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Radiant Nuclear

Energy

Performance

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Radiant is a clean energy startup building a nuclear microreactor. A climate-friendly alternative to diesel generators, Radiant's Kaleidos 1MW microreactor will be the world's first portable, zero-emissions power source that works anywhere.

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Radiant Nuclear is revolutionizing clean energy with its portable micro nuclear reactor engineered for rapid deployment in remote and off-grid locations. This meltdown-proof, scalable, and cost-effective alternative to diesel generators addresses critical needs across defense, disaster recovery, and decentralized microgrids, including data centers, mining, and oil & gas. With strong tailwinds such as legislative support from the ADVANCE Act, breakthroughs in TRISO fuel technology, and growing public acceptance of nuclear energy.

Beyond has an exclusive opportunity to invest as part of an extension round to Radiant’s $100M Series C fundraise, led by DCVC a few months ago. Long term, Radiant targets producing 50 units annually, generating $1.5B+ in revenue. 

Deal

Introduction

Radiant Nuclear addresses critical gaps in global energy access by replacing diesel generators with a zero-emission, high-density nuclear solution. With $159M raised to date, strategic partnerships with national labs, and a seasoned team from SpaceX and nuclear engineering backgrounds, Radiant is positioned to lead the emerging microreactor market. The growing demand for resilient, decentralized power in military, remote commercial, and disaster relief applications — coupled with legislative support (ADVANCE Act), breakthroughs in TRISO fuel technology, and growing public acceptance of nuclear energy — creates a substantial addressable market. Radiant’s single-container portability, rapid deployment capabilities, and cost competitiveness provide a compelling case.

Why the future of AI is Nuclear

Deep Dive into Radiant's story

Problem: The Limitations of Legacy Energy Systems in Remote & Critical Applications

Diesel generators remain the default power source for 28,000 remote communities, military bases, and critical infrastructure globally due to their portability and rapid deployment. However, these systems suffer from three existential constraints: logistical inefficiency, environmental harm, and economic unsustainability.

Diesel fuel requires frequent transportation to remote sites, which accounts for 30–50% of total operational costs in regions like Alaska or conflict zones. Supply chain disruptions—common in disaster scenarios or geopolitically unstable areas — can cripple operations at hospitals, data centers, and military installations. Environmentally, diesel generators emit 2.6 kg of CO₂ per liter burned, contributing to the 1.2 billion tons of annual CO₂ from decentralized power systems. Economically, fuel cost volatility (e.g., diesel prices spiking 320% in conflict zones) erodes profitability for commercial operators and strains government budgets.

Existing alternatives like solar-wind hybrids fail to address these issues due to intermittency, land-use requirements (5–10 acres/MW), and limited energy density (0.1 MW/ton). Conventional nuclear plants, while clean, are impractical for remote use due to water dependencies, multi-year construction timelines, and gigawatt-scale overcapacity.

Solution: Kaleidos Microreactor – A Paradigm Shift in Portable Nuclear Energy

Radiant’s Kaleidos microreactor solves these challenges through a mass-producible, self-contained nuclear system delivering 1.2 MW of electricity and 1.9 MW of thermal output at 80C. The solution’s core innovations include:

Meltdown-Proof & Leak-Safe Architecture

Kaleidos uses TRISO (TRIstructural-ISOtropic) fuel — uranium encapsulated in ceramic-coated particles validated in 30+ reactors since the 1960s. These particles withstand temperatures up to 1,800°C, eliminating meltdown risks. Heat transfer via inert helium gas (non-radioactive during leaks) and passive air-cooling through natural convection further enhance safety.

Radiant Nuclear's utilization of helium gas as a coolant offers significant safety advantages. In the event of a leak, helium, being an inert and non-radioactive gas, will harmlessly dissipate into the atmosphere without posing any chemical or radiological hazards. This characteristic enhances the safety profile of their microreactor designs. Power Failsafe: In the event of loss of power the reactor simply shuts down and cools off.

