Project Omega Raises $80M Series A to Turn Used Nuclear Fuel into Power
America has close to 100,000 metric tons of used nuclear fuel sitting in storage. Project Omega sees it as a mine. The Newport, Rhode Island company raised an $80 million Series A to recycle that fuel into long-duration power sources, reactor feedstock and isotopes.
B Capital led the round, and its global head of energy, Jeff Johnson, joins the board. noa VC and 645 Ventures came in as new investors, and existing backers Starship Ventures, Mantis Ventures, Decisive Point, Virta Ventures, Pace Ventures, Essential Capital and Washington Harbour Partners also participated. No valuation was disclosed. The company emerged from stealth eight months ago.
The process is non-aqueous pyroprocessing. Omega says it recovers useful isotopes such as strontium-90, does not separate pure plutonium, and can cut waste volume by up to 90%. The first products are radiovoltaic power sources, solid-state devices that turn radioactive decay directly into electricity for sensors, autonomous systems, spacecraft and undersea platforms, plus the X Series, a line of modular expeditionary power systems. The money funds a pilot facility for isotope recovery and feedstock, the start of construction on a recycling facility, and more X Series manufacturing. Omega has worked with Idaho National Laboratory through ARPA-E's CURIE program, shown stable current from strontium-90 at Pacific Northwest National Laboratory, and is part of DARPA's Rads to Watts program.
Why this is on an AI site: AI's power demand is what makes nuclear investable again, and autonomous systems need power where nobody can swap a battery. A drone sensor that runs for years with no recharge is a real product. A fuel recycling facility in the U.S. is a regulatory marathon. Expect the isotope and power products to carry the revenue long before the refinery does.
Source: https://www.projectomega.com/newsroom/series-a
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B Capital led the round, and its global head of energy, Jeff Johnson, joins the board. noa VC and 645 Ventures came in as new investors, and existing backers Starship Ventures, Mantis Ventures, Decisive Point, Virta Ventures, Pace Ventures, Essential Capital and Washington Harbour Partners also participated. No valuation was disclosed. The company emerged from stealth eight months ago.
The process is non-aqueous pyroprocessing. Omega says it recovers useful isotopes such as strontium-90, does not separate pure plutonium, and can cut waste volume by up to 90%. The first products are radiovoltaic power sources, solid-state devices that turn radioactive decay directly into electricity for sensors, autonomous systems, spacecraft and undersea platforms, plus the X Series, a line of modular expeditionary power systems. The money funds a pilot facility for isotope recovery and feedstock, the start of construction on a recycling facility, and more X Series manufacturing. Omega has worked with Idaho National Laboratory through ARPA-E's CURIE program, shown stable current from strontium-90 at Pacific Northwest National Laboratory, and is part of DARPA's Rads to Watts program.
Why this is on an AI site: AI's power demand is what makes nuclear investable again, and autonomous systems need power where nobody can swap a battery. A drone sensor that runs for years with no recharge is a real product. A fuel recycling facility in the U.S. is a regulatory marathon. Expect the isotope and power products to carry the revenue long before the refinery does.
Source: https://www.projectomega.com/newsroom/series-a
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