Last Energy Closes $40M Series B Funding Round
Last Energy, Inc., a nuclear energy startup, has secured $40 million in Series B funding. The round was led by Gigafund, a venture capital heavyweight.
The Washington-based startup plans to use the funding to continue on the path to deploying their modular microreactors. At present, the plan is to deploy the first of their technology in Europe as soon as 2026.
The company has been focused on building a scalable energy solution capable of 20 MWe output. With this type of power, the solution could perform for industrial facilities and grid applications alike. The solution is further supported by over 100 global supply chain partners, ensuring minimal risk of any supply chain shortage or limitation.
The microreactor design ensures each unit can be combined with others to power the chosen site as needed. The startup claims that its microreactor is designed to be fabricated, transported, and built within 24 months, and is the right size to serve industrial clients. Under its business model, Last Energy aims to build, own, and operate its power plant at the customer’s site, avoiding the yearslong wait times to plug a new generation project into the power grid.
“We came to the conclusion that using the existing, off-the-shelf technology was the way to scale,” CEO Bret Kugelmass said in a 2022 interview with Canary Media. “We don’t innovate at all when it comes to the nuclear process or components — we do systems integration and business-model innovation.”
Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.
Who We Are:
Swanson Reed is one of the U.S.’ largest Specialist R&D tax advisory firms. We manage all facets of the R&D tax credit program, from claim preparation and audit compliance to claim disputes.
Swanson Reed regularly hosts free webinars and provides free IRS CE and CPE credits for CPAs. For more information please visit us at www.swansonreed.com/webinars or contact your usual Swanson Reed representative.