Unmatched Deployability

The reactor ships as a single 40-ft container via truck, rail, or C-130 aircraft, requiring less than 24 hours for on-site commissioning. Unlike diesel systems needing weekly refueling, Kaleidos operates for 5+ years on one fuel load, reducing logistics costs by approximately 90%. Its 110x energy density over diesel (1,200 kWh/kg vs. 11 kWh/kg) enables operation in extreme environments from Arctic villages to forward military bases. Radiant's reactor is the only one with a single-container design, allowing for seamless transport and setup.

Grid Resilience Synergies

Kaleidos integrates with renewables by providing baseload power, smoothing intermittency gaps in solar/wind. The system’s 30–100% power ramping in < 60 seconds supports microgrid stability, a critical feature for hospitals and data centers.

Product: Technical Specifications and Deployment Model

Core Specifications
  • Output: 1.2 MWe (electric) / 1.9 MWth (thermal) for cogeneration (desalination, district heating).
  • Fuel: TRISO with enriched uranium, enabling 5-year cycles between refueling.
  • Cooling: Helium primary coolant; air-jacket passive convection (zero water use).
  • Lifetime: 20-year operational lifespan via 4 refuelings at Radiant’s centralized facility. 92,000 tons of CO2 avoided.
  • Footprint: 12m x 2.4m x 2.9m (fits standard ISO container).
  • Applications: Powers 1000 homes, 2000 servers, or 50 EVs per day.
  • Additional Features: Portability, Rapid Deployment, Zero Emissions, Cost Efficiency, Adjustable Output.

Deployment Workflow
  1. Factory Assembly: Full integration and fueling at Radiant’s facility (6–8 weeks).
  2. Transport: Via commercial trucking (80% of sites) or military aircraft (C-130/C-17).
  3. Installation: Crane deployment with no site excavation; operational within 24 hours.
  4. Monitoring: Real-time fleet health tracking through Radiant’s 24/7 cloud platform (fully remote monitoring capabilities).

Business Model

Cost competitive with Diesel plants: levelized cost of operation over 20 years is cheaper than diesel plants and as production scales up and costs come down, microreactors could become significantly cheaper than diesel alternatives within a few years.

  • PPA (Power Purchase Agreement): $0.15–0.30/kWh pricing under 10–20-year contracts.
  • Direct Sales: $30M per unit (4x cost advantage over diesel lifetime). Radiant expects to be able to build their microreactors for $15M (50% gross margins). To put this into perspective with Diesel generators, the cost per KWh is now comparable and with the volatility of petrol prices, it is expected that in the next decade, this form of energy will become more cost effective.
  • Refueling Cost: $5M
  • Thermal Upsell: Additional revenue from desalination/heat applications.

Opportunity: Significant Addressable Market in Decentralized Energy

The global microreactor technology market is projected to experience significant growth in the coming years. Estimates suggest that the market could reach approximately USD 960.95 billion by 2034, expanding at a compound annual growth rate (CAGR) of 19.5% from 2024 to 2034.

Another analysis indicates that the market may grow from USD 131.48 billion in 2023 to USD 759.94 billion by 2033, with a CAGR of 19.18% during this period.

Ground Up TAM/SAM/SOM

Radiant’s addressable market spans multiple high-growth sectors:

  • Defense Installations: $23 billion TAM in fixed installations and $6 billion in forward-operating bases.
    • The US DoD spends $8B/year on mobile power, with 70% allocated to diesel logistics. Kaleidos meets JP 3-34 criteria for Forward Operating Base energy resilience, targeting a $1.2B annual procurement opportunity across NATO allies.
  • Disaster Recovery: $2 billion TAM
  • Remote and Off-Grid Power: $40 billion TAM encompassing oil, gas, and mining operations ($30 billion), hospitals ($3 billion), and island/remote communities.
    • Mining: 450+ off-grid mines requiring 1–5 MW systems.
    • Telecom: 5G tower backups in emerging markets (45,000 towers in Africa alone).
    • Disaster Relief: FEMA’s $3B annual budget for emergency power post-hurricanes/wildfires.
  • Data Centers and EV Infrastructure: $10 billion TAM
  • Total TAM = $81 Billion

