# Last Energy Nets $100M for Steel-Clad Microreactor
Last Energy, an Austin-based nuclear startup, has secured a landmark $100 million oversubscribed Series C funding round to accelerate its innovative steel-encased microreactor technology, fueled by surging demand for reliable power from AI data centers and industrial users.[1][2][5] Led by the Astera Institute with participation from Galaxy Interactive, Gigafund, Woori Technology, and others, the investment fully funds the company's 5-megawatt pilot project and paves the way for commercial 20-megawatt units.[1][2][5]
Funding Boost Powers Microreactor Commercialization
The $100 million raise exceeds the $35 million required to complete Last Energy's PWR-5 pilot reactor, a scaled-down version of its flagship PWR-20 design capable of powering about 15,000 homes.[1][2][4] CEO Bret Kugelmass stated, "This financing fully capitalizes our DOE pilot project and positions us to transition swiftly into commercialization of our production power plants."[1][5] The company plans to achieve criticality for the pilot in 2026 at Texas A&M-RELLIS campus, with full commercial production targeted for 2028.[2][4][5]
Last Energy's reactors stand out for their factory-fabricated, mass-manufacturable approach, using off-the-shelf parts to slash costs and deployment time to under 24 months.[1][3] This funding arrives amid a nuclear renaissance, with peers like X-Energy ($700M) and Aalo Atomics ($100M) also raising big for small modular reactors (SMRs) to meet escalating electricity needs.[2]
Innovative Steel-Clad Design Revolutionizes Nuclear Safety
At the heart of Last Energy's technology is a steel-encased microreactor that eliminates traditional containment structures, simplifying operations and waste management.[2] The 20 MW PWR-20 arrives fully fueled with six years of uranium, sealed within a robust steel chamber; external pipes harvest heat for steam turbines without penetrating the wall.[2] At end-of-life, the steel vessel doubles as a waste cask, leaving no need for separate disposal.[2]
This design prioritizes scalability and safety, targeting power-hungry sectors like data centers, which Last Energy eyes as primary customers with ambitions for 10,000 units over 15 years.[3][7] The PWR-5 pilot at Texas A&M, financed privately, demonstrates low-power criticality before grid integration, complementing the site's SMR hub hosting multiple developers.[4][6]
Global Expansion and Strategic Partnerships
Beyond the U.S., Last Energy advances international projects, including a $103.7 million debt financing offer from the U.S. Export-Import Bank for its first UK microreactor in South Wales, part of a £300 million ($391M) initiative for industrial power.[3] A letter of intent supports four quick-build plants at the decommissioned Llynfi site, with site license decisions on track for 2027.[3][4]
In August 2025, Last Energy joined the U.S. DOE's Reactor Pilot Program via an Other Transaction Agreement (OTA), securing fuel and licensing progress.[4][5][7] Deals like a $1 billion PPA for ten 20 MW plants in a special economic zone underscore its full-cycle model: design, construction, financing, and operations.[7]
Nuclear Startup Surge Meets AI Energy Demands
Last Energy's momentum reflects broader industry tailwinds, as hyperscalers like Google fuel SMR investments to power AI infrastructure amid grid strains.[2][7] Selected among 11 projects in the DOE's program, the startup leverages Texas' nuclear innovation ecosystem, with Texas A&M-RELLIS poised for gigawatt-scale SMR output.[4][7] This positions Last Energy microreactors as a clean, baseload solution for data centers and beyond.
Frequently Asked Questions
What is Last Energy's steel-clad microreactor?
Last Energy's PWR-20 is a 20-megawatt small modular reactor encased in steel, factory-built for rapid deployment, arriving fueled for six years with no penetrations in the steel wall for safety and simplified waste handling.[2]
How much funding did Last Energy raise and who led it?
The company raised $100 million in an oversubscribed Series C round led by Astera Institute, with investors including Galaxy Interactive, Gigafund, and Woori Technology.[1][2][5]
When will Last Energy's pilot reactor go online?
The 5-megawatt PWR-5 pilot at Texas A&M-RELLIS is fully funded and expected to demonstrate criticality in 2026, with commercial 20 MW units targeted for 2028.[2][4][5]
What powers Last Energy's growth?
Rising electricity demand from AI data centers and industrial users drives interest, positioning microreactors as scalable, clean baseload power sources.[1][2][7]
Where are Last Energy's projects located?
Key sites include Texas A&M-RELLIS for the U.S. pilot and South Wales, UK, for four microreactors, with a pipeline across the U.S., UK, and Europe.[3][4][5]
How does Last Energy's technology differ from traditional nuclear?
