Seaborg said in a statement that the money, which comes from a small group of private Danish and European investors, will be spent on 50 new hires and a state-of-the-art laboratory to increase the “technological lead in the field”, make progress to the next stage of regulatory approval, and maintain an “aggressive schedule” towards commercial operation.
The statement did not disclose the actual amount of funding, but Bloomberg reported the sum was estimates at €20m.
Seaborg Technologies is developing an advanced thorium-based MSR, known as the Seaborg Cube-100 (short for Compact Used Fuel BurnEr).
The company plans to develop small mass-produced floating nuclear power plants, or barges, and market them in developing countries in global regions where the use of renewable energy sources is unfavourable, such as in South East Asia.
Seaborg said it is working closely with regulators, shipyards, and the nuclear industry to deliver electricity already in 2025, potentially somewhere in South-East Asia.
The first power barges are expected to have two reactors installed and will need to be refuelled every 12 years, Seaborg said.