Transmutex, a Geneva, Switzerland-based nuclear engineering company, raised over CHF 20M in Extension of its Series A funding.
The round was led by Union Square Ventures and Steel Atlas with participation from new and existing investors including At One Ventures (USA), HCVC (France/USA) and AlleyCorp (USA), with the participation of House Of Ventures (USA), Presight Capital (USA), Verve Ventures(Switzerland), FONGIT (Switzerland) and Tiny Supercomputer Investment Co. (UK), as well as private investors.
The company intends to use the funds to further develop its solution.
Founded on 29 July 2019, Transmutex is advancing non-self-sustaining reaction technology coupling a particle accelerator to a non-self-sustaining (subcritical) fuel assembly, to deliver key benefits over self-sustaining nuclear energy solutions:
- The reaction can be stopped in 2 milliseconds for safer operation.
- The system can use different fuel material and enrichment levels, thereby unlocking vast resources, including thorium, a metal that has long been overlooked for nuclear energy.
- Subcriticality offers a much wider safety margin, allowing the system to burn the existing stockpile of long-lived nuclear waste more efficiently.
- When thorium is used as fuel, it will not produce plutonium and other long-lived waste.
- When combined with innovative spent-fuel recycling technology, the system can be made sustainable for energy production over centuries.
FinSMEs
29/01/2024