Project Omega, a nuclear technology company, has raised $80 million in Series A funding to develop advanced nuclear fuel recycling technology and long-duration power systems.
The round was led by B Capital, with participation from noa VC, 645 Ventures and other investors focused on nuclear technology and national security.
Existing investors also joined the round, including Starship Ventures, Mantis Ventures, Decisive Point, Virta Ventures, Pace Ventures, Essential Capital and Washington Harbour Partners.
The company plans to use the funding to accelerate its work on nuclear fuel recycling and turn recovered materials into new sources of electricity, fuel for nuclear reactors and specialised isotopes for commercial, scientific and medical applications.
The investment comes as the United States looks to increase its nuclear power capacity to meet rising electricity demand from artificial intelligence, data centres and advanced manufacturing. Strengthening domestic access to nuclear fuel and reducing dependence on foreign suppliers are also becoming important priorities.\
“America’s growing demand for reliable power is colliding with a nuclear fuel cycle that remains dependent on foreign supply and leaves enormous value stranded in used fuel,” said Jeff Johnson, General Partner and Global Head of Energy at B Capital, who will join Project Omega’s Board of Directors. “Project Omega’s technology has the potential to create multiple revenue streams from a largely untapped domestic resource, spanning long-duration power, reactor feedstock and strategic isotopes. We’re excited to support Staff Sheehan and his highly experienced team as they scale this platform and unlock economic potential across the nuclear value chain.”
Turning Used Nuclear Fuel into Valuable Resources
Project Omega is developing a technology called pyroprocessing to recover useful materials from used nuclear fuel. The process is designed to recover isotopes such as strontium-90 without separating pure plutonium. According to the company, its technology can also reduce the volume of nuclear waste by up to 90%.
Rather than treating used nuclear fuel only as waste, Project Omega aims to recover materials that can support new energy technologies and industrial applications.
One of its initial areas of focus is radiovoltaic power. These solid-state systems convert the natural decay of radioactive isotopes directly into electricity. They are designed to provide long-lasting power in locations where recharging batteries, replacing equipment or accessing conventional electricity supplies is difficult.
Potential applications include sensors, autonomous systems, communication networks, spacecraft, undersea platforms and other equipment used in remote or mission-critical environments.
“The country’s nuclear renaissance will not happen without the fuel. We have a domestic source for this, nearly 100,000 metric tons of used nuclear fuel, which is one of America’s largest untapped energy resources,” said Dr. Stafford Sheehan, founder and CEO of Project Omega. “We are building a vertically integrated strategy around an abundant domestic feedstock, with a non-aqueous recycling process that recovers useful isotopes, and products with clear strategic demand. That combination creates the potential for an entirely new nuclear innovation economy.”
“Project Omega has progressed well beyond a compelling scientific idea,” said Howard Morgan, Co-Founder, Chair and General Partner at B Capital. “The company is building the fuel-cycle infrastructure needed to support America’s growing nuclear industrial base and help power the country’s next era of innovation.”
Progress in Nuclear Technology Development
Since emerging from stealth eight months ago, Project Omega has advanced its technology through several research and development programmes.
The company has worked with Idaho National Laboratory on nuclear fuel recycling through the Department of Energy’s ARPA-E CURIE programme. It has also demonstrated stable electrical current from strontium-90 at Pacific Northwest National Laboratory and advanced its radioisotope power systems through DARPA’s Rads to Watts programme.
Project Omega has also introduced its X Series, a range of modular power systems designed for expeditionary and remote operations. These systems combine battery storage, generators and an intelligent control platform. They are initially designed to integrate solar and wind power, with the potential to incorporate isotope-based power in the future.
Funding to Support Manufacturing and Facility Development
The new Series A funding will support further development and manufacturing of the X Series products. It will also help the company begin construction of a nuclear fuel recycling facility.
Project Omega aims to connect nuclear fuel recycling with the development of practical energy products. Its longer-term goal is to build a domestic supply chain that converts used nuclear fuel into reactor materials, specialised isotopes and long-duration power systems.
The company operates offices in Newport, Rhode Island, and Hailey, Idaho, along with a cold laboratory in Fall River, Massachusetts.
With its $80 million Series A round, Project Omega plans to advance its nuclear recycling technology and develop new power solutions for defence, space, remote operations and other industries.
