Last Energy, an advanced nuclear technology company, today announced it has closed an oversubscribed Series C of more than $100 million led by the Astera Institute, with participation from JAM Fund, Gigafund, The Haskell Company, AE Ventures, Ultranative, Galaxy Interactive, and Woori Technology Co., Ltd., among others.
“We believe this financing will fully capitalize us through our DOE pilot project and position us to transition into commercialization of our production power plants,” said Bret Kugelmass, Founder and CEO of Last Energy. “A new nuclear era is underway, and we intend to showcase how factory fabrication will unlock the scalability that the energy market demands.”
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Following this round, Last Energy is focusing on completing its PWR-5 pilot reactor, advancing PWR-20 commercialization, and strengthening its footprint in Texas through expanded investment in manufacturing capabilities and partner engagement.
“Astera exists to support ambitious teams exploring ideas with transformative potential. Last Energy is applying a product mindset to nuclear energy that could reshape power generation,” said Jed McCaleb, Co-Founder of the Astera Institute. “We’re proud to support their work because this early, high-conviction approach can unlock new opportunity spaces in energy.”
Last Energy is operating at the forefront of new nuclear deployment, advancing projects through both U.S. and UK regulatory pathways. In August 2025, the company was selected for the U.S. Department of Energy’s (DOE) Reactor Pilot Program and, leveraging a previously procured full core load of fuel, secured a lease at the Texas A&M–RELLIS Campus and signed the first known Other Transaction Agreement (OTA) between the DOE and a reactor developer, in preparation for an anticipated 2026 criticality demonstration. In the United Kingdom, Last Energy has completed a Preliminary Design Review and is the only known company with a regulator-confirmed pathway toward a potential 2027 site license decision, further supported by its recognition in the Atlantic Partnership for Advanced Nuclear Energy.
“Ensuring steady access to clean power is critical to enabling the next wave of industrial and economic growth,” said Sam Englebardt, GP at Galaxy Interactive, a venture platform within Galaxy Digital Inc. (NASDAQ: GLXY). “We believe Last Energy is well-positioned to deliver on this moment with a pragmatic yet revolutionary solution to nuclear deployment, built around one of the most capital-efficient approaches we’ve seen. Their micro-modular reactors aim to offer a pathway to providing meaningful new energy capacity in the settings that need it most.”
At the core of Last Energy’s approach is a fully integrated, hermetic steel containment built around proven pressurized water technology and off-the-shelf fuel, transforming its nuclear steam supply system into a supply-chain-ready, factory-manufacturable product. This productized approach has driven one of the industry’s largest commercial microreactor pipelines, with traction in both electric and heat-only applications with data center and industrial customers, positioning the company to scale its technology internationally.
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