Nuclear energy startup Antares Nuclear completes $470 million Series C financing, led by Paradigm and others.

July 28th News, according to TechCrunch, nuclear energy startup Antares Nuclear has completed a $470 million Series C funding round, jointly 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, utilizing TRISO fuel. The company is one of three finalists for the U.S. Department of Defense's advanced nuclear power installation program and plans to bring its first power-generating reactor online next year, with deployment to U.S. military bases in 2028. Previously, Antares completed a $96 million Series B funding round in December of last year, 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/MWh, higher than most new power plants except for the most expensive gas turbines.