Regulatory Tailwinds

Traction: Milestones and Financials

Funding and Valuation

Radiant has raised a total of $159M from top-tier investors, including Andreessen Horowitz (A16Z), Founders Fund, Draper Associates, Felicis, DCVC, and Union Square Ventures. Their most recent funding was a $100M Series C at a $435M post-money valuation (at a share price of $14.62) last year, led by DCVC. Prior to that, they raised a $45M Series B at a $160M post-money valuation in April 2023 (at a share price of $7.65), led by A16Z. Their journey began with a $12M Series A at a $56M post-money valuation in early 2022 (at a share price of $3.78) led by Union Square Ventures.

Technical Progress
  • Dome test completion is a key milestone.
  • Aim to deliver first commercial Kaleidos unit by 2028, securing $600M in contracts from the current $150M pipeline.
  • Completed TRISO fuel procurement and 1/12th core machining (2022).
  • Validated control drum reactivity systems with Idaho National Lab (2021).
  • On track for fuelled test in 2026 — first commercial microreactor ignition in 50 years.
  • Aim to deliver first commercial Kaleidos unit by 2028, securing $600M in contracts from the current $150M pipeline.
  • Achieve cash flow positive status with $2B in annual pipeline sales from 8 operational reactors and $240M in topline revenue by 2030.
Commercial Pipeline
  • DoD: Phase II SBIR contract for Alaska base deployment (2026).
  • Mining: LOI with Canadian Arctic gold mine (15-unit deployment).

Competition

Radiant microreactors differentiate themselves from their closest competitors, BWXT in the MMR space and Oklo in the SMR space, through their unique portability and rapid deployment capabilities. Radiant's reactor is the only single-container design that allows for seamless transport and setup.

Radiant’s advantages:

  1. No Water Dependency: Air cooling vs. competitors’ water needs expands deployable sites by 60%.
  2. Speed: 24-hour setup vs. 12–18 months for NuScale.
  3. Cost: $20M unit vs. $600M+ for SMRs, enabling lower-risk CapEx models.

Team: Proven Team with SpaceX Execution Meets Nuclear Expertise

  • Radiant is led by a team of former SpaceX engineers with deep expertise in advanced energy systems.
    • Doug Bernauer: CEO and Co-Founder (Former SpaceX Propulsion Lead (Falcon 9), 12 patents in thermal systems).
    • Bob Urberger: CTO and Co-Founder (Former SpaceX, Naval Nuclear Lab veteran, led S8G reactor prototyping).
    • Dr Benjamin Betzler: Director of nuclear engineering (Former Oak Ridge National Laboratory).
    • Chris Hansen: Head of Mechanical Engineering (Former SpaceX)
    • Tori Shivanandan: COO
    • Team Growth: 85 engineers (40% ex-SpaceX/Blue Origin, 30% DOE labs), doubling to 170 by 2026.

The team’s agile approach — applying SpaceX’s rapid iteration (weekly design sprints) to nuclear — has accelerated development 3x vs. traditional timelines.

