.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Radiant Industries, Inc. | Target | Company | A leader in advanced nuclear technology and clean energy solutions. |
| DCVC | Investor | Company | A venture capital firm specializing in deep tech investments. |
| Orrick | Legal Advisor | Company | Provided legal representation for Radiant Industries during the funding round. |
| Doug Bernauer | CEO and Co-founder | Person | Co-founder of Radiant Industries, overseeing its nuclear microreactor development. |