StoryFunding
Kairos Power lines up $643 million for its Tennessee reactor program, including $275 million from the US Department of Energy
Kairos Power's co-founder and CEO Mike Laufer has put together a $643 million funding package for the company's Tennessee reactor program, according to Bloomberg's report of October 14. The money combines private investment with federal financing for the Oak Ridge demonstration. Bloomberg did not report a valuation.
- Private investment totals $368 million, from investors including GV, DCVC and Samsung C&T.
- The Department of Energy is providing $275 million for the Oak Ridge demonstration program.
- The NRC deadline for the Hermes 1 reactor is 2029; the company's commercial case depends on building and learning through successive demonstrations.
- This is a secondary write-up of Bloomberg's report; Kairos has not been found to confirm the breakdown in its own release.