US military bases could be powered by Antares’ mini nuclear reactors by 2028

Nuclear startup Antares announced on Monday that it has raised $470 million in new funding to help speed up the development of its small modular reactors (SMRs). The company expects its first systems to power U.S. military sites in the next few years. The Series C funding round includes $370 million in equity and $100 million in debt. It was led by Paradigm and Caffeinated Capital, with participation from Industrious Ventures, Point72 Ventures, and Shine Capital. This investment comes as demand for reliable electricity grows, driven by more AI data centers and wider electrification in many industries. Funding to support military-focused reactor rollout The company is working on an SMR that can generate between 100 kilowatts and 1 megawatt of electricity. That is enough to power up to 750 homes under normal conditions. The nuclear firm has already reached a key milestone. Its demonstration reactor, Mark-0, achieved criticality on June 4 at the Idaho National Laboratory. This confirmed the reactor can sustain a controlled nuclear chain reaction. Antares is one of three finalists in the Pentagon’s Advanced Nuclear Power for Installations program. The initiative will evaluate small nuclear reactors at U.S. Air Force bases in Colorado and Montana. The startup plans to bring its first electricity-producing reactor online in 2027, with military deployments planned for 2028. TRISO fuel designed for high-temperature operation Like several advanced nuclear companies, Antares uses TRISO fuel. This fuel encloses uranium inside multiple layers of carbon and ceramic materials. The fuel particles are about the size of billiard balls when grouped together. They are made to work safely at high temperatures and can be cooled with gases like helium or molten salts. The protective coating helps keep radioactive material inside and is meant to stop the fuel from melting during normal use. This makes TRISO a widely studied alternative to regular nuclear fuel. Nuclear investment continues to accelerate Investor interest in nuclear energy has grown rapidly as utilities and technology companies look for new power sources to meet rising electricity demand. Earlier this year, X-energy raised $1 billion in its IPO. Radiant Energy, Standard Nuclear, and Last Energy have also raised hundreds of millions since December. Antares itself raised $96 million in a Series B round in December. Commercial hurdles remain for advanced reactors Even with more financial support, advanced nuclear companies face big challenges before they can launch commercially. The U.S. supply chain for SMRs is still underdeveloped, and large-scale manufacturing is not yet in place. Many developers argue that building reactors in factories will lower costs over time. But it usually takes years to see these benefits, and no SMR startup has reached that point yet. Industry forecasts also suggest early SMRs may have economic challenges. The energy consultancy Lazard estimates new SMRs could cost around $214 per megawatt-hour, which is more expensive than most newly built power plants except some high-cost gas turbines. The firm has not disclosed the expected cost of electricity from its reactors. Its focus on U.S. military contracts could provide an early market, as defense projects are generally less sensitive to higher upfront costs than commercial power generation. Recommended ArticlesGet the latest in engineering, tech, space & science - delivered daily to your inbox.A versatile writer, Sujita has worked with Mashable Middle East and News Daily 24. When she isn't writing, you can find her glued to the latest web series and movies.