Antares raises $470M to build nuclear reactors for the US military
Antares raises $470M to build nuclear reactors for the US military
Antares 融资 4.7 亿美元，旨在为美军建造核反应堆
Nuclear power startup Antares Nuclear said Monday that it has raised $470 million to build small reactors for U.S. military bases. The Series C round, which was led by Paradigm and Caffeinated Capital with participation from Industrious Ventures, Point72 Ventures, and Shine Capital, underscores investors’ growing interest in advanced nuclear startups — a trend fueled by an AI data center building boom and demand for new sources of power. The Series C round included $370 million in equity and $100 million in debt.
核能初创公司 Antares Nuclear 周一宣布，已筹集 4.7 亿美元资金，用于为美国军事基地建造小型反应堆。本轮 C 轮融资由 Paradigm 和 Caffeinated Capital 领投，Industrious Ventures、Point72 Ventures 和 Shine Capital 跟投。这凸显了投资者对先进核能初创公司日益浓厚的兴趣——这一趋势受到人工智能数据中心建设热潮以及对新型能源需求增长的推动。此次 C 轮融资包括 3.7 亿美元的股权融资和 1 亿美元的债务融资。
Antares has been developing a small modular reactor (SMR) capable of producing between 100 kilowatts and 1 megawatt of electricity, enough to power up to 750 homes. Like many other advanced nuclear startups, Antares’ reactor uses TRISO fuel, which encapsulates uranium in carbon and ceramic shells. TRISO has been touted for years as a safer alternative to traditional nuclear fuel. The billiard ball-sized spheres of TRISO fuel can be cooled by gases like helium or molten salts. The coating is designed to prevent the fuel from melting in typical high-temperature reactors.
Antares 一直在开发一种小型模块化反应堆（SMR），其发电能力在 100 千瓦至 1 兆瓦之间，足以满足多达 750 户家庭的用电需求。与其他许多先进核能初创公司一样，Antares 的反应堆使用 TRISO 燃料，即将铀封装在碳和陶瓷外壳中。多年来，TRISO 一直被誉为传统核燃料的更安全替代品。这种台球大小的 TRISO 燃料球可以通过氦气或熔盐等介质进行冷却。其涂层设计旨在防止燃料在典型的高温反应堆中熔化。
Antares’ demonstration reactor, the Mark-0, reached criticality on June 4 at the Idaho National Laboratory. The company is one of three finalists in the Pentagon’s Advanced Nuclear Power for Installations program, which will test SMRs on Air Force bases in Colorado and Montana. Antares aims to bring its first electricity-producing reactor online next year, with deployments at U.S. military installations planned for 2028.
Antares 的示范反应堆 Mark-0 于 6 月 4 日在爱达荷国家实验室实现了临界。该公司是五角大楼“军事设施先进核能计划”（Advanced Nuclear Power for Installations program）的三家入围企业之一，该计划将在科罗拉多州和蒙大拿州的空军基地测试 SMR。Antares 的目标是在明年使其首个发电反应堆投入运行，并计划于 2028 年在美国军事设施中进行部署。
Investors have been flocking to nuclear power, and fission in particular, as electricity demand surges in response to data center construction and the broader electrification of the economy. In April, X-energy raised $1 billion through an IPO, while Radiant Energy, Standard Nuclear, and Last Energy have each raised nine-figure rounds since December. Antares closed its last round, a $96 million Series B, also in December. Altogether, Antares has raised $604 million, based on a TechCrunch analysis of PitchBook data.
随着数据中心建设和经济全面电气化带来的电力需求激增，投资者纷纷涌向核能，尤其是核裂变领域。今年 4 月，X-energy 通过首次公开募股（IPO）筹集了 10 亿美元，而 Radiant Energy、Standard Nuclear 和 Last Energy 自去年 12 月以来也都完成了九位数的融资。Antares 上一轮融资（9600 万美元的 B 轮）同样是在去年 12 月完成的。根据 TechCrunch 对 PitchBook 数据的分析，Antares 总计已筹集 6.04 亿美元。
Despite investor excitement, advanced nuclear startups face several hurdles to commercialization, including an immature supply chain in the U.S. and challenges with scaling production. Many SMR startups tout the benefits of mass manufacturing, claiming it will significantly reduce costs. But the benefits of mass manufacturing typically take at least a decade to materialize, and no startup has reached that stage yet. The first SMRs, which are expected to enter service in the early 2030s, are unlikely to be cost competitive with most new power plants.
尽管投资者热情高涨，但先进核能初创公司在商业化道路上仍面临诸多障碍，包括美国国内尚不成熟的供应链以及扩大生产规模的挑战。许多 SMR 初创公司大肆宣传大规模制造的优势，声称这将显著降低成本。但大规模制造的效益通常至少需要十年才能显现，目前还没有任何一家初创公司达到这一阶段。预计将于 21 世纪 30 年代初投入使用的首批 SMR，在成本上不太可能与大多数新建发电厂竞争。
Lazard, which analyzes the cost of energy for a variety of technologies, expects new SMRs to cost about $214 per megawatt hour. At that price, they would cost more than all but the most expensive gas turbines. Antares hasn’t disclosed its pricing. But given the realities of the market, it’s not surprising that the startup decided to chase contracts for the U.S. military, a famously price-insensitive customer.
分析多种能源技术成本的 Lazard 公司预计，新型 SMR 的成本约为每兆瓦时 214 美元。按此价格计算，其成本将高于除最昂贵的燃气轮机以外的所有发电方式。Antares 尚未披露其定价。但考虑到市场现实，这家初创公司决定争取美国军方的合同也就不足为奇了，因为军方是一个出了名的对价格不敏感的客户。