Nuclear startup Antares Nuclear completes $470 million Series C funding, led by Paradigm and others

According to TechCrunch, nuclear startup Antares Nuclear has completed a $470 million Series C funding round, co-led by Paradigm and Caffeinated Capital, with participation from Industrious Ventures, Point72 Ventures, and Shine Capital, including $370 million in equity and $100 million in debt.

Antares is developing small modular reactors (SMRs) with a power output of 100 kilowatts to 1 megawatt, using TRISO fuel. The company is one of three finalists in the U.S. Department of Defense's Advanced Nuclear Power Systems program, planning to launch its first power-generating reactor next year and deploy it to U.S. military bases by 2028. Previously, Antares completed a $96 million Series B funding round last December, bringing its total funding to $604 million. The first batch of SMRs is expected to be operational in the early 2030s, with a cost of approximately $214 per megawatt-hour, higher than most new power plants except for the most expensive gas turbines.