Apollo Atomics has announced it closed a $26 million seed funding round, including $5 million in debt, to advance its technology for shrinking nuclear reactor steam generators. The company aims to make nuclear power more cost-competitive by focusing on this often-overlooked component.
Founders Assil Halimi and Drew Walker believe that by redesigning the steam generator, they can make the entire nuclear power system more compact. Halimi, the CEO, stated their version can be mass-manufactured and is about the size of a person, allowing for a reactor 40 times smaller than those using conventional steam generators.
The startup projects that an Apollo power plant could generate electricity at 3 cents per kilowatt hour, with the goal of beating natural gas prices. The company plans to assemble reactors and steam generators in a factory, rather than on-site, which could lead to a 300-megawatt plant being built in under 24 months.
Apollo Atomics has already built a 40-kilowatt demonstration reactor at MIT. The company plans to offer three reactor sizes, ranging from 10 megawatts-electric to 300 megawatts, with a commercial deployment targeted for 2028.