LIS Technologies announces oversubscribed Series A round
The $22 million raised will be utilized to advance physical test work and Test-Loop demonstrations at the start-up's secured facility in Oak Ridge.
And the positive news just keeps coming from LIS Technologies Inc. (LIST), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company.
In a news release issued on Thursday, the start-up announced that it has closed its 120 percent oversubscribed $22 Million Series A funding round, attracting participation from 28 Ventures Fund – a returning investor- along with Innovating Capital, Minetta Brook Capital, prominent advanced nuclear technology investors, and insiders.
The funds raised in the round will be utilized to advance physical test work and Test-Loop demonstrations at the LIST’s secured facility in Oak Ridge. The funding round will also start the initial R&D process of LIST’s next-generation 5.3µm CO2 lasers. Additionally, the company will continue expanding its leadership and technical teams with best-in-class personnel to oversee the regulatory and licensing progression of its technology and advance its cooperation with the U.S. government oversight bodies in the event the technology is classified by the Department of Energy.
“We are deeply grateful for the substantial investor support we received during this funding round, which saw significant demand and underscores investor’s confidence in our novel technology,” said Jay Yu, Executive Chairman and President of LIST. “The advancement and subsequent deployment of this technology is crucial to the nation’s domestic nuclear energy industry. In addition to potentially helping secure the future fuel supply for the nation’s existing fleet of 94 nuclear reactors, LIST will enable the timely rollout of the next generation of advanced nuclear reactor technologies, including small modular reactors and microreactors which require High-Assay Low-Enriched uranium fuel to operate.”
The company was co-founded by Christo Liebenberg, who serves as the start-up’s Chief Executive Officer, and Dr. Jeff W. Eerkens, who is its Chief Technology Officer.
Like what you've read?
Forward to a friend!