Sequoia Leads $1 Billion Funding Round for Nuclear Startup Valar

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Or sign-in if you have an account.(Bloomberg) — Sequoia Capital led a $1 billion funding round for Valar Atomics Inc. that the nuclear startup says will help it shift from demonstrating small reactors to producing them in volume. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe transaction values Valar at $6 billion, including the money being invested. The nuclear company has also lined up a $200 million credit facility, according to a statement Monday.Atreides Management, Point72 and Snowpoint Ventures also participated in the Series B financing and Shaun Maguire, a Sequoia partner, will join Valar’s board, according to a statement Monday. The nuclear company has also lined up a $200 million credit facility. Valar is developing next-generation nuclear plants that would be produced in factories and then delivered to provide power for data centers, industrial sites or other facilities. These so-called small modular reactors are aimed at reducing costs and speeding deployment in an industry that’s known for over-budget and delayed projects. The idea is gaining traction, but there are none in service outside of China and Russia.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try again“One reactor can be built as a project,” Isaiah Taylor, Valar’s chief executive officer, said in the statement. “A fleet has to be manufactured.”Valar is one of four companies that have achieved a key technical milestone this year for new reactors, starting a self-sustaining nuclear chain reaction that releases a steady stream of energy. Valar went beyond that in July, by also using that fission reaction to produce enough electricity to power an Nvidia Corp. AI chip and host a website. The two companies are now planning a 30-megawatt AI facility in Utah powered by Valar systems. This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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