Board and Advisors

  • Impressive group of professionals with expertise spanning technology, venture capital, and nuclear energy.
    • David Ulevitch (Andreessen Horowitz): A General Partner at one of the world’s most influential venture capital firms, bringing strategic insight into scaling transformative technologies.
    • Dr. Rachel Slaybaugh (DCVC): A Partner at DCVC and former Program Director at ARPA-E (a US energy innovation agency), with deep expertise in nuclear engineering and energy innovation.
    • Fred Wilson (Union Square Ventures): A prominent venture capitalist with a track record of fostering startups that redefine industries.
    • Eric J. Wesley (Paladin Capital Group): A Partner at Paladin Capital Group, leveraging experience in innovation and national security applications.
    • Steve Burns (Former commissioner of the NRC): A senior executive with decades of leadership experience in the advanced nuclear reactor space, who brings both technical and regulatory expertise to the board as advisor.
    • Gary Dylewski (Former USAF Major General): Brings expertise in defense strategy and advanced technologies, offering key insights to support Radiant’s defense partnerships and growth as advisor on the board

.

Market Overview: Nuclear’s Renaissance and Microreactor Inflection

Macro Drivers
  • Decarbonization: 600 GW of diesel capacity must retire by 2035 to meet net-zero goals.
  • Energy Security: NATO’s 2024 mandate for 72-hour off-grid base resilience.
  • HALEU Fuel: DOE’s $2B investment ensures domestic TRISO supply by 2026.
Regional Demand
  • North America: 45% of market (military/mining), $5.5B revenue by 2030.
  • Asia: 8,000+ off-grid Indonesian/Philippine islands targeting microreactors.

Why Now: Perfect Alignment of Technology, Regulation, and Demand

  1. Legislative support: Recent legislative developments like The ADVANCE Act directs the Nuclear Regulatory Commission (NRC) to develop guidance for licensing and regulating microreactor designs within 18 months.
  2. Technological Advancement: MMRs and SMRs are benefiting from significant technological progress from simplified designs, advanced fuel technology like (TRISO), and improved efficiency in construction and design. DOE’s 2025 commercialization of TRISO enables mass production.
  3. Economic Viability: MMRs have a lower capital cost per unit on an absolute basis compared to traditional nuclear reactors and are on par with diesel generators on levelized cost of operation, making them accessible for a wider range of industries and governments.
  4. Military Urgency: DoD’s 2025 Operational Energy Strategy prioritizes microreactors.
  5. Investor Momentum: $1.2B invested in advanced nuclear in 2024 (4x YoY growth).

Round

Extension of $100M Series C

Investors

Date

10 March

Questions

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Memo

Radiant Nuclear is revolutionizing clean energy with its portable micro nuclear reactor engineered for rapid deployment in remote and off-grid locations. This meltdown-proof, scalable, and cost-effective alternative to diesel generators addresses critical needs across defense, disaster recovery, and decentralized microgrids, including data centers, mining, and oil & gas. With strong tailwinds such as legislative support from the ADVANCE Act, breakthroughs in TRISO fuel technology, and growing public acceptance of nuclear energy.

Beyond has an exclusive opportunity to invest as part of an extension round to Radiant’s $100M Series C fundraise, led by DCVC a few months ago. Long term, Radiant targets producing 50 units annually, generating $1.5B+ in revenue. 

Deal

Introduction

Radiant Nuclear addresses critical gaps in global energy access by replacing diesel generators with a zero-emission, high-density nuclear solution. With $159M raised to date, strategic partnerships with national labs, and a seasoned team from SpaceX and nuclear engineering backgrounds, Radiant is positioned to lead the emerging microreactor market. The growing demand for resilient, decentralized power in military, remote commercial, and disaster relief applications — coupled with legislative support (ADVANCE Act), breakthroughs in TRISO fuel technology, and growing public acceptance of nuclear energy — creates a substantial addressable market. Radiant’s single-container portability, rapid deployment capabilities, and cost competitiveness provide a compelling case.

Why the future of AI is Nuclear

Deep Dive into Radiant's story

Problem: The Limitations of Legacy Energy Systems in Remote & Critical Applications

Diesel generators remain the default power source for 28,000 remote communities, military bases, and critical infrastructure globally due to their portability and rapid deployment. However, these systems suffer from three existential constraints: logistical inefficiency, environmental harm, and economic unsustainability.

