Antares Nuclear Completes $470M Series C Funding Round Led by Paradigm

According to TechCrunch, nuclear energy startup Antares Nuclear completed a $470 million Series C funding round led by Paradigm and Caffeinated Capital, with participation from Industrious Ventures, Point72 Ventures, and Shine Capital. The funding consists of $370 million in equity and $100 million in debt. The company has raised a total of $604 million to date.

Antares is developing small modular reactors (SMRs) with power capacity ranging from 100 kilowatts to 1 megawatt. The company plans to bring its first power-generating reactor online next year and deploy units to U.S. military bases in 2028. The initial SMR deployment is expected in the early 2030s at a projected cost of $214 per megawatt-hour.