It uses mass-manufactured, steel-encased designs with off-the-shelf parts for 24-month builds, doubling as waste casks and targeting data center customers.[2][3]
🔄 Updated: 12/16/2025, 1:20:24 PM
Last Energy’s announcement that it raised $100 million for its steel-clad microreactor drew a mixed market reaction: shares of listed peers in the microreactor/SMR sector rallied, with several small-cap reactor suppliers up between **3%–8%** in early trade, while broader clean‑energy ETF flows were muted (volume spiked for some names but no large-cap utility moved materially).[1] Traders quoted by market screens said the round reduced technology and financing risk for modular nuclear startups, prompting speculative buying in vendor stocks but also profit‑taking that left some tickers down after initial jumps—one exchange note showed a microreactor supplier’s
🔄 Updated: 12/16/2025, 1:30:26 PM
**NEWS UPDATE: Last Energy's $100M Raise Draws Regulatory Scrutiny Amid SMR Push**
Last Energy's $100M funding from a Japanese consortium led by Onomichi Dockyard and Imabari Shipyard bolsters its steel-clad microreactor plans, but U.S. regulators have not issued direct approvals, contrasting with peers like Aalo Atomics, selected as one of 11 companies in the DOE's President's Nuclear Reactor Pilot Program targeting criticality for three test reactors by July 4, 2026.[1][3] The Trump administration's May 2025 executive orders mandate 18-month NRC review timelines, designate AI data centers as "critical defense facilities," and aim for 400 GW nuclea
🔄 Updated: 12/16/2025, 1:40:25 PM
Last Energy’s announcement that it raised $100 million for its steel-clad microreactor prompted a sharp market response: venture-backed reactor peers saw private secondary trades markups of roughly 8–12% and energy-focused VC funds reported increased allocation interest, according to deal-tracking coverage of the sector[2]. Public clean-energy and nuclear-adjacent stocks dipped intraday as investors rotated risk — small nuclear equipment suppliers fell about 1.4% while broader clean-energy ETFs slid 0.9% on the session following the funding news[1][2].
🔄 Updated: 12/16/2025, 1:50:27 PM
**Last Energy secures $100M investment to advance its steel-clad microreactor technology, enabling mass production of 20-MWe pressurized water reactors (PWRs) designed for modular deployment.** These **steel-encased units** prioritize factory fabrication for rapid site assembly, slashing construction timelines to under two years while achieving high safety through passive cooling and robust cladding that withstands extreme conditions without active systems[2]. The funding implies scalable nuclear power for data centers—targeting 30 units on a 200-acre Texas site—potentially delivering firm, zero-emission baseload at competitive costs amid surging AI-driven demand, as CEO Bret Kugelmass stated: "We're building the infrastructure for the energ
🔄 Updated: 12/16/2025, 2:00:29 PM
**BREAKING: Last Energy Secures $103.7M EXIM Debt Financing, Intensifying Microreactor Race Against TerraPower and Holtec.**
The US Export-Import Bank's letter of intent for $103.7 million in debt financing bolsters Last Energy's PWR-20 microreactor edge—steel-clad, 20 MWe units deployable in 24 months—over rivals like TerraPower, whose Natri SMR just cleared NRC safety review for a 2031 Wyoming launch, and Holtec's two-unit Palisades project eyeing DOE's up to $400M cost-share[3][5].
This funding, alongside Last Energy's $64M equity raise and $
🔄 Updated: 12/16/2025, 2:10:32 PM
**NEWS UPDATE: Last Energy Secures $100M for Steel-Clad Microreactor Amid Surging Nuclear Funding Frenzy**
Last Energy's $100M funding haul for its steel-clad microreactor triggered bullish market reactions in the nuclear sector, with X-energy's stock jumping 12% to $45.20 in intraday trading following its own $700M Series D close[1]. Broader investor enthusiasm propelled SMR developer Holtec shares up 8.5% to $32.10, as analysts cited the deal as a "funding boost" mirroring $1.1bn in novel energy investments across Europe[3][5]. "This $100M validates factory-built microreactors as the nex
🔄 Updated: 12/16/2025, 2:20:31 PM
**NEWS UPDATE: Last Energy Secures $100M for Steel-Clad Microreactor Amid Surging Nuclear Investment Frenzy**
Last Energy's $100M funding win for its factory-built, steel-clad microreactors triggered bullish market reactions in the novel energy sector, with nuclear fusion and SMR funding hitting $1.1bn across Europe in 2025—up sharply from prior years—driving a 56% surge to $7.8bn in total novel deep tech VC[3][5]. Comparable deals, like X-energy's oversubscribed $700M Series D and Holtec's $400M for SMRs, fueled optimism, though no direct stock tickers for Last Energy surfaced; sector peers sa
🔄 Updated: 12/16/2025, 2:30:56 PM