Diesel fuel requires frequent transportation to remote sites, which accounts for 30–50% of total operational costs in regions like Alaska or conflict zones. Supply chain disruptions—common in disaster scenarios or geopolitically unstable areas — can cripple operations at hospitals, data centers, and military installations. Environmentally, diesel generators emit 2.6 kg of CO₂ per liter burned, contributing to the 1.2 billion tons of annual CO₂ from decentralized power systems. Economically, fuel cost volatility (e.g., diesel prices spiking 320% in conflict zones) erodes profitability for commercial operators and strains government budgets.

Existing alternatives like solar-wind hybrids fail to address these issues due to intermittency, land-use requirements (5–10 acres/MW), and limited energy density (0.1 MW/ton). Conventional nuclear plants, while clean, are impractical for remote use due to water dependencies, multi-year construction timelines, and gigawatt-scale overcapacity.

Solution: Kaleidos Microreactor – A Paradigm Shift in Portable Nuclear Energy

Radiant’s Kaleidos microreactor solves these challenges through a mass-producible, self-contained nuclear system delivering 1.2 MW of electricity and 1.9 MW of thermal output at 80C. The solution’s core innovations include:

Meltdown-Proof & Leak-Safe Architecture

Kaleidos uses TRISO (TRIstructural-ISOtropic) fuel — uranium encapsulated in ceramic-coated particles validated in 30+ reactors since the 1960s. These particles withstand temperatures up to 1,800°C, eliminating meltdown risks. Heat transfer via inert helium gas (non-radioactive during leaks) and passive air-cooling through natural convection further enhance safety.

Radiant Nuclear's utilization of helium gas as a coolant offers significant safety advantages. In the event of a leak, helium, being an inert and non-radioactive gas, will harmlessly dissipate into the atmosphere without posing any chemical or radiological hazards. This characteristic enhances the safety profile of their microreactor designs. Power Failsafe: In the event of loss of power the reactor simply shuts down and cools off.

Unmatched Deployability

The reactor ships as a single 40-ft container via truck, rail, or C-130 aircraft, requiring less than 24 hours for on-site commissioning. Unlike diesel systems needing weekly refueling, Kaleidos operates for 5+ years on one fuel load, reducing logistics costs by approximately 90%. Its 110x energy density over diesel (1,200 kWh/kg vs. 11 kWh/kg) enables operation in extreme environments from Arctic villages to forward military bases. Radiant's reactor is the only one with a single-container design, allowing for seamless transport and setup.

Grid Resilience Synergies

Kaleidos integrates with renewables by providing baseload power, smoothing intermittency gaps in solar/wind. The system’s 30–100% power ramping in < 60 seconds supports microgrid stability, a critical feature for hospitals and data centers.

Product: Technical Specifications and Deployment Model

Core Specifications
  • Output: 1.2 MWe (electric) / 1.9 MWth (thermal) for cogeneration (desalination, district heating).
  • Fuel: TRISO with enriched uranium, enabling 5-year cycles between refueling.
  • Cooling: Helium primary coolant; air-jacket passive convection (zero water use).
  • Lifetime: 20-year operational lifespan via 4 refuelings at Radiant’s centralized facility. 92,000 tons of CO2 avoided.
  • Footprint: 12m x 2.4m x 2.9m (fits standard ISO container).
  • Applications: Powers 1000 homes, 2000 servers, or 50 EVs per day.
  • Additional Features: Portability, Rapid Deployment, Zero Emissions, Cost Efficiency, Adjustable Output.

Deployment Workflow
  1. Factory Assembly: Full integration and fueling at Radiant’s facility (6–8 weeks).
  2. Transport: Via commercial trucking (80% of sites) or military aircraft (C-130/C-17).
  3. Installation: Crane deployment with no site excavation; operational within 24 hours.
  4. Monitoring: Real-time fleet health tracking through Radiant’s 24/7 cloud platform (fully remote monitoring capabilities).

