December 11, 2025

Venture Funding Continues to Deepen Across Advanced Nuclear in 2025 ()

2025 has shown strong financing momentum for advanced nuclear, with major rounds across reactor developers, fuel innovators, and back-end solutions, including Nucleation companies like Aalo and Deep Isolation — underscoring widening investor confidence in our sector.

November 17, 2025

AI Accelerates Nuclear Permitting Through Aalo–Microsoft Collaboration ()

Aalo Atomics is partnering with Microsoft to apply generative AI and agentic systems to complex permitting workflows to build faster, more efficient pathways for licensing and deploying advanced reactors...

November 8, 2025

NextEra and Google Plan to Restart Iowa’s Duane Arnold Nuclear Plant ()

NextEra Energy has announced plans to restart the 615-MW Duane Arnold plant in Iowa by 2029 under a 25-year power agreement with Google—marking one of the first U.S. data-center-linked nuclear restarts.

September 29, 2025

Blykalla Secures Oklo as A2 Co-Lead and Forms Transatlantic Partnership ()

Portfolio company Blykalla has secured Oklo as a co-lead investor in its A2 round and formed a transatlantic partnership to collaborate on reactor technology, supply chains, and regulatory pathways...

May 8, 2025

Canadian Utility Approves First Advanced Nuclear Build Project ()

GE Vernova Hitachi Nuclear Energy (GVH) announced today approval from the Province of Ontario and Ontario Power Generation (OPG) to proceed with deployment of the first small modular reactor (SMR) in the Western world at the Darlington nuclear site in Ontario, Canada. This milestone marks a significant step forward in advancing nuclear innovation and reinforces GVH’s leadership position in scaling SMRs commercially.

October 18, 2024

Amazon goes nuclear . . . !


Amazon has announced a signed agreement with Dominion Energy in Virginia to explore the development and construction of one or more small modular nuclear reactors to use to provide clean power to Amazon Web Services data centers. It is anticipated that Dominion will contract with X-energy to host X-energy's new high-temperature gas reactor at Dominion’s North Anna nuclear power station. This is intended to increase access to clean power for AWS, Amazon’s cloud computing subsidiary, which has escalating energy needs as it expands its services into generative AI. The agreement is also a part of Amazon’s path to net-zero carbon emissions.

Amazon Web Services has agreed to invest more than $500 million into advanced nuclear power, through three related projects, that will result in as much as 600 MW of new power generation at locations from Virginia to Washington state. In the process, Amazon is partnering with Dominion Energy, Energy Northwest and X-Energy to explore the development of an X-energy small modular nuclear reactor, or SMR, near Dominion’s existing North Anna nuclear power station.

Amazon, together with Energy Northwest, a consortium of 29 public utility districts and municipalities across Washington, will help fund the deployment of four reactors developed by X-energy totalling approximately 320 MW of new electricity generation. Additionally, Amazon also is making an equity investment into X-energy as part of an approximately $500 million fundraising round announced today by the nuclear technology company and they've signed a separate memorandum of understanding (MOU) with Dominion Energy “to explore innovative new development structures that would help advance potential [SMR] nuclear development in Virginia.”

[Read more at the sources listed below.]

Sources

UtilityDive: Amazon announces small modular reactor deals with Dominion, X-energy, Energy Northwest, by Brian Martucci, Oct. 16, 2024

CNBC: Amazon goes nuclear, to invest more than $500 million to develop small modular reactors, by Diana Olick, Oct. 16, 2024.

PR Newswire: Dominion Energy and Amazon to explore advancement of Small Modular Reactor (SMR) nuclear development in Virginia, Oct. 16, 2024.

October 15, 2024

Google makes world’s first SMR corporate purchase deal


Google's agreement to purchase energy from advanced nuclear reactors to be built by Kairos Power was, in almost every way, earth-shattering.  This deal puts advanced nuclear on the energy "leaderboard" for the first time and sends an exceptionally powerful message out into the world—that the tech hyperscalers, a group of extremely sophisticated companies committed to decarbonization—are ready to commit large sums to obtain clean and reliable power from advanced nuclear energy providers. This will inform a whole host of other actors and force them to re-assess their energy options.

To better understand Google's reasoning for this agreement, we turn to the blog post written by Michael Terrell, Googles' Senior Director for Energy and Climate. He confirms right away, that Google's decision to sign the "world's first corporate agreement to purchase nuclear energy from multiple small modular reactors" is intended to "accelerate the clean energy transition across the U.S."

