Nuclear energy startup Last Energy has raised US$100 million in fresh funding to accelerate the development of its steel-encased micro reactor, as interest grows in small, modular nuclear solutions to meet rising power demand from data centres and industrial users.
The funding round, led by a group of institutional and strategic investors, will be used primarily to construct Last Energy’s first commercial-scale pilot reactor in Texas. The company said the 5-megawatt facility is expected to be completed and switched on as early as next year, pending regulatory approvals.
Last Energy’s reactor design is based on a pressurised water reactor system housed inside a compact steel containment structure. Unlike traditional nuclear plants, which can take more than a decade to build and require multi-billion-dollar investments, the company says its micro reactor can be manufactured largely off-site, transported by road, and installed in a matter of months.
The startup is positioning its technology as a reliable, zero-carbon power source for industrial customers, including manufacturers, data centres, and energy-intensive facilities seeking alternatives to fossil fuels amid tightening climate regulations and grid constraints. Each unit is designed to deliver continuous baseload power, addressing one of the key limitations of renewable sources such as solar and wind.
Founded by former energy and infrastructure executives, Last Energy has focused on simplifying nuclear plant design by stripping out non-essential systems and standardising components. The company argues this approach reduces construction risk, lowers costs, and improves safety by minimising on-site complexity.
The Texas pilot project is expected to serve as a proof of concept for future deployments in the United States and abroad. Last Energy has previously indicated interest in international markets, particularly in Europe, where energy security concerns have intensified following recent geopolitical disruptions and rising electricity prices.
The funding comes amid renewed momentum for nuclear energy globally. Governments and private investors are increasingly backing small modular reactors and micro reactors as part of broader decarbonisation strategies, with the International Energy Agency noting that nuclear power will play a critical role in achieving net-zero emissions targets.
Last Energy said it plans to use the Texas project to demonstrate the scalability of its model, with the long-term goal of deploying fleets of identical reactors tailored to customer demand rather than grid-scale power generation.
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