US firm's goal to power Earth, space with nuclear reactor gets funding

Nuclear startup Antares has secured $96 million in a Series B funding round led by Shine Capital to advance its small modular R1 microreactor, designed for use in remote Earth locations and space applications. The funding, comprising $71 million in equity and $25 million in debt, will support equipment acquisition, factory construction, and uranium procurement. Antares’ R1 microreactor uses TRISO fuel—carbon spheres with ceramic-coated uranium—and is capable of generating between 100 kilowatts and 1 megawatt of electricity. The company, founded two years ago, is building a 145,000-square-foot facility in Torrance, California, to produce up to 10 reactors annually and has contracts with the US Air Force, Space Force, Defense Innovation Unit, and NASA. Antares aims to demonstrate its reactor for the Department of Energy (DOE) next year and to operate a full-scale prototype by 2027. This funding milestone comes amid a broader “nuclear renaissance