The Nuclear Company has successfully raised $46.3 million in its Series A funding round as it moves forward with ambitious plans to develop large-scale nuclear reactor sites. The startup, founded in 2023 by experienced entrepreneurs Jonathan Webb, former CEO of AppHarvest; Kiran Bhatraju, CEO of Arcadia; and Patrick Maloney, CEO of CIV, is taking a unique approach by focusing on building reactors based on existing designs rather than creating new or smaller-scale systems.
The company’s strategy emphasizes identifying and developing reactor sites that already possess necessary permits and operating licenses, significantly speeding up the development process. According to the Nuclear Regulatory Commission, fewer than a dozen sites nationwide currently hold such approvals, making them highly valuable for near-term reactor development. Each site under consideration can accommodate reactors capable of generating more than 1 gigawatt of electricity, and the Nuclear Company intends to establish an initial fleet capable of producing 6 gigawatts in total capacity.
Interest in nuclear power solutions has steadily risen in recent years, driven by growing demand for stable and large-scale energy sources, especially among tech companies and data center operators grappling with securing long-term electricity supplies. Electricity demand in the U.S. is projected to grow by nearly 16% through 2029, with data centers accounting for a significant portion of this increase. By the decade’s end, their electricity usage could potentially quadruple, raising critical issues around energy sourcing and infrastructure.
In response, several leading technology firms have already taken significant steps into nuclear energy. Google recently partnered with Kairos to develop a series of small modular reactors totaling 500 megawatts, while Amazon invested heavily in X-energy’s plans for modular reactor development. Meta has issued requests for proposals aiming at securing up to 4 gigawatts of nuclear power generation capacity, and Microsoft is collaborating with Constellation Energy on the revival of a reactor at Three Mile Island.
However, the nuclear industry faces distinct challenges from competing renewable energy solutions, particularly solar combined with advanced battery storage. Solar projects have increasingly been the preferred solution due to lower costs, quick development timelines—often less than 18 months—and significant flexibility in deployment. As tech companies routinely commit to large-scale solar projects, nuclear developers must navigate a competitive landscape to secure power purchase agreements and long-term financing.
The potential financial landscape for nuclear projects is becoming more uncertain. Recent draft legislation from the House Ways and Means Committee proposes eliminating previously approved federal subsidies for nuclear power included in the Inflation Reduction Act. Currently, nuclear plants are eligible for significant credits of up to $15 per megawatt-hour. If these subsidies are cut, projects like those being pursued by the Nuclear Company could face economic hurdles.
Given the long lead times to bring new nuclear reactors online—anticipated to extend into the early 2030s for the Nuclear Company’s fleet—the financial viability of these significant infrastructure investments remains uncertain. Although nuclear power may offer a viable solution to future energy shortages, particularly as electric demand escalates dramatically, its developers will operate amid considerable regulatory and competitive pressures over the next few years.
