Nuclear startup Atlas Atomics, backed by Ohio governor hopeful Vivek Ramaswamy, has raised capital at a valuation of about US$1.9 billion ($2.72 billion), sources say.
The fundraiser generated around US$400 million, with General Catalyst leading the financing round, with additional participation from Andreessen Horowitz.
Atlas Atomics was co-funded by Kevin Gan, who has over 15 years of experience investing in energy companies. Gan previously worked at Millennium and D.E. Shaw & Co. Balendra Sutharshan, a former COO at Oak Ridge National Laboratory, and is Atlas’ chief nuclear officer.
Atlas is focused on developing heavy water reactor technology that does not rely on enriched uranium, potentially reducing costs.
The launch of the company and the significant funding behind it follow US President Trump’s goal to quadruple US nuclear capacity by 2050.
Gan has sent a letter to the Utah Governor’s Office of Energy Development, stating the company’s goal to deliver reliable power, create medical and industrial isotopes, and help support the recycling of nuclear fuel.
Meanwhile, Ramaswamy has made nuclear energy a core part of his gubernatorial campaign.
While the US is undergoing a nuclear renaissance, as previously reported, nuclear is also expanding globally. A number of countries are expressing plans for adoption or restarts, including Taiwan and Italy, which have recently noted plans for their nuclear industries.
Write to Amy Rotman at Mining.com.au
Main image: Vivek Ramaswamy
