Transmutex receives CHF 20 million for its breakthrough nuclear energy technology
Cleantech
5 February 2024
Transmutex’s funding milestone marks a significant step towards realizing safer, more sustainable nuclear energy solutions, potentially transforming the global energy landscape. | © Transmutex
Geneva-based Transmutex has raised over CHF 20 million to accelerate the development of its innovative nuclear energy system.
Transmutex, a pioneering nuclear engineering start-up headquartered in Geneva, has successfully closed its Series A2 financing round, raising over CHF 20 million. This new funding is set to accelerate the development of its innovative nuclear energy system, designed to offer a safer, cost-effective, and proliferation-resistant solution to nuclear energy. Union Square Ventures and Steel Atlas co-led the round, with participation from a notable group of investors.
Established in 2019 by Franklin Servan-Schreiber and staffed with former CERN physicists, Transmutex is on a mission to revolutionize nuclear energy. The company’s technology pairs a particle accelerator with a subcritical fuel assembly, offering several advantages over traditional self-sustaining nuclear reactors. This system can halt the reaction in just 2 milliseconds, ensuring unprecedented operational safety.
Transmutex’s solution addresses the pressing need for carbon-free baseload energy by utilizing a variety of fuel materials, including thorium. This approach not only broadens the safety margin but also enables the efficient burning of long-lived nuclear waste. Moreover, thorium usage prevents the production of plutonium and other hazardous waste, aligning with the company’s commitment to environmental sustainability.
Partnerships with top-tier governmental institutions
The significance of Transmutex’s work is underscored by the United Nations’ estimation that nuclear power must increase fivefold by 2050 to satisfy clean energy demands. The current reliance on uranium-based nuclear energy is unsustainable, facing imminent resource shortages and waste management challenges. In response, Transmutex is exploring partnerships with top-tier governmental institutions to form an international coalition, aiming to expedite the construction of a pioneering facility.
The Series A2 round attracted a diverse group of investors, including At One Ventures, HCVC, AlleyCorp, House Of Ventures, Presight Capital, Verve Ventures, FONGIT, and Tiny Supercomputer Investment Co., highlighting the wide-ranging support for Transmutex’s vision.
