The Plant Vogtle nuclear power plant that went online in Georgia last year was the first nuclear addition to the grid in three decades. The conventional reactor cost $30 billion amid delays and cost overruns.
But nuclear power is back in favor as governments and utilities search for low-carbon “baseload” power and startups design reactors that are smaller, more modular and less expensive than conventional plants.
Washington, DC–based Last Energy, raised $40 million to build 20-megawatt modular reactors, starting in Europe. The Series B round was led by Austin, Texas-based Gigafund, Autodesk Foundation and family offices.
Plug and play
Last Energy plans to serve industrial and data center customers by building light-water reactors on site and selling the power to the business. The company’s off-the-shelf technology and modular construction will allow it to build plants in as little as two years.
“Last Energy’s approach to micro-modular nuclear power has the potential to fundamentally change how we think about energy production, offering a rapid, scalable and economically viable solution to decarbonize heavy industry,” said Autodesk Foundation’s Ryan Macpherson.
Also this month, modular nuclear startup Aalo Atomics snagged $27 million from Fifty Years and other investors. Deep Fission, which is building underground reactors, raised $4 million from 8VC.
