Nuclear Startup Secures Significant Funding for Thorium Fuel
US-based nuclear fuel innovator Clean Core Thorium Energy has successfully raised $15.5 million across two funding rounds, with the latest closing in December 2024. This capital infusion, backed by prominent industry figures, will accelerate the commercialization of their novel thorium-based nuclear fuel.
Key Takeaways
- Clean Core Thorium Energy raised $15.5 million in total funding.
- The funding will support the commercialization of their ANEEL fuel, a blend of thorium and High Assay Low-Enriched Uranium.
- The company aims to deploy its fuel in India, partnering with NTPC and L&T.
- The fuel is designed for use in India’s domestically manufactured reactors.
Funding Rounds and Investors
The $15.5 million was raised over two distinct periods. The most recent funding round, which concluded in December 2024, secured $10 million. This followed an initial $5.5 million raised in 2022, which was notably led by Lakshmi Narayanan, former CEO of Cognizant Technologies. The investments were spearheaded by a Singapore-based family office and included contributions from notable Indian industry leaders such as Sumant Sinha, CEO and founder of ReNew, and Deepak Parekh, former chairman of HDFC Bank.
Advancing Thorium Fuel Technology
Clean Core Thorium Energy, founded in 2017 by Mehul Shah, a non-resident Indian with extensive experience in manufacturing, is focusing on its Advanced Nuclear Energy for Enriched Life (ANEEL) fuel. This innovative fuel is a blend of thorium and High Assay Low-Enriched Uranium (HALEU). The company believes this fuel is particularly well-suited for deployment in India’s existing fleet of domestically produced reactors.
Commercialization and Future Plans
The recently acquired capital is earmarked for the commercialization of the ANEEL fuel, with plans to bring it to market in 2026. A significant portion of the funding is dedicated to crucial technical partnerships, including irradiation testing and qualification at the renowned Idaho National Labs. Clean Core is actively pursuing strategic collaborations within India, having entered into a partnership with state-run NTPC Ltd in December to explore the development and deployment of their fuel. Additionally, a memorandum of understanding was signed in October with engineering giant L&T to develop efficient clean energy solutions globally. The company anticipates undertaking another fundraising round within the current calendar year to further support its growth and development objectives.
Regulatory Considerations
The successful deployment of Clean Core’s thorium fuel technology in India will be contingent upon obtaining the necessary regulatory approvals from both the United States and Indian governments.
