Nuclear energy startup Deep Fission made headlines on Monday with the announcement of its public debut through a reverse merger, securing a substantial $30 million in funding.
No, this news isn’t from 2021.
The innovative startup aims to revolutionize the nuclear power industry by constructing compact, cylindrical nuclear reactors and submerging them into deep holes drilled one mile underground. This unique approach addresses key issues faced by traditional reactors, such as meltdown risks and potential security threats.
Deep Fission’s cutting-edge 15-megawatt reactors utilize pressurized water cooling systems, similar to those used in nuclear submarines and conventional power plants.
In a significant development earlier this year, Deep Fission entered into a partnership with Endeavor, a prominent data center developer, to deploy 2 gigawatts of underground reactors.
In a recent milestone, Deep Fission was among the ten nuclear fission startups chosen to participate in the Department of Energy’s Reactor Pilot Program, streamlining the regulatory process for new reactor projects.
Through a reverse merger with Surfside Acquisition Inc., a four-year-old entity, Deep Fission went public at $3 per share, diverging from the typical $10 target of SPACs. The resulting entity will retain the Deep Fission name and plans to list on the OTCQB exchange.
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The details of the reverse merger indicate that Deep Fission faced challenges in securing additional funding from investors, relying on the merger to extend its financial runway beyond the initial seed round. While this provides a financial boost, it also entails increased SEC reporting obligations for the startup operating in a capital-intensive sector. Deep Fission aims to launch its first reactor by July 2026.
