News Summary

Antares, a nuclear startup, has successfully raised $96 million in a Series B funding round to advance its small modular reactor design, known as the R1 microreactor. This funding includes $71 million in equity and $25 million in debt, with participation from Shine Capital, Alt Capital, Caffeinated, FiftyThree Stations, and Industrious. The R1 microreactor is designed for commercial, defense, and space-based applications, producing between 100 kilowatts and 1 megawatt of electricity using TRISO fuel. The startup’s progress follows a renewed interest in nuclear power, evidenced by significant investments in similar companies like X-energy, Deep Fission, Aalo Atomics, and TerraPower. Antares aims to demonstrate its reactor for the Department of Energy next year, with plans to activate its full-power reactor by 2027.