Nuclear Turbines Raises $20 Million to Bring Down Cost of Nuclear Energy Using Gas Turbine Technology

Advanced nuclear technology startup Nuclear Turbines announced that it has raised £15 million (USD$20 million) in a new funding, with proceeds to be used to scale its solution, based on gas turbine technology, to address nuclear energy’s cost and scale challenges.

Founded in 2023 by Jeremy Owston and nuclear engineer Professor Tim Abram and spun out of BEA Systems, Manchester-based Nuclear Turbines develops compact, cost-effective, advanced nuclear power systems that combine a reactor with high-temperature gas turbine technology.

According to Nuclear Turbines, steam turbines used in conventional nuclear power plants require large, high-pressure steam systems that increase plant size, complexity and cost, while gas turbines, which power airplanes and are used in gas-fired power stations, convert extremely hot air directly into power with very little energy loss. While gas turbines are not suitable for nuclear reactors because current designs can’t heat air to the high temperatures required, Nuclear Turbines’ reactor design allows for the ability to harness the efficiency of gas turbine technology enabling operation at higher temperatures and solving the critical scale and cost issues with steam systems.

The company said that by eliminating the need for steam infrastructure, its solution is compact enough to be deployed behind the meter at industrial sites, providing a resilient alternative to grid-connected electricity for critical infrastructure, including industrial facilities, manufacturing sites and data centers.

Jeremy Owston, CEO and co-founder of Nuclear Turbines, said:

“The nuclear industry has always designed reactors first, then figured out what to do with the heat. We flipped this script: we started with the cheapest way to generate power and designed a reactor to fit. If we’re serious about reindustrialising while meeting climate goals, we need energy that’s clean and cheap. We’ve created the only tech that solves both, from the UK.”

The new capital will be used to advance and validate the reactor design, build large-scale test rigs, and expand the team as the company prepares to manufacture its first fuel elements, Nuclear Turbines said.

The funding round was led by IQ Capital, and included participation from Rhapsody Venture Partners, Zero Carbon Capital and Empirical Ventures.

Jordan Billiald, Principal at IQ Capital, said:

“This is the first time I’ve seen an SMR design that genuinely solves the economic and sustainability equation, and it’s at a time when market dynamics, government ambition and regulatory reform are creating unprecedented opportunity. Nuclear Turbines is perfectly positioned to capture that opportunity and to make sure the UK is not left out of the global nuclear race.”