LIS Technologies announces a nearly $12 million seed funding round for new Oak Ridge facility
The company's advanced laser technology has uses ranging from uranium enrichment to synthesis of stable isotopes critical for medical and other scientific research.
In our second-day recap of the recent “Nuclear Opportunities Workshop,” we mentioned that Christo Liebenberg, Chief Executive Officer of LIS Technologies Inc., announced it was the start-up’s intention to relocate from San Diego, CA to the East Tennessee Technology Park.
Tuesday brought even more exciting news for the company, and the press release was datelined as Oak Ridge!
LIST, as the company likes to be called, announced that it has closed its expanded, oversubscribed $11.88 million seed funding round which included 28 Ventures Fund, an advanced U.S. nuclear technology company, and active nuclear technology investors. LIST is a proprietary developer of advanced laser technology and the only U.S.-based company with a patented laser uranium enrichment technology.
The company’s previously announced seed round of $1.3 million was significantly expanded due to overwhelming demand, reflecting strong investor confidence in the vision and growth potential of Laser Isotope Separation Technologies (LIST). The additional capital will help fuel the revitalization and rebirth of its proprietary, patented advanced laser enrichment technology, which was demonstrated in the 1980’s and early 90’s and assessed by the National Nuclear Security Administration to a TRL (Technology Readiness Level) of 4.
The newly raised funds will help to advance the build-out of LIST’s new facility in Oak Ridge for physical test work and demonstrations, and the company plans to attract additional top talent to its existing team of Scientists and Engineers.
The company’s proprietary CRISLA technology, short for Condensation Repression Isotope Selective Laser Application, is versatile, with potential applications spanning uranium enrichment for nuclear fuel, the synthesis of stable isotopes critical for medical and other scientific research, and in the growing field of quantum computing, particularly in semiconductor manufacturing. For laser enrichment of uranium, this method has sufficient selectivity that will enable the production of LEU in a single stage and HALEU in two stages. With high throughput, high duty cycle and reduced complexity compared to competing technologies, the Company projects highly competitive capital and operational costs.
“It is gratifying to witness the strong support for LIST and our vision for advancing the United States nuclear energy industry and its fuel supply chain,” said Liebenberg. “Revitalizing this technology will mark a major milestone, not just for our company, but for the entire nuclear energy sector and industry in the United States. With the potential to become the world’s most cost-effective uranium enrichment technology at scale, it promises a reliable domestic supply of LEU (Low Enriched Uranium) and HALEU (High-Assay LEU) fuels – key to a thriving and innovative nuclear industry. The support and backing from advanced nuclear technology investors is a testament to our dedication and goals.”
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