Participated · Series C · Dec 2025

Last Energy is a nuclear technology startup building factory-manufactured small modular reactors that are permanently sealed within 1,000 tons of steel. Its commercial unit is a 20 MW pressurized water reactor derived from a decades-old government design once used on the NS Savannah, and each unit can power roughly 15,000 homes. The reactors are delivered pre-fuelled with six years of uranium, contain no penetrations beyond electrical and control lines, and the steel vessel doubles as a waste cask at end-of-life, eliminating separate disposal. The company is first constructing a 5 MW pilot reactor on a leased site at Texas A&M, targeting startup next year, and plans to bring its 20 MW commercial reactors into production in 2028. By mass-manufacturing at scale, management expects significant cost reductions similar to learning-curve effects seen in other industries. Proceeds from the latest funding will fully finance the pilot and support initial commercial deployments.