Google is building upon a history of pioneering corporate efforts to accelerate clean energy solutions, which started with agreements to purchase renewable electricity over a decade ago. Those purchase agreements have enabled Google to make claims of powering their operations with "renewable" energy but the reality is that for the last decade, Google's power was pulled from the grid like everyone else's and they could not access carbon-free power on a 24/7 basis. This disturbed them, because they knew that their claims were premised on fancy accounting, not reality, and due to the fungibility of electrons, their actual energy streams remained as dirty as eveyone else's.

Google now takes its first true step into truly managing its carbon emissions with this agreement to support Kairos Power's introduction of its advanced nuclear power system.  This is a long-term agreement that enables Kairos to target building multiple initial units by 2030, followed by additional units by 2035.  The agreement will enable the construction of up to 500 MW of 24/7 carbon-free power to a number of communities, which indicates that Google is probably planning to site these new reactors in more than one location, possibly co-located with newly-built data centers being planned to meet growing power demands from AI.

Terrell believes that this agreement, to put Google's purchasing heft in accelerating deployments of the next generation of advanced clean technologies, is important for two reasons:

  1. The grid needs new electricity sources to support AI technologies that are powering major scientific advances, improving services for businesses and customers, and driving national competitiveness and economic growth. This agreement helps accelerate a new technology to meet energy needs cleanly and reliably, and unlock the full potential of AI for everyone.
  2. Nuclear solutions offer a clean, round-the-clock power source that can help us reliably meet electricity demands with carbon-free energy every hour of every day. Advancing these power sources in close partnership with supportive local communities will rapidly drive the decarbonization of electricity grids around the world.

In other words, there is growing 24/7 energy demand and growing urgency to eliminate emissions and renewables are not up to the job. Terrell doesn't say that directly but it seems fairly clear that they recognize that they cannot run a rapidly growing 24/7 data center business with intermittent energy sources, even with fancy accounting.

While we don't get a lot of the financial details of this new agreement, whether they will be investing in Kairos or just helping to finance Kairos' journey through their first of a kind (F.O.A.K) build and out into their "nth of a kind" (N.O.A.K) build, Google's alignment of it efforts to develop and commercialize advanced clean electricity technologies behind Kairos is a formidable combination that promises to help Kairos overcome the remaining barriers for commercialization of its technology.

(From the DOE's Advanced Nuclear LiftOff Report.)

Google's deal with Kairos provides what many experts and the DOE see as a necessary ingredient to break the chicken and egg conundrum:  an orderbook of reactors. This speeds up Kairos' ability to produce its novel reactors in the quantity necessary to lower costs and bring Kairos Power’s technology to market more quickly. Without out, FOAK pricing can be prohibitive to getting orders. Google, with virtually no other options, has bravely stepped to help scale what is likely to be the first of many advanced nuclear technologies coming to market.

This announcement further inflects the advanced nuclear sector and confirms what we have known all along: both traditional and next-generation nuclear technologies are necessary for us to reach 100% clean power and we'll need a very large and very diverse quantity of new reactors being produced and deployed at scale to fully meet all types of growing energy needs and to shift all demand from fossil fuels to clean energy sources.

Resources
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Goggle Blog: New nuclear clean energy agreement with Kairos Power, by Michael Terrell, Oct. 14, 2024

Google Sustainability Report: The Corporate Role in Accelerating Advanced Clean Electricity Technologies, Sept. 2023.

Department of Energy:  Pathways to Commercial Liftoff: Advanced Nuclear Commercial LiftOff

October 8, 2024

BLUE ENERGY: Accelerating deployments of SMRs

Blue energy logo in blue trans.png

Nucleation announces its investment in Blue Energy's Series A with Fund I

Blue Energy  is working to deploy small modular reactors (SMR) in a unique and cost-effective offshore formation that leverages shipyard manufacturing and existing, mature offshore wind technology to decrease siting difficulty, lower construction costs and increase safety by utilizing the vast cooling power of the ocean. Read Blue Energy's press release about their financing.

