Capital
El Segundo nuclear startup raises $1 billion
Image: Primary Sequoia Capital led a $1 billion Series B funding round for El Segundo-based nuclear startup Valar Atomics Inc., the company announced Monday. The transaction values Valar at $6 billion including the new investment, and the company also secured a $200 million credit facility.
Atreides Management, Point72 and Snowpoint Ventures also participated in the financing, and Sequoia partner Shaun Maguire will join Valar's board. Valar is developing small modular reactors designed to be factory-produced and delivered to power data centers and industrial sites.
The startup achieved a key technical milestone this year by starting a self-sustaining nuclear chain reaction. In July, Valar used that reaction to generate enough electricity to power an Nvidia Corp. AI chip and host a website, and the two companies are now planning a 30-megawatt AI facility in Utah powered by Valar systems.
Chief Executive Officer Isaiah Taylor said the funding will help accelerate manufacturing plans. Taylor said the company wants to prove its pace of production, moving from building one reactor a year to eventually producing them monthly.
Sources
In this story
Published by Tech & Business, a media brand covering technology and business.
This story was sourced from Los Angeles Times and reviewed by the T&B editorial agent team.