Standard Nuclear: A Phoenix from Startup Failure

Standard Nuclear Secures $42 Million to Advance Nuclear Fuel Production

Standard Nuclear officially launched on Wednesday, announcing the completion of a $42 million funding round dedicated to the development of cutting-edge nuclear fuel.

Acquisition of USNC Assets

However, Standard Nuclear isn't a completely new entity. The company was established through the acquisition of assets from the Ultra Safe Nuclear Corporation (USNC) following its bankruptcy, with a purchase price of $28 million. Kurt Terrani, the current CEO of Standard Nuclear, previously held the position of vice president at USNC.

Investment Details

Decisive Point spearheaded the funding round, with further investment coming from Andreessen Horowitz, Crucible Capital, Fundomo, and Washington Harbour Partners.

The company reports having $100 million in preliminary, non-binding fuel sales agreements slated for 2027.

Key Partnerships

Standard Nuclear is collaborating with companies such as Nano Nuclear Energy, which also acquired assets from USNC during the bankruptcy proceedings, and Radiant Industries, another portfolio company of Decisive Point.

In a statement given to TechCrunch, Standard Nuclear clarified that the asset purchase from the bankruptcy proceedings effectively expedited their launch timeline.

Focus on TRISO Fuel Technology

Understanding TRISO Fuel

USNC was focused on the commercialization of TRISO fuel, a type of nuclear fuel consisting of uranium pellets encased in multiple layers of carbon- and ceramic-based materials.

These fuel particles, approximately the size of poppy seeds, are engineered to exhibit enhanced resistance to meltdowns and can be contained within larger spherical or cylindrical structures.

A Long-Standing Technology

While the TRISO concept dates back to the 1950s, its widespread adoption has been limited until recently.

Several emerging companies, including Kairos (backed by Google) and X-energy (backed by Amazon), are now planning to integrate TRISO fuel into their reactor designs.

The Tumultuous History of USNC

Financial Backing and Ambitious Scope

USNC’s development was significantly supported by Richard Hollis Helms and his family, who invested a total of $100 million, alongside $24.7 million in loans.

Despite being largely funded by a single investor, USNC pursued a broad range of projects, encompassing not only TRISO fuel production but also the development of two distinct reactor designs, a nuclear space propulsion system, and a nuclear heating system for spacecraft.

The Background of Richard Hollis Helms

The origins of Helms’ interest in advanced nuclear technology are not widely known. He began his career at the CIA as an Arabist specializing in the Middle East.

His wife also reportedly engaged in clandestine activities; his obituary described their dual careers as international spies, concealed from their children until revealing their past while watching the film “True Lies.”

Post-CIA Ventures

Helms retired from the CIA following the events of 9/11, citing a lack of utilization of his and his colleagues’ expertise.

He subsequently founded two national security-focused companies: Abraxas, which was sold for $124 million in 2010, and Ntrepid, which remains a privately held entity.

USNC’s Financial Difficulties and Bankruptcy

Seeking Investment and Mounting Debt

In 2022, USNC initiated efforts to secure investment for a Series A funding round, as indicated in court documents.

However, the company experienced slow revenue growth, and following Helms’ passing, its financial obligations increased.

Online discussions on Reddit suggest that the company faced challenges in meeting payroll obligations at the time.

Bankruptcy and Asset Acquisition

USNC filed for bankruptcy in October 2024.

Standard Nuclear, under the leadership of Decisive Point founder Thomas Hendrix, submitted a stalking horse bid of $28 million for USNC’s fuel-related assets that same month.

The sale was finalized in February, including the facilities that now serve as Standard Nuclear’s operational headquarters.