Antares Raises $96M for Microreactor Development

Antares Secures $96 Million in Series B Funding for Small Modular Reactor Development

Nuclear energy startup Antares announced Tuesday the completion of a $96 million Series B funding round, propelling its efforts in the development of a small modular reactor (SMR) design.

Funding Details

The investment round was spearheaded by Shine Capital, with significant contributions from Alt Capital, Caffeinated, FiftyThree Stations, Industrious, and other investors. It comprises $71 million in equity financing alongside $25 million in debt.

R1 Microreactor Specifications

Antares is focusing its technology, the R1 microreactor, on a diverse range of applications including commercial power generation, defense systems, and space exploration.

This reactor is designed to generate between 100 kilowatts and 1 megawatt of electrical power. A key feature of the design is its utilization of TRISO fuel – uranium spheres encased in layers of carbon and ceramic materials embedded within a graphite matrix.

Growing Interest in Nuclear Power

The company is benefiting from a resurgence of interest in nuclear power, a trend observed over the past six months. Increased investment is flowing into the sector.

Recent Investments in Nuclear Technology

Recent funding activity includes:

X-energy, backed by Amazon, secured $700 million in Series D funding following a $700 million Series C round in February.
Deep Fission, after facing fundraising challenges, became a public entity through a $30 million reverse merger in September.
Aalo Atomics raised $100 million in August to construct a demonstration data center powered by a microreactor.
TerraPower, a SMR startup also supported by Bill Gates, received $650 million in funding in June, with Nvidia as a contributor.

Revitalization of Existing Nuclear Plants

Beyond SMRs, larger nuclear facilities are also experiencing renewed support.

Constellation Energy, a Microsoft partner, was granted a $1 billion loan from the Department of Energy to restart a reactor at Three Mile Island, with operations anticipated by 2028. This refurbishment project is estimated to cost $1.6 billion.

Google announced in October a collaboration with NextEra Energy to reopen a nuclear power plant in Iowa that sustained damage during a severe storm in 2020.

Corporate Power Purchase Agreements

Amazon procured 1.92 gigawatts of generating capacity from a Talen Energy nuclear plant in Pennsylvania earlier this summer.

Meta also committed in June to purchasing the clean energy attributes from a Constellation Energy nuclear power plant located in Illinois.

Government Support and the Reactor Pilot Program

The Trump administration has expressed optimism regarding the potential of small nuclear reactors to revitalize the industry within the next decade.

In August, Antares was selected as one of eleven participants in the Department of Energy’s reactor pilot program. The program aims for at least three reactors to be operational by July 4, 2026 – a notably accelerated timeline for the nuclear industry.