May 5, 2026

Blue Energy Raises $380M, forms partnership with GE Vernova

Blue Energy and GE Vernova have formed a strategic collaboration to advance the world’s first gas-plus-nuclear power plant. The two companies intend to design and develop a power plant using GE Vernova Hitachi Nuclear Energy's BWRX-300 small modular reactors and combine that with GE Vernova gas turbines to meet as much as 2.5 gigawatts of electricity demands as quickly as possible, in order to provide power to a client's AI data center. This includes a signed slot reservation agreement for delivery to the Texas site of two GE Vernova 7HA.02 gas turbines in 2029 for “early site energization.” With turbines one of the long-lead time gating items for new power plants, this delivery timeframe is a win for Blue Energy's plans.

Blue Energy has been developing an approach to accelerate deployment of new nuclear power plants by trimming at least five years off the conventional nuclear timeline and slashing time to power to 48 months or less with a natural gas bridge to gigawatts of nuclear power. At the end of last year, the Nuclear Regulatory Commission approved the company’s licensing topical report on its approach to “resequencing” the phases of nuclear plant construction. Under its model, Blue Energy separates construction of the nuclear and non-nuclear portions of the plant, beginning with off-site fabrication and on-site installation of the non-nuclear, “non-safety-significant” infrastructure. This approach enables fabrication and site energization to begin while the nuclear components continue through their licensing and construction phases.

In late April, 2026, Blue Energy close on a staggering $380 Million Series B which will help it advanced its rapid-progress style approach to nuclear plant development. This fundraise was led by VXI Capital, signaling what may be a whole new chapter in the growth of American nuclear power, with additional backing from prior venture investors, including Engine Ventures, At One Ventures and Tamarack Global.

August 20, 2025

Nucleation Capital Backs Aalo in $100M Series B Round

Aalo-refined

Nucleation Capital is proud to back Aalo Atomics once again, participating in their $100 million Series B round. This marks our second investment in Aalo, following our participation in their Series A in Q3 2024 and now again in Q3 2025.

The Series B was led by Valor Equity Partners, with participation from new and existing investors including Nucleation Capital, Fine Structure Ventures, Hitachi Ventures, NRG Energy, and others.

Nucleation is honored to be able to continue supporting Aalo as they accelerate towards commercialization as part of the DOE’s pilot licensing program. And we’re pleased to be able to provide more accredited investors access to exciting ventures innovating the future of energy like Aalo. If you wish to participate in Aalo, you may still do so with a subscription to Nucleation’s Fund I starting in Q3-2025. Learn more here.

May 14, 2025

ZENO POWER: Closes $50 Million Series B Financing

Zeno series b image
Nucleation announces its investment in Zeno Power’s $50 Million Series B with Fund I

Nucleation is delighted to announce our participation in Zeno Power’s $50 million Series B funding round, led by Hanaco Ventures with participation from Seraphim, Balerion Space Ventures, JAWS, Vanderbilt University, RiverPark Ventures, Stage 1 Ventures, 7i Capital, Beyond Earth Ventures, and other investors.

Axios article headline and battery image.In an article released today, Axios has first reported on Zeno Power's close of this funding together with news of the company's appointment of Admiral John Richardson, USN (Ret.), former Chief of Naval Operations and Director of the Naval Nuclear Propulsion Program, to its Board of Directors. This brings the total raised by Zeno to over $70 million, following the company's Series A, which was led by Tribe Capital.

Zeno Power is working to power strategic frontiers, which include the deep ocean, the Artic and space, regions where there are prospects for commerce, strategic influence and international competition for resources. The company builds nuclear batteries, essentially radioisotope power systems, which convert the heat from nuclear "waste" materials like Strontium-90 (Sr-90) into long-duration energy sources. The demand for such power systems—by groups seeking to operate on the moon, Mars, in the Artic and deep ocean—prove the high value of many of the highly radioactive materials found in nuclear waste. Over the last three years, Zeno has secured over $60M in contracts from the U.S. Department of Defense and NASA, built and demonstrated their first nuclear prototype at Pacific Northwest National Laboratory, and secured the nuclear fuel and facilities to build their first 10+ nuclear batteries.

Zeno sea sensor
Zeno moon rover

 

The company's Series B funding is expected to unlock the team's plans to:

  • Demonstrate full-scale nuclear batteries in 2026 to enable maritime and space deliveries in 2027
  • Scale their manufacturing capabilities to meet growing demand from government and commercial customers
  • Expand into seabed telecommunications, deep-sea mining for critical minerals, and commercial space markets
  • Grow our team from 65 to 100+ team members across Seattle and Washington D.C.

To learn more about Zeno and their business of unlocking the value of nuclear waste, read Zeno Power CEO Tyler Bernstein's blog post, Powering the Frontier: Our $50M Series B Round, with more information about the raise and Zeno's plans for the coming years. 

Also see: GeekWire, Zeno Power raises $50M in funding to fuel development of next-gen nuclear batteries, by Alan Boyle, May 14, 2025.

December 12, 2021

Advanced Nuclear Firsts

Oklo is very well-known within the Advanced Nuclear world as one of the leading ventures among those developing 4th Generation reactors. Oklo made history in 2020 with their submission and the NRCs acceptance of their combined license application for the stunning Aurora powerhouse design. Oklo was approved for a site use permit at the Idaho National Laboratory to build their first unit. They made further history when they secured approval to use nuclear waste as fuel from the DOE.

Meanwhile, Oklo has seen its profile raised, and that of its founders, Jake DeWitte and Caroline Cochran, two brilliant and charismatic young leaders, who have shaken things up in the industry by doing hard things not just in a smarter way and also in a bold way, revealing both keen business accumen but also a fresh new face for nuclear energy. (Full disclosure: both Rod and Valerie met Jake and Caroline many years ago, have followed their progress and remain connected, as Jake serves as an advisor to Nucleation Capital.)

Since Oklo succeeded in raising its seed round through Y Combinator and then a Series A from a group of venture investors, we have watched them develop along the  pathway followed by most all of Silicon Valley's rising tech ventures.  We've been duly impressed with their vision, the inspiring design of the Aurora powerhouse, their commitment to diversity and inclusion, as well as the playful and stylish brand that they've built for Oklo. Importantly, they keep showing up and sharing their time and energy with the broader climate and energy communities.

If you've been paying any attention at all, you are likely to have heard Caroline and/or Jake speak and present at a wide array of events, Clubhouse chats, Facebook events, TED talks, or speaking on CNBC or at nuclear industry events about their aspirations and the future of nuclear. They have worked hard to set the stage for the public to know about Oklo, be inspired by their vision, recognize how nuclear fits into a clean energy future and even follow their expert work defining new protocols for the NRC to build a foundation for Gen IV nuclear's success.

In this way, Oklo is redefining nuclear and is, itself, a “first of a kind” (FOAK) advanced nuclear venture that is on a trajectory to change the face of energy. Even before their first-of-a-kind 4th Gen application to the NRC gets approved—which could be as early as 2023—Oklo has broken barriers, set a high bar, and changed the face of the nuclear industry. Oklo's spare team has fulfilled many of the necessary steps towards the achievement of its ambitious plans, and, in the process, has attracted serious venture capital interest.

All of which has confirmed our excitement about investing in advanced nuclear ventures and the sector more broadly. If you are an accredited investor (an SEC requirement), you may express your interest in learning more by completing this form and we’ll send you more information.

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