Last Energy, the DC-based microreactor startup, just got a boost on its path to deploy its first modular reactor system by 2026.
The company announced today that it closed a $40M Series B round earlier this year, which will help it dramatically ramp up its hiring and make progress towards regulatory approvals in its target markets. The round was led by Gigafund and also included participation from the Autodesk Foundation and a handful of family offices.
Made to last: Last Energy’s strategy is building scaled down, 20 MWe output, modular reactors that can be linked together for more power, plus—and this is the kicker—owning and operating the plants themselves.
Nearly half of Last Energy’s commercial agreements—39 out of 80 total—are with data center developers. The company’s CEO, Bret Kugelmass, told Ignition via email that those customers are attracted for very specific reasons:
- The 20 MWe output per unit, stackable into other common deployments, like 60 or 100 MWe. “Being able to offer that kind of flexibility is critical to data center planners, who need certainty that they can secure more energy as demand increases over the coming years,” Kugelmass said.
- Full-service delivery. Last Energy handles everything from development to operations for its power customers, meaning customers only have to worry about buying the power at the end of the project.
The remaining half of Last Energy’s current agreements are with mid-size manufacturers, factories, and industrial zone developers, per Kugelmass. Basically, businesses that need constant, reliable power to keep the lights on and the machines whirring.
“For any entity that needs 24/7 clean baseload power, on-site microreactors are hands down the best solution,” Kugelmass said. “That’s especially the case in Europe, where offtakers don’t just need energy abundance, but they also have to grapple with the energy security issues posed by grid queues and inconsistency.”
Raise the roof: The $40M Series B brings the company’s total fundraising to $64M since 2019.
The company sought out beneficial connections in its fundraising process, and with the addition of the Autodesk Foundation to its docket of investors, Last Energy will be getting more than a check. The team already used Autodesk 3D modeling, and the official connection will give them more access to Autodesk’s services and team.
What’s next? Things are moving fast, and Last Energy is hoping to switch on its first reactor by 2026. Several European markets are on the table as the company looks to get its reactors shipping and installed, chosen for customer availability and ease of regulatory regimes. Poland and Romania are on the shortlist, but Kugelmass said that the UK is the most likely first partner.
“Companies are looking for ways to sidestep the restraints of the grid, but there’s also a pronounced emphasis on industrial decarbonization—due to customer demand, investor demand, regulatory obligations—in the UK,” he said. “All of this has made us the logical solution for offtakers, which has led to a strong pipeline of UK-based projects.”
Lead Reporter of Ignition
