Participated · Series A · Feb 2026

Cambridge-based Alva Energy is productizing nuclear plant upgrades, or “uprates,” turning what are normally bespoke retrofit projects into repeatable, turnkey packages. By replacing steam generators and installing a second turbine generator, the company can boost output from existing reactors by 200–300 MWe each, targeting a cumulative 10 GWe of new capacity for the U.S. grid. Its approach leverages technologies with more than 100 reactor-years of operating history, allowing deployment on timelines and costs competitive with new gas turbines yet without carbon emissions. Alva manages the full lifecycle—including NRC compliance, procurement, installation, and commissioning—to reduce risk and shorten schedules. The firm plans to bring its first upgraded reactors online within five years and works with hyperscalers and utilities to finance projects without raising residential rates. This standardized model is positioned to meet surging electricity demand from AI data centers and other industrial loads. The recent $33 million Series A provides the capital to advance multiple uprate projects, scale engineering teams, and secure regulatory pre-approvals, laying the groundwork for gigawatt-scale expansion through the 2030s.

Participated · Series D · Nov 2025

X-energy’s core product is the Xe-100, an 80-megawatt, high-temperature, gas-cooled SMR that uses billiard-ball-sized, carbon-coated uranium fuel pebbles and helium coolant to generate steam for electricity. The company is focused on establishing a supply chain capable of delivering these reactors at scale and has already secured orders for 144 SMRs totaling 11 gigawatts of capacity. Early customers include Amazon, Dow, and British utility Centrica; Amazon alone has committed to more than 600 MW of capacity in the Pacific Northwest and Virginia, with the potential to deploy up to 5 GW by 2039. X-energy is positioning its technology to meet surging demand from tech companies and data-center operators seeking reliable, zero-carbon power. Financially, the startup has raised $1.8 billion to date, with $1.4 billion of that coming in the past year through its Series C and Series D rounds. The fresh capital will be used to build out the manufacturing and supply infrastructure required for large-scale SMR deployment.

Participated · Equity · Aug 2025

General Fusion develops magnetized-target fusion technology that uses deuterium-tritium fuel, a magnetic field generated by current through the fuel, and a liquid lithium wall compressed by steam-driven pistons. The company recently activated LM26, a half-scale prototype of a commercial-scale reactor, and had aimed for scientific breakeven in 2026 when commissioning the device. After laying off at least 25% of staff in May, the company publicly appealed for funding and said it is still pursuing scientific breakeven, while listing intermediary goals of heating plasmas to 10 million and 100 million degrees Celsius. The firm reported that the new cash will allow more time to run LM26 and work toward key scientific milestones. Prior to this round, General Fusion had raised $440 million in funding and was founded in 2002. Given the limited size of the fresh funding, the company appears likely to prioritize nearer-term scientific milestones to try to secure additional investment. General Fusion develops a practical Magnetized Target Fusion (MTF) approach to commercial fusion energy and is headquartered in Richmond, B.C. The company is advancing its Lawson Machine 26 (LM26) demonstration program to achieve temperatures above 100 million °C (10 keV) and a scientific breakeven equivalent. Management expects the technology to be capable of providing clean fusion energy to the grid by the early to mid-2030s. The company was founded in 2002 and is funded by an international syndicate of energy VCs, industry partners, and technology investors. Recent financing activity includes a CA$20 million investment—CA$10 million each from Canadian Nuclear Laboratories (CNL) and BDC Capital—to accelerate LM26 and commercialization work. The LM26 program has attracted over CA$71 million in public and private investment since its 2023 launch. General Fusion pursues a Magnetized Target Fusion (MTF) approach that uses a proprietary liquid‑metal liner mechanically compressed by high‑powered pistons to create short, high‑temperature fusion pulses without large superconducting magnets or laser arrays. The company is building LM26, a demonstration machine designed to reach key technical milestones and de‑risk commercialization of its technology. LM26 aims to achieve plasma temperatures over 100 million degrees Celsius by 2025 and progress toward a deuterium‑tritium breakeven equivalent by 2026; its plasmas will be approximately 50% scale of a commercial machine. General Fusion says a commercial plant design would produce roughly 230 MW from two 115 MW machines and could power about 150,000 homes. The company reports having built more than 24 plasma prototypes, filed over 170 patents, and conducted more than 200,000 experiments at its Canadian labs. It plans to commercialize zero‑carbon fusion power in the early to mid‑2030s while continuing R&D at its Richmond, B.C. headquarters. General Fusion is developing a Magnetized Target Fusion (MTF) approach centered on its newly announced Lawson Machine 26 (LM26), to be built at its Richmond headquarters. LM26 is designed to achieve fusion conditions of over 100 million degrees Celsius by 2025 and to progress toward scientific breakeven by 2026. The machine will validate the company's ability to symmetrically compress magnetized plasmas at scale by integrating its operational plasma injector (PI3) with a new lithium liner compression system. LM26 is intended as a cost-efficient, fast-moving demonstration to de-risk and accelerate General Fusion’s Demonstration Program and support plans to provide commercial fusion electricity by the early to mid-2030s. Over the next two to three years the company will work closely with the UK Atomic Energy Authority to validate LM26 data and incorporate it into the design of a planned commercial-scale demonstration in the UK. The company is led by CEO Greg Twinney and Founder and Chief Science Officer Dr. Michel Laberge. It recently raised capital and grant support to expand operations and its business reach. General Fusion pursues commercialization of Magnetized Target Fusion (MTF) to deliver practical, carbon-free power. The company is advancing a power-plant scale Fusion Demonstration Plant at the UKAEA’s Culham Centre for Fusion Energy and has expanded technology development at its Vancouver headquarters and a new facility adjacent to Oak Ridge National Laboratory. General Fusion has created a Market Development Advisory Committee composed of nine leading energy companies and clean-energy users to shape commercialization and market adoption. The company reports broad financial support from private investors and from Canadian, U.K., and U.S. government sources to accelerate near-term initiatives and milestones. General Fusion emphasizes customer-focused development and is preparing for a larger financing round in 2022 to support aggressive pursuit of its program.