Blue Energy recognizes that speed to deployment really matters. By utilizing smaller, simpler and manufacturable SMR technology optimized for this purpose, combined with shipyard production, Blue Energy will have a competitive advantage being able to deploy off-shore at existing nuclear power facilities, where approvals to build already exist. This team has figured out a brilliant “ocean-cooled” deployment strategy that enables it to be technology agnostic and build the emerging SMR market with a more affordable and efficient implementation process, in partnership with existing utilities. Energy Secr. Jennifer Granholm believes nuclear needs to "at least triple,” and the U.S. together with some 25 other nuclear nations have also pledged to triple their nuclear generation as well. More recent estimates from the DOE put the amount of new power needed in the U.S. at 200 GW. Blue Energy’s design is poised to help accelerate this growth and are focused on deploying design that are low-cost, manufacturable and NRC-approved. Recently,  the DOE announced plans to allocate some $900 million towards the deployment of SMRs. We believe that Blue Energy could be an early mover working to leverage this DOE funding and have significant advantage in having an implrementation plan ready to go. According to yet another DOE study, of the 65 nuclear power plant sites in 31 states, there is the potential to install as much as 60 to 95 GW of new capacity at these existing and/or recently retured nuclear power plant sites.  For existing sites which are situated on the coast, Blue Energy's approach can give these sites the potential ability to increase that number by adding new, off-shore sitings. Additionally, we are extraordinarily delighted to share that both the U.S. House of Representative and the Senate reconciled versions of the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy (ADVANCE) Act have passed, making sweeping changes to the approval process for new technology in the nuclear energy sector. The ADVANCE Act, more than anything else, seeks to accelerate the deployment of nuclear power, and passed with significant bipartisan majorities in both chambers and is now on President Biden's desk, awaiting his signature. HuffPo calls this the "The Biggest Clean-Energy Bill" since the passage of the IRA, and is designed to turn the NRC into a 21st century regulator. We have written about both House and Senate versions previously, and we will post more information about the final resulting legislation, which Biden is almost certain to sign, on our website shortly.

August 18, 2024

Aalo Atomics: Leveraging DOE R&D

Screenshot 2024 08 18 at 10.42.35 am

Nucleation announces its investment in Aalo Atomic's Series A with Fund I

Aalo Atomics is a group that recognizes the importance of being one of the first to market with an NRC-approved reactor design that can be shipped to customers. They have not only hit the ground running but they have adopted an approach that leverages publicly-funded DOE design and development work that will help to expedite the NRC's approval of the Aalo-1, which will be modeled upon the DOE's MARVEL reactor that is being built now and which will be producing test data within the next few years.

MARVEL, a sodium-potassium-cooled micro-reactor and the first Gen IV design to come out of the national labs in over thirty years, is being built now with completion expected in 2025. The Idaho National Laboratory (INL) expects to complete construction, load fuel in 2026 and begin testing this very pared-down design inside the Transient Reactor Test (TREAT) facility in 2027. Aalo will be well-situated to access the publicly available test data produced by this DOE research program, to provide it with a true competitive advantage when applying for their own NRC license for their comparable design.

In their own words, Aalo is "moving fast and continually hitting significant milestones," having managed to recruit nearly all of their technical team right out of the INL MARVEL program. With that level of highly experience technical expertise on board, they have been able to finish their conceptual design of the Aalo-1, a scaled up version of MARVEL, which they plan to use for their first commercial reactor. Aalo has also signed a siting memorandum of understanding (MOU) with the DOE for a site at the INL so that they have great access to the support team and testing facilities that are increasingly available to developers from the INL and they've set up an office in Idaho Falls for that purpose. Finally, they've already submitted a Regulatory Engagement Plan (REP) with the NRC and have negotiated a preliminary agreement with a potential customer for a fleet of Aalo-1 reactors. This is a pretty good start for a team that had previously raised just over $6 million, prior to closing the current round of $27 million just a few weeks ago. We are impressed by this team's speed, efficiency and competitive strategy and are honored to have joined an impressive group of investors backing them, which includes 50Y, Valor Equity Partners, Harpoon Ventures, Crosscut, SNR, Alumni Ventures, Earth Venture and more. The Aalo team is super-charging their efforts with this financing. They plan to continue to scale their team, adding sales, EPC, manufacturing, fuel and finance talent. They also plan to build a non-nuclear prototype to better refine and demonstrate their design (which we believe is a must in order to make real progress) and they also plan to open a factory headquarters to begin preparations for mass production capability, something that is only possibly because there are existing specifications available from the DOE's MARVEL design now being built.

We expect many more good things to come from this dynamic young team. Read more about Aalo and their Series A financing on their website, or from Bloomberg or Politico Pro.  Follow some additional milestones with reporting from Sonal Patel, of Power Magazine, on Aalo negotiating its first PPA.

 

(Note: Investors who have subscribed to Nucleation's Fund I Q3-2024 will get participation in this investment.)

April 2, 2024

Twelve’s Transformational Mission: Obsoleting Fossil Fuels

Nucleation announces its investment in Twelve's Series C through its Fund I.

