VCs and the Atomic Age: Inside the First Nuke Summit
Alumni Ventures is actively investing in the nuclear energy sector, supporting its potential through innovations like advanced reactors and new fuel technologies. Recent insights from the Venture Capital Nuclear Summit at Idaho National Labs highlight nuclear energy’s promise for high efficiency and global growth.
Being one of the most active venture investors in the U.S. makes Alumni Ventures one of the most active backers of American innovation. And when it comes to energy innovation in the U.S., we believe strongly in an “All of the Above” strategy. A big, untapped part of that mix: nuclear. At AV, we’re proud to be one of the more active investors in the growing nuclear renaissance ecosystem.
Background: Why VCs Just Came Together at Idaho National Labs
Idaho Falls hosts a national treasure: Idaho National Laboratory (INL), one of 17 U.S. Department of Energy labs, where 6,100 researchers redefine energy and national security.
Together with the team at Idaho National Labs as well as peer investors, including from Founders Fund, we co-organized the first “Venture Capital Nuclear Summit” specifically focused on nuclear energy. The goal was to convene, educate, and identify investment opportunities in “new nuclear.”
Our behind-the-scenes tour revealed the immense potential and realistic challenges of nuclear energy, including advanced reactor technologies and innovative fuel solutions.
Learnings About Nuclear’s Capacity
TL;DR on New Nuclear: Nuclear energy offers immense potential due to its high-energy density and the global push to triple nuclear capacity by 2050. INL’s advanced research in reactor technologies and innovative fuel solutions, such as TRISO and Molten Chloride Fast Reactors, highlights a promising future for safer, more efficient nuclear power, crucial for meeting global energy demands and reducing carbon emissions.
1. High Energy Density of Nuclear Fuel
Fact: A single uranium atom undergoing fission releases 50 million times more energy compared to a carbon atom during chemical combustion.
- What this means: Nuclear energy is incredibly powerful, offering a compact and efficient way to meet our growing energy needs.
2. Scale of Global Nuclear Energy Demand
Fact: This year at COP 28, twenty countries — including the United States, Japan, and France — committed to triple nuclear energy capacity by 2050.
- What this means: With more countries backing nuclear energy, we can expect significant growth in nuclear power worldwide to help meet the world’s future clean energy requirements and Net Zero goals.
3. Historic & Ongoing Contributions of EBR-II
Fact: The Experimental Breeder Reactor II (EBR-II), which operated from 1964 to 1994, demonstrated the feasibility of a complete power plant with integrated fuel reprocessing and showed an inherent safety.
- What this means: The successful history of EBR-II shows that advanced nuclear reactors can be both safe and efficient, paving the way for future designs.
Learnings About Fuel and Reactor Designs
4. TRISO Fuel: The Future of High-Temperature Reactors
Fact: The Advanced Gas Reactor Fuel Program tested about 1,000,000 TRISO fuel particles, which are tiny nuclear fuel particles with multiple protective layers of carbon and ceramic materials.
These tests showed that the particles rarely failed and did a great job containing radioactive fission products, demonstrating their high safety and reliability.
- What this means: New fuel technologies like TRISO can make reactors safer and more efficient, bringing us closer to reliable, advanced nuclear power.
5. Molten Chloride Reactor Experiment (MCRE)
Fact: The MCRE project aims to achieve critical operation by 2027, utilizing high operating temperatures and low-pressure systems to improve power conversion efficiency and enable industrial applications.
- What this means: Innovative reactors like the Molten Chloride Fast Reactor could revolutionize the industry with safer, more efficient, and flexible nuclear power.
6. Integrated Fast Reactor (IFR) Program
Fact: The IFR program combined the best features learned from EBR-II, addressing cost, sustainability, safety, proliferation resistance, and waste management.
- What this means: The IFR program’s advancements mean future reactors could be cheaper, safer, and more sustainable, addressing many of today’s energy challenges.
