- Aalo Atomics has raised $27 million in its Series A funding round to accelerate its vision for a sustainable future.
- The investment will help in the development of small nuclear reactors in gigafactories, allowing for predictable low costs and shorter construction times.
- The company previously raised $6.26 million in a seed round about a year ago, showing significant fundraising momentum.
- Aalo Atomics has expanded its team from 2 to 15 members, including leaders from the Department of Energy's MARVEL program and executives from major energy companies.
- The conceptual design of the Aalo-1, the company's first commercial reactor, has been completed.
- A Memorandum of Understanding has been signed with the DOE for the deployment of an experimental reactor, the Aalo-X, at the Idaho National Laboratory.
- A Regulatory Engagement Plan has been submitted to the U.S. Nuclear Regulatory Commission in collaboration with a major potential customer for a fleet of Aalo-1 reactors.
- With the new funding, Aalo Atomics plans to expand its team to 30 members and enhance leadership in key roles.
- The company will establish a new Factory HQ in Austin to demonstrate mass manufacturing of the Aalo-1 reactor.
- Efforts will continue to engage with the NRC to de-risk the licensing process for the Aalo-1.
- A non-nuclear prototype, the Aalo-0, will be built to showcase technology, economics, and manufacturability.
- Aalo Atomics aims to create a pathway for the commercial delivery of its fuel, LEU+ UZrH.
- The company expresses gratitude to its investors for their support and notes the diverse reasons each investor is interested in the project.
- Aalo Atomics is excited to embark on the next chapter towards a cleaner and more sustainable future.
Aalo Atomics raises $27M Series A
We’re honored to be partnering with an incredible group of investors going into this next chapter. The future of nuclear is bright, and Aalo is just getting started.
August 14, 2024
Big news out of Austin
We’ve raised our Series A!
Investors are backing us with $27M to accelerate our vision of a future where humanity’s growth is untethered from our impact on Earth.
We’re on a mission to make small nuclear reactors in gigafactories. This will enable predictable low costs and shortened construction times, making clean energy a reality—any place, any time.
We’re grateful and excited for the massive opportunity ahead of us!
Speed, focus, milestones
Let’s take a step back. Fundraising milestones, without context, mean little. Here’s why it matters:
We’ve raised a lot of money quickly, with a $6.26M seed round raised just over one year ago, and this $27M Series A closed last month.
We’re moving fast and continually hitting significant milestones. And investors are taking note of our speed and focus.
In just the past 9 months, we’ve:
- Scaled the team from 2 to 15 incredible people, including leaders from DOE’s MARVEL program, executives from major utilities, other large energy companies, and more.
- Finished conceptual design of the Aalo-1, our first commercial reactor.
- Signed a siting Memorandum of Understanding (MOU) with the DOE. This marks the first step towards the deployment of an experimental Aalo reactor (The Aalo-X) at the Idaho National Laboratory (INL) site in Idaho.
- Submitted our Regulatory Engagement Plan (REP) to the U.S. Nuclear Regulatory Commission (NRC) with agreement from a first major potential customer. This project entails a fleet of Aalo-1 reactors.
Where do we go from here?
We take advantage of the momentum and accelerate. Here’s what we’ll do with the Series A funds:
- Scale the team to 30, adding key leadership talent around manufacturing, sales, EPC, fuel, engineering, finance, and product.
- Open our new Factory HQ in Austin! This will be where we demonstrate mass manufacturing of the Aalo-1 reactor.
- Work with the NRC and continue to de-risk licensing of the Aalo-1.
- Build a non-nuclear prototype (the Aalo-0) to demonstrate our technology, economics, and manufacturability.
- Create a pathway to deliver our Aalo Fuel (LEU+ UZrH) commercially.
Thanks to our backers
We have big, ambitious plans, and we’d like to thank our investors for helping us push towards ushering in the Second Atomic Age.
Special thanks to 50Y, Valor Equity Partners, Harpoon Ventures, Crosscut, SNR, Alumni Ventures, Preston Werner, Earth Venture, Garage Capital, Wayfinder, Jeff Dean, Nucleation Capital, and more.
What’s remarkable is that each of our investors supports us for different reasons. Deep tech, clean baseload for data centers, military applications, reliable energy for developing countries—there are many use cases, and we’re fortunate enough to have investors who want to help us deploy across them all.
We’re thrilled to be embarking on this next chapter towards a cleaner, more abundant future.
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