Twelve's tagline, "a world made from air," seems quite incredible at face value.  The average person may not realize that gaseous components of air, like CO2 and H2O molecules, contain the ingredients required for hydrocarbons, namely carbon and hydrogen. Twelve, however, has managed to develop some special technology that finally makes it possible to take CO2 and H2O, run them through an efficient electrolysis process, and get CO and H, which can be blended to create synthetic hydrocarbons that are exact substitutes for kerosene and naptha, which until now, have been produced from oil that has been extracted from the ground.

We all know that burning oil, coal or gas and releasing CO2 emissions is what is causing our atmosphere to warm. With every gallon of gasoline burned, we're releasing 2.7 times that volumetric amount in pollution, most of which converts to gas that is invisible to the eye but which traps solar radiation and warms up in the atmosphere.

Twelve's technology, however, utilizes CO2 that is "captured" rather than released into the atmosphere, and it blends that with hydrogen extracted from water using an electrochemical process powered by clean energy, to create a carbon-neutral high-octane fuel that is chemical identical to kerosene, also called Jet A.  Twelve's sustainable aviation fuel (SAF), which it calls E-Jet, can be substituted as a way to enable the aviation industry to achieve carbon-neutrality between now and 2050.

The key for Twelve, which uses a "power-to-liquid" pathway to create its carbon-neutral E-Jet, is to be able to power this production without releasing more carbon dioxide in the process. To do so, Twelve needs to have access to abundant, always-on, affordable and clean energy. Which explains why Twelve opted to build its first production plant not in California, where the power mix is primarily natural gas, but in Washington State, where Twelve can get access to hydropower. 

With that source of energy, Twelve's fuel, once deliveries begin later this year, can help reduce aviation emissions by as much as 90%. In the future, Twelve's growing E-Jet production business will benefit from being able to cost-reduce by being sited near sources of supply for its E-Jet, captured CO2 and airports where its customers refuel. We suspect that, in the future, being able to site a small advanced nuclear power plant near where Twelve's factories want to be, could give them yet another competitive advantage.

Meanwhile, the airline industry's projected demand for SAF far exceeds all known production from all sources, so in the short term, Twelve is able to sell its E-Jet fuel at a premium, while also qualifying for a myriad of local, state and federal incentives aimed at helping businesses like Twelve scale up production capabilities in combination with non-dilutive grants and sales of Scope 3 carbon credits.

Twelve's current Series C financing is providing it with the capital it needs to finish manufacturing its initial stock of reactors and complete the construction of its first commercial-scale fuel production plant in Washington State, where Twelve has a firm contract for hydropower sufficient to meet its production needs for now. Twelve is on track to begin this production and begin delivering initial quantities of E-Jet to Alaska Airlines for use on its flights later this year.

Nucleation is thrilled to have co-invested in Twelve's Series C round together with DCVC, Capricorn (Jeff Skoll), TPG (private equity), Pulse Fund and join many other investors, which include Microsoft, Shopify, Alaska Airlines and the US Air Force. In 2023, Twelve was name one of the Climate Tech Companies to Watch by the MIT Technology Review and was featured in this Bloomberg Green article, Microsoft-Backed Clean Jet Fuel Startup Fires Up New CO2 Converter, a Bloomberg Originals Episode: Dusk or Dawn and other press.

In addition to SAFs, Twelve's reactors can produce a range of carbon-neutral synthetic hydrocarbons, especially e-naphtha, that can be sold into other markets as clean ingredients to enable consumer product companies to make a wide array of carbon-neutral manufactured plastics items, reducing their carbon footprint by over 90%. Twelve has already successfully tested their use through partnerships with Mercedes-Benz (for use in car parts), Procter and Gamble (ingredients for Tide) and Pangaia (for the world's first CO2-made sunglass lenses, in a production run that sold out in under two hours).

Soon after we invested, Twelve was in London to jointly announce a 10+ year, 1 billion liter off-take agreement with the International Airlines Group (IAG), the world's largest publicly traded airline group, which was immediately recognized as the "SAF deal of the year." Twelve's deliveries under that contract will help decarbonize five European airlines, which include British Airways, Iberia and Aer Lingus, potentially as soon as 2025. This delivery contract is a testament both to the level of demand and to customer confidence in Twelve and its final product. It also signals that funding development of future decarbonization technologies can fundamentally transform our energy future and begin to reduce our reliance on fossil fuels.

[Note: Investor access to Twelve is currently available through Nucleation's syndicate SPV. If you join our syndicate, we will forward the deal details to you.]

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