Startup seeks to expand nuclear capacity using existing reactor designs with $51M in new funding

The Nuclear Company, a startup founded in 2023 by entrepreneurs Jonathan Webb, Kiran Bhatraju, and Patrick Maloney, has raised $51.3 million in Series A funding to develop large-scale nuclear reactor sites. Rather than innovating new technologies, the company plans to build reactors using existing designs, focusing on pre-permitted locations. These sites, which are limited in number, can host reactors with over 1 gigawatt of capacity each. The firm’s first phase targets 6 gigawatts of generation capacity. This funding round, which includes backers like Eclipse, CIV, and True Ventures, brings the company’s total to $70 million.

The move comes amid growing demand for electricity in the U.S., largely driven by the exponential energy needs of data centers. Electricity consumption is projected to increase by 16% by 2029, with data center usage potentially quadrupling. Tech giants are investing heavily in nuclear energy to meet their future power needs. However, challenges persist, including competition from faster-deploying solar energy projects and potential financial headwinds from U.S. policy changes. Notably, a draft bill from the House Ways and Means Committee proposes ending tax credits for nuclear power, which could impact long-term projects like those planned by The Nuclear Company.