Business Model

Cost competitive with Diesel plants: levelized cost of operation over 20 years is cheaper than diesel plants and as production scales up and costs come down, microreactors could become significantly cheaper than diesel alternatives within a few years.

  • PPA (Power Purchase Agreement): $0.15–0.30/kWh pricing under 10–20-year contracts.
  • Direct Sales: $30M per unit (4x cost advantage over diesel lifetime). Radiant expects to be able to build their microreactors for $15M (50% gross margins). To put this into perspective with Diesel generators, the cost per KWh is now comparable and with the volatility of petrol prices, it is expected that in the next decade, this form of energy will become more cost effective.
  • Refueling Cost: $5M
  • Thermal Upsell: Additional revenue from desalination/heat applications.

Opportunity: Significant Addressable Market in Decentralized Energy

The global microreactor technology market is projected to experience significant growth in the coming years. Estimates suggest that the market could reach approximately USD 960.95 billion by 2034, expanding at a compound annual growth rate (CAGR) of 19.5% from 2024 to 2034.

Another analysis indicates that the market may grow from USD 131.48 billion in 2023 to USD 759.94 billion by 2033, with a CAGR of 19.18% during this period.

Ground Up TAM/SAM/SOM

Radiant’s addressable market spans multiple high-growth sectors:

  • Defense Installations: $23 billion TAM in fixed installations and $6 billion in forward-operating bases.
    • The US DoD spends $8B/year on mobile power, with 70% allocated to diesel logistics. Kaleidos meets JP 3-34 criteria for Forward Operating Base energy resilience, targeting a $1.2B annual procurement opportunity across NATO allies.
  • Disaster Recovery: $2 billion TAM
  • Remote and Off-Grid Power: $40 billion TAM encompassing oil, gas, and mining operations ($30 billion), hospitals ($3 billion), and island/remote communities.
    • Mining: 450+ off-grid mines requiring 1–5 MW systems.
    • Telecom: 5G tower backups in emerging markets (45,000 towers in Africa alone).
    • Disaster Relief: FEMA’s $3B annual budget for emergency power post-hurricanes/wildfires.
  • Data Centers and EV Infrastructure: $10 billion TAM
  • Total TAM = $81 Billion

Regulatory Tailwinds

Traction: Milestones and Financials

Funding and Valuation

Radiant has raised a total of $159M from top-tier investors, including Andreessen Horowitz (A16Z), Founders Fund, Draper Associates, Felicis, DCVC, and Union Square Ventures. Their most recent funding was a $100M Series C at a $435M post-money valuation (at a share price of $14.62) last year, led by DCVC. Prior to that, they raised a $45M Series B at a $160M post-money valuation in April 2023 (at a share price of $7.65), led by A16Z. Their journey began with a $12M Series A at a $56M post-money valuation in early 2022 (at a share price of $3.78) led by Union Square Ventures.

Technical Progress
  • Dome test completion is a key milestone.
  • Aim to deliver first commercial Kaleidos unit by 2028, securing $600M in contracts from the current $150M pipeline.
  • Completed TRISO fuel procurement and 1/12th core machining (2022).
  • Validated control drum reactivity systems with Idaho National Lab (2021).
  • On track for fuelled test in 2026 — first commercial microreactor ignition in 50 years.
  • Aim to deliver first commercial Kaleidos unit by 2028, securing $600M in contracts from the current $150M pipeline.
  • Achieve cash flow positive status with $2B in annual pipeline sales from 8 operational reactors and $240M in topline revenue by 2030.
Commercial Pipeline
  • DoD: Phase II SBIR contract for Alaska base deployment (2026).
  • Mining: LOI with Canadian Arctic gold mine (15-unit deployment).

Competition

Radiant microreactors differentiate themselves from their closest competitors, BWXT in the MMR space and Oklo in the SMR space, through their unique portability and rapid deployment capabilities. Radiant's reactor is the only single-container design that allows for seamless transport and setup.

