Antares, a US-based nuclear power startup, said July 27 it raised US$470 million in a series C round, with US$370 million in equity and US$100 million in debt, to build small reactors for US military bases.

The round was led by Paradigm and Caffeinated Capital, with participation from Industrious Ventures, Point72 Ventures, and Shine Capital.

Antares is also one of three finalists in the Pentagon’s Advanced Nuclear Power for Installations program, which will test small modular reactors on Air Force bases in Colorado and Montana.

The company is developing a 100-kilowatt-to-1-megawatt small modular reactor using TRISO fuel.

Antares said its Mark-0 demonstration reactor reached criticality at Idaho National Laboratory on June 4, and it plans to bring its first electricity-producing reactor online next year.

And it plans to deploy the reactors at US military installations in 2028.

🔗 Source: TechCrunch