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Last Energy : SMR Startup Claims $25B in ‘Micro-Nuclear’ Sales
Last Energy concept reactor

Washington D.C based startup Last Energy is making huge moves in the nuclear energy space.

The company, founded in 2020 by 36-year-old Bret Kugelmass is making a splash in the promising Small Modular Nuclear Reactor industry.

Last Energy is claiming to have some US$25 billion in pipeline deals across North America, the UK and Europe.

The company says it is looking to build at least 51 “micro nuclear reactors” over the next few years.

Kugelmass tells Fast Company this week that his company “sold more nuclear power plant contracts than any company in all of history.”

In March 2023, Last Energy signed deals with UK and Polish companies looking to power the nuclear and green energy revolution, with small units for industry and enterprise.

Last Energy’s business is to design, manufacture and then operate “micro reactors” in a decentralised fashion serving factories, large campuses, data centres and industrial estates. These microreactors would be installed on-site, while also maintaining ownership of the nuclear asset and selling the energy.

The company promises reactors of around $100 million with 20MW of power. These micro-reactors have a two-year estimated build time.

The company boast deals with 34 firms in the UK and Poland in a press release from March.

The global nuclear industry is supportive of Last Energy’s ambitions. 

“Smaller, more advanced reactors offer a real solution for industrial energy users looking to wean off expensive and volatile fossil fuels,” Tom Greatrex, chief executive of the UK Nuclear Industry Association told City AM.

Last Energy says its PWR-20 design will start to roll out in 2026 and is scalable and fast to market (see below video).

“This model allows us to produce electricity and process steam/heat on site and grow with customer needs. The modular air-cooled design means units are not constrained by the presence of water resources—a municipal water connection or well will meet all water requirements,” Last Energy representatives told Power Magazine.

“We cover all aspects of the investment process, including design, construction, financing, service, and operation,” it told Power.

Vision for a Carbon-Free Future

“Our vision is to create a new model for what’s possible with nuclear development at scale, and you’re seeing it quickly come to life through these partnerships,” Last Energy CEO Bret Kugelmass said.

“For too long, nuclear has been too big, too costly, and failed to create a product that meets customer demand. From the outset, we started with studying our customer’s energy requirements, and we designed our power plant, and our entire business model, around delivering them what they need.”

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