Radiant’s advantages:

  1. No Water Dependency: Air cooling vs. competitors’ water needs expands deployable sites by 60%.
  2. Speed: 24-hour setup vs. 12–18 months for NuScale.
  3. Cost: $20M unit vs. $600M+ for SMRs, enabling lower-risk CapEx models.

Team: Proven Team with SpaceX Execution Meets Nuclear Expertise

  • Radiant is led by a team of former SpaceX engineers with deep expertise in advanced energy systems.
    • Doug Bernauer: CEO and Co-Founder (Former SpaceX Propulsion Lead (Falcon 9), 12 patents in thermal systems).
    • Bob Urberger: CTO and Co-Founder (Former SpaceX, Naval Nuclear Lab veteran, led S8G reactor prototyping).
    • Dr Benjamin Betzler: Director of nuclear engineering (Former Oak Ridge National Laboratory).
    • Chris Hansen: Head of Mechanical Engineering (Former SpaceX)
    • Tori Shivanandan: COO
    • Team Growth: 85 engineers (40% ex-SpaceX/Blue Origin, 30% DOE labs), doubling to 170 by 2026.

The team’s agile approach — applying SpaceX’s rapid iteration (weekly design sprints) to nuclear — has accelerated development 3x vs. traditional timelines.

Board and Advisors

  • Impressive group of professionals with expertise spanning technology, venture capital, and nuclear energy.
    • David Ulevitch (Andreessen Horowitz): A General Partner at one of the world’s most influential venture capital firms, bringing strategic insight into scaling transformative technologies.
    • Dr. Rachel Slaybaugh (DCVC): A Partner at DCVC and former Program Director at ARPA-E (a US energy innovation agency), with deep expertise in nuclear engineering and energy innovation.
    • Fred Wilson (Union Square Ventures): A prominent venture capitalist with a track record of fostering startups that redefine industries.
    • Eric J. Wesley (Paladin Capital Group): A Partner at Paladin Capital Group, leveraging experience in innovation and national security applications.
    • Steve Burns (Former commissioner of the NRC): A senior executive with decades of leadership experience in the advanced nuclear reactor space, who brings both technical and regulatory expertise to the board as advisor.
    • Gary Dylewski (Former USAF Major General): Brings expertise in defense strategy and advanced technologies, offering key insights to support Radiant’s defense partnerships and growth as advisor on the board

.

Market Overview: Nuclear’s Renaissance and Microreactor Inflection

Macro Drivers
  • Decarbonization: 600 GW of diesel capacity must retire by 2035 to meet net-zero goals.
  • Energy Security: NATO’s 2024 mandate for 72-hour off-grid base resilience.
  • HALEU Fuel: DOE’s $2B investment ensures domestic TRISO supply by 2026.
Regional Demand
  • North America: 45% of market (military/mining), $5.5B revenue by 2030.
  • Asia: 8,000+ off-grid Indonesian/Philippine islands targeting microreactors.

Why Now: Perfect Alignment of Technology, Regulation, and Demand

  1. Legislative support: Recent legislative developments like The ADVANCE Act directs the Nuclear Regulatory Commission (NRC) to develop guidance for licensing and regulating microreactor designs within 18 months.
  2. Technological Advancement: MMRs and SMRs are benefiting from significant technological progress from simplified designs, advanced fuel technology like (TRISO), and improved efficiency in construction and design. DOE’s 2025 commercialization of TRISO enables mass production.
  3. Economic Viability: MMRs have a lower capital cost per unit on an absolute basis compared to traditional nuclear reactors and are on par with diesel generators on levelized cost of operation, making them accessible for a wider range of industries and governments.
  4. Military Urgency: DoD’s 2025 Operational Energy Strategy prioritizes microreactors.
  5. Investor Momentum: $1.2B invested in advanced nuclear in 2024 (4x YoY growth).
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