Learnings About Waste Management
7. Challenges in Nuclear Waste Management
Fact: The U.S. has stored 86,000 metric tons of heavy metal (MTHM) discharged across 75 sites. Long-term solutions include deep geological disposal facilities.
- What this means: While managing nuclear waste is complex, progress in storage and disposal technologies promises safer long-term solutions.
Learnings About Market and Expansion
8. U.S. Nuclear Capacity Expansion
Fact: U.S. utilities have identified the need to add 100 gigawatts of nuclear power by 2050, which could offset emissions equivalent to removing over 100 million cars from the road.
- What this means: The planned expansion of nuclear power in the U.S. will significantly reduce carbon emissions, contributing to cleaner air and a healthier planet.
9. Economic and Regulatory Hurdles
Fact: Significant challenges face deploying new nuclear reactors, despite advancements.
The Department of Energy (DOE) can authorize R&D reactors without a Nuclear Regulatory Commission license, while the NRC oversees commercial and demonstration reactors.
- What this means: Overcoming the challenges of deploying new reactors will require continued innovation and supportive policies from both the DOE and NRC, but the potential benefits are enormous.
Learnings About INL’s Role
10. INL’s Role in National Security and Energy Research
Fact: Idaho National Laboratory (INL) is a leading center for nuclear energy research and development, home to over 6,100 researchers focused on advancing nuclear energy, renewable systems, and security solutions.
INL tests advanced nuclear energy concepts, develops robust nuclear fuels, and operates the world’s premier materials test reactor, significantly contributing to the nuclear energy industry.
- What this means: INL’s cutting-edge research is crucial for developing safe, sustainable, and secure energy solutions, shaping the future of nuclear power.
Key Takeaways & What’s Next
The first VC Nuclear Summit showcased the immense potential of nuclear energy, highlighting advancements in reactor technologies, global commitments to expand capacity, and the critical role of innovation and supportive policies in achieving sustainable and efficient power solutions.
We believe the “need” for nuclear will soon overcome the “fear” of nuclear. Our electric grid simply cannot survive the novel demands of AI, electrification, industrial heat, space travel, and so on. So we hope this write-up helps you learn what you missed out on! This Fall, we will have a follow-up session on the “Demand Side” of nuclear. Stay tuned!
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Pete Mathias
Partner, U.S. Strategic Tech FundAlumni Ventures' U.S. Strategic Tech Fund is led by Partner Pete Mathias, personally ranked by Business Insider as a Top Defense VC to Watch. Pete joined Alumni Ventures from the $1.5B+ venture capital arm of Bertelsmann, where he was a Senior Director across the European Union, China, and U.S startup ecosystems. Previously a fellow at .406 Ventures and alumnus of the Harvard Innovation Lab, Pete has substantial entrepreneurial and startup operating background. He has an MBA from the Tuck School at Dartmouth, an MPA from Harvard’s Kennedy School, a Master’s with Distinction from Oxford, and a BA (magna cum laude) from Dartmouth. He has recently been selected as a member of the Council on Foreign Relations. Pete has a creative core as drummer for the indie rock band Filligar, which has been designated as “Cultural Ambassador” by the U.S. Department of State. He is an avid skier, marathon runner, and ice hockey player.
Drew Wandzilak
Senior Associate, US Strategic Tech FundDrew has worked in high-growth industries as both an investor and operator, focusing on how people and technology interact within organizations. His venture experience began at AV’s Seed Fund, identifying and supporting early stage founders across a variety of industries. This experience led him to join Holistic Industries, a leading private multi-state operator of cannabis cultivation facilities and dispensaries, where he focused on business intelligence, corporate development, and M&A. Prior to rejoining AV, he worked with the founding team of Mirage, an NFT marketplace and view layer for augmented reality assets. Drew has a BS from Northwestern University in Education and Social Policy with concentrations in Learning & Organizational Change and Entrepreneurship. He is also an ambassador of Northwestern’s Farley Center for Entrepreneurship and Innovation and a member of Chicago Inno’s 25 under 25.
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