Project Omega Raises $80 Million for Nuclear Fuel Recycling

Project Omega has raised $80 million in Series A financing led by B Capital to advance domestic used-fuel recovery and commercial power-system development.

What will the money fund?

Project Omega said the money will support a pilot facility for isotope recovery and feedstock production. The company also plans to expand power technologies for defense, space and remote industrial applications.

B Capital led the round, with noa VC and 645 Ventures participating, according to the company. Other investors focused on nuclear technology and national security.

• Starship Ventures, Mantis Ventures and Decisive Point.
• Virta Ventures, Pace Ventures, Essential Capital and Washington Harbour Partners.

Existing investors also joined the financing. Project Omega emerged from stealth approximately eight months ago and has since advanced several technical development programs.

How does the recycling process work?

Project Omega is developing technologies designed to recover useful materials from spent nuclear fuel and convert them into products for power generation, nuclear reactors and specialized industry.

According to Project Omega, the United States has accumulated nearly 100,000 metric tons of used nuclear fuel. The company believes the material represents a potential domestic resource for energy products and strategic isotopes.

Its proprietary recycling technology uses a non-aqueous pyroprocessing approach, designed to recover useful materials while avoiding the separation of pure plutonium. Project Omega says the process could reduce nuclear waste volume by up to 90%.

The company says practical performance still depends on further development and deployment.

What are the initial commercial products?

Project Omega’s initial commercial focus includes long-duration power systems that convert radioactive decay into electricity. Its radiovoltaic devices use solid-state technology to generate electrical power from radioisotopes. Unlike conventional batteries that require periodic charging or replacement, the systems can potentially operate for extended periods.

The company targets applications where equipment access is difficult, expensive or impractical.

• Remote sensors and autonomous systems.
• Communications equipment and spacecraft.
• Undersea platforms and other mission-critical infrastructure.

How does recovered fuel become a business?

Project Omega intends to combine fuel recycling, isotope recovery, component manufacturing and finished power systems in a vertically integrated business. The company says the approach is intended to create multiple potential revenue streams from recovered materials.

Beyond long-duration power, Project Omega is evaluating reactor feedstock and isotopes used in commercial, scientific and medical applications. It also intends to develop a domestic supply chain converting used nuclear fuel into valuable materials and long-duration power products.

What has Project Omega tested?

Project Omega has worked with Idaho National Laboratory through the Department of Energy’s ARPA-E CURIE program to advance its recycling technology. It demonstrated stable electrical current generated from strontium-90 at Pacific Northwest National Laboratory.

Research on next-generation radioisotope power systems has progressed through DARPA’s Rads to Watts program. Project Omega says the work supports technology validation and preparation for commercial manufacturing.

The company has introduced the X Series of modular expeditionary power systems. The products combine battery storage, generators and intelligent control technology. They are initially designed to accommodate renewable sources such as solar and wind, with potential for isotope-based power in future versions.

Project Omega will use the Series A to advance X Series design and production while construction begins on the nuclear fuel recycling facility.

The company operates offices in Newport, Rhode Island, and Hailey, Idaho, with a laboratory in Fall River, Massachusetts.

Why did B Capital back the buildout?

The investment brings Jeff Johnson, General Partner and Global Head of Energy at B Capital, onto Project Omega’s board. B Capital manages more than $12 billion across its investment funds and focuses on technology, healthcare and energy companies.

Jeff Johnson, General Partner and Global Head of Energy at B Capital, said:

“America’s growing demand for reliable power is colliding with a nuclear fuel cycle that remains dependent on foreign supply and leaves enormous value stranded in used fuel.

Project Omega’s technology has the potential to create multiple revenue streams from a largely untapped domestic resource, spanning long-duration power, reactor feedstock and strategic isotopes.

We’re excited to support Staff Sheehan and his highly experienced team as they scale this platform and unlock economic potential across the nuclear value chain.”

Howard Morgan, Co-Founder, Chair and General Partner at B Capital, said:

“The country’s nuclear renaissance will not happen without the fuel.

We have a domestic source for this, nearly 100,000 metric tons of used nuclear fuel, which is one of America’s largest untapped energy resources.

We are building a vertically integrated strategy around an abundant domestic feedstock, with a non-aqueous recycling process that recovers useful isotopes, and products with clear strategic demand.

That combination creates the potential for an entirely new nuclear innovation economy.”

Dr. Stafford Sheehan, founder and CEO of Project Omega, said:

“Project Omega has progressed well beyond a compelling scientific idea. The company is building the fuel-cycle infrastructure needed to support America’s growing nuclear industrial base and help power the country’s next era of innovation.”

Project Omega sees its opportunity in rising electricity demand, the expansion of AI infrastructure, and renewed investment in nuclear energy and national security technologies.

The next checkpoint is construction of the pilot facility and commercial production of the X Series. The claimed 90% waste-volume reduction still depends on further development and deployment.