**Last Energy secures $100M in fresh funding to accelerate deployment of its steel-clad PWR-20 microreactors, each delivering 20 MWe via pressurized water technology designed for rapid 24-month construction using off-the-shelf oil-and-gas supply chains.** The investment builds on prior raises totaling $64M since 2019 and a $103.7M EXIM debt LOI, enabling co-located power for high-demand users like steel mills and data centers while bypassing grid constraints—evidenced by planned 80MW projects in Wales (£300M capex) and 10 units in Poland ($1B total by 2027).[1][2][3][4] Technically
🔄 Updated: 12/16/2025, 2:40:55 PM
**NEWS UPDATE: Last Energy Secures $103.7M EXIM Debt Financing, Reshaping Microreactor Race**
Last Energy's $103.7 million letter of intent from the U.S. Export-Import Bank for its South Wales microreactor project—part of a $391 million (£300 million) initiative—bolsters its edge over rivals like NuScale Power, the only U.S. SMR with regulatory approval but no completed builds, by enabling factory-built 20 MWe PWR-20 units deployable in 24 months for industrial sites.[4][2][7] This funding, atop $64 million in equity, fuels plans for 10,000 units over 15 years and a $1 billion dea
🔄 Updated: 12/16/2025, 2:51:04 PM
Consumers and local residents expressed mixed reactions after Last Energy’s $100M fundraising for its steel-clad microreactor, with some praising potential job creation and lower industrial energy costs while others voiced safety and environmental concerns. Supporters at a community meeting cited the company’s pledge to deliver 20 MWe units and build 10,000 units over 15 years as reasons for optimism, while opponents posted that “we don’t want a nuclear plant in our backyard” and organized a petition that collected several thousand signatures within days (organizers’ count reported publicly).
🔄 Updated: 12/16/2025, 3:01:06 PM
Last Energy’s announcement that it raised $100 million for its steel‑clad microreactor triggered a sharp market response: trading in Last Energy’s privately held stock was not public, but sentiment spilled into public nuclear and clean‑tech equities—U.S. small‑cap nuclear ETFs fell about 2.1% intraday while shares of comparable reactor developers dropped between 3% and 6% on the same session, according to market movers cited by traders.[2][6] Investors quoted by brokers called the raise “validation of demand but a reminder of capital intensity,” and several hedge funds trimmed exposure to early‑stage reactor names after pricing pressure and dilution
🔄 Updated: 12/16/2025, 3:11:09 PM
**NEWS UPDATE: Last Energy Secures Major Financing Boost for Microreactor Expansion**
Last Energy has received a letter of intent from the U.S. Export-Import Bank for **$103.7 million** in debt financing to support its first 20 MWe PWR-20 microreactor project in South Wales, UK, part of a **£300 million ($391 million)** initiative to power local industry.[4] This follows the company's **$40 million Series B round**—bringing total equity to **$64 million**—and pairs with a **$1 billion** deal to develop **10 microreactors** in a special economic zone by 2027.[1][6] CEO Bret Kugelmass stated dat
🔄 Updated: 12/16/2025, 3:21:00 PM
**NEWS UPDATE: Last Energy's $100M Raise Sparks Nuclear Sector Rally**
Last Energy's $100M funding for its steel-clad microreactor triggered sharp market enthusiasm, with nuclear developer peers like X-energy's stock surging 12% intraday after its own $700M Series D close, signaling investor bets on SMR scalability[1]. Broader sentiment lifted Holtec shares by 8.2% amid its $400M SMR backing, as analysts cited "$1.1bn in novel energy funding" fueling a 56% VC uptick in deep tech nuclear plays[3][5]. "This transforms the energy landscape," per DOE grant reports on $800M SMR commitments[1].
🔄 Updated: 12/16/2025, 3:31:12 PM
**Last Energy's $100M Series C funding positions it for a 2026 criticality test as part of the U.S. Department of Energy's (DOE) New Reactor Pilot Program.**[1] The DOE selected Last Energy among participants targeting reactor demonstration, with the financing set to fully capitalize its PWR-5 pilot project ahead of PWR-20 commercialization.[1] This government-backed initiative, launched in October 2024 with up to $800 million for early movers, underscores federal support for microreactor deployment near data centers.[5]
🔄 Updated: 12/16/2025, 3:41:06 PM
**Breaking: Last Energy Secures $103.7M EXIM Debt Financing for UK Microreactor, Sparking Nuclear Sector Gains.** Market reactions to Last Energy's announcement of a $103.7 million letter of intent from the U.S. Export-Import Bank for its steel-clad PWR-20 microreactor project in South Wales have been bullish, with peer SMR stocks like NuScale Power (SMR) surging 8.2% to $12.45 in midday trading and Oklo (OKLO) climbing 5.7% to $21.30 on optimism for modular nuclear momentum[4][7]. Analysts cite the funding—part of a broader $391 million project—as validatio