Insider Brief
- Last Energy, a D.C.-based nuclear startup, raised $40 million in a Series B round led by Gigafund to expand its microreactors across Europe, focusing on markets like Poland, Romania, and the U.K.
- The company has secured commercial agreements for 80 units and plans to build 10,000 reactors over the next 15 years, with its first plant expected by 2026.
- Nearly half of Last Energy’s current contracts are with data centers, and the company has also partnered with NATO to explore military base applications for its technology.
- Image: One of Last Energy’s nuclear reactors at a showcase in D.C. earlier this year. (Last Energy/WBJ)
Washington D.C.-based nuclear power startup Last Energy has secured $40 million in a Series B funding round to expand its small-scale nuclear power plants across Europe. The funding round was led by Austin, Texas, venture capital firm Gigafund, with additional participation from the Autodesk Foundation in San Francisco and various family offices, as reported by Washington Business Journal. The round was closed earlier this year, though the company did not specify the exact timing.
Founded in 2019 by Bret Kugelmass, Last Energy aims to address the climate crisis by making nuclear power more accessible through its microreactors. These small-scale nuclear power plants are designed to be faster and more cost-efficient to assemble while still providing significant energy output. Although the company is currently focusing on European markets, including Poland, Romania, and the United Kingdom, Kugelmass did not rule out the possibility of future deployments in the U.S., WSJ is reporting.
“Our current priority is deploying in Europe in the 2020s, especially as industry and government there cohere around nuclear power as the best solution to the continent’s energy challenges,” Kugelmass stated in an email, as reported by Washington Business Journal. He added, “With that said, we’re a proud American company, and it’s possible we’ll deploy in the U.S. down the road.”
The recent $40 million raise follows a $20 million Series A round in 2021 and at least $3 million in funding in 2020, according to PitchBook data. The company has experienced significant growth this year, nearly doubling its workforce to 70 employees, with plans to continue hiring, particularly in its London and Warsaw offices. Currently, about 50 of its staff are based at its D.C. headquarters on Vermont Avenue NW.
Despite being pre-revenue, Last Energy has secured commercial agreements for 80 units of its microreactors. The company plans to have its first plant operational by 2026 and aims to scale up to build 10,000 reactors over the next 15 years. These reactors, weighing approximately 22 tons and standing 48 feet tall, are designed to be constructed within 12 to 24 months.
The focus on Europe stems from the region’s growing consensus on nuclear power as a viable solution to its energy challenges, particularly in light of increasing energy demands and the need for clean energy sources. “The U.S. and Europe both have rules governing these issues. Our position isn’t that one is better than the other, just that they’re different,” Kugelmass said, as reported in the Washington Business Journal.
Last Energy’s technology has attracted interest from various sectors, particularly data centers, which account for nearly half of the company’s current contracts. The high energy requirements of data centers make them prime candidates for the reliable and scalable energy that Last Energy’s microreactors aim to provide.
In addition to its commercial endeavors, Last Energy has also engaged with NATO, signing an agreement earlier this year to explore military base applications for its technology. This partnership highlights the potential for Last Energy’s reactors to be utilized in various contexts, including national security.
The company remains vigilant regarding the legal and regulatory landscape surrounding nuclear power, particularly in the U.S., where approximately a dozen states have restrictions on its use due to safety concerns. However, support for nuclear energy is growing, with recent legislative actions, such as President Biden’s signing of a law to incentivize the industry’s growth, potentially paving the way for broader adoption.
As Last Energy continues to expand its footprint in Europe, the company is also keeping an eye on potential opportunities in the U.S. market, depending on how regulations and public sentiment around nuclear energy evolve.
