Project Omega Raises $80M in Series A Funding Led by B Capital

Project Omega, a Newport, RI-based nuclear recycling company, has raised $80 million in a Series A funding round.

The round was led by B Capital, with participation from noa VC, 645 Ventures, Starship Ventures, Mantis Ventures, Decisive Point, Virta Ventures, Pace Ventures, Essential Capital, Washington Harbour Partners, and other investors in nuclear technology and national security.

The company will use the funding to advance its technology, manufacture its X Series products and begin construction of a nuclear fuel recycling facility.

What is Project Omega?

Founded in 2025, Project Omega develops technology to recycle used nuclear fuel and turn recovered materials into useful products, including long-duration power sources, reactor fuel and isotopes for commercial, medical and scientific applications.

Read More:Spectro Cloud Appoints Mike Gannon as Chief Revenue Officer

Its platform uses a process called non-aqueous pyroprocessing to recover valuable materials from used nuclear fuel. The technology can recover isotopes such as strontium-90, does not separate pure plutonium and can reduce nuclear waste volume by up to 90%.

One of its main product areas is radiovoltaic power. These solid-state systems convert energy released by radioactive decay directly into electricity. They are designed for equipment and operations where regular charging, battery replacement or human access is difficult.

Potential applications include sensors, autonomous systems, communication networks, spacecraft and undersea platforms.

How Much Funding Has Project Omega Raised?

Project Omega has raised $80 million in its Series A round. The company has not disclosed its total funding raised to date or details of any previous funding rounds.

Who Invested in Project Omegas Series A?

B Capital led the $80 million round. Other participating investor's include:

• noa VC
• 645 Ventures
• Starship Ventures
• Mantis Ventures
• Decisive Point
• Virta Ventures
• Pace Ventures
• Essential Capital
• Washington Harbour Partners

The round also included other investors from the nuclear technology and national security sectors.

Why the Funding Matters

Project Omega will use the capital to develop its nuclear recycling technology, manufacture its X Series products and start building its nuclear fuel recycling facility.

The company aims to address two challenges in the US nuclear industry: reliance on foreign uranium supplies and the growing cost of managing used nuclear fuel.

By recovering useful materials from nuclear waste, Project Omega plans to support a domestic fuel supply chain and develop new sources of long-duration power.

Who founded Project Omega?

Project Omega was founