Startup Raises $470 Million to Build Tiny Reactors for Military

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessStartup Raises $470 Million to Build Tiny Reactors for MilitaryCalifornia startup Antares Nuclear Inc. raised $470 million to advance plans to build tiny reactors aimed at supplying power to US military bases.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — California startup Antares Nuclear Inc. raised $470 million to advance plans to build tiny reactors aimed at supplying power to US military bases.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 AccountVenture capital firms Paradigm and Caffeinated Capital co-lead the financing round, which comprised $370 million in equity and $100 million in debt, Antares said in a statement Monday. The investment is expected to help the company deploy its first systems to US military installations by 2028. Antares is developing reactors with no more than 1 megawatt of capacity, far smaller than conventional nuclear plants with typically 1 gigawatt of capacity and feed power to grids. Several startups are developing microreactors that are typically smaller than 20 megawatts. They’re designed to be mass-produced in factories and delivered to supply power for bases, remote communities or industrial sites.While the idea is gaining traction, the technology remains unproven at commercial scale and none are in service in the US.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 againAntares is part of a US Energy Department program aimed at accelerating the deployment of nuclear power. In June, the firm was the first participant to show it can produce a self-sustaining fission reaction — or criticality — a milestone for designing reactors. Its test produced a small amount of energy and Antares doesn’t expect to have a system that generates electricity until next year.The company is now working to expand production capabilities at its Torrance, California, headquarters. It already has a deal to install a system at a US Air Force Base in Texas, and Chief Executive Officer Jordan Bramble expects to announce more military projects this year.“Our focus now is proving a pathway to commercialization,” he said in an interview.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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