Last Energy Raises $100M to Build Steel-Encased Nuclear Microreactors
When Bret Kugelmass founded Last Energy, he spent years convincing people that nuclear power mattered. Today the conversation has flipped, with investors and potential customers taking that premise for granted. The company recently raised $100 million in a Series C led by the Astera InstituteDealroom has a profile for this one. Try Dealroom →, joining a wave of nuclear startups capturing attention and capital as the world searches for reliable, carbon-free energy.
Last Energy is betting on small modular reactors, compact nuclear power plants that can be mass-manufactured to cut costs. Each reactor is designed to produce 20 megawatts of electricity, enough to power roughly 15,000 homes. Rather than starting from scratch, the company is updating a decades-old design first used in the NS Savannah, the world’s first nuclear-powered merchant ship. Their modernized version is about ten times larger, and the company is first building a 5-megawatt pilot reactor at a Texas A&M site, with commercial 20-megawatt units expected in 2028.
The reactors are designed to operate without servicing. Each core is permanently encased in 1,000 tons of steel, which also functions as the waste container when the reactor reaches the end of its life. Fuel is loaded for six years at delivery, and heat from fission passes through the steel to external pipes to spin a turbine and generate electricity. The design simplifies operations while reducing long-term risk.
Investors are taking notice according to TechCrunchDealroom has a profile for this one. Try Dealroom →. Last Energy is part of a cohort of nuclear startups securing significant funding, including Google-backed X-energy and Antares. By combining proven reactor technology with manufacturing-scale efficiencies, the company hopes to reduce the cost of nuclear energy and scale production. In an era defined by climate urgency and rising energy demand, Last Energy is betting that small reactors delivered at scale could become a meaningful part of the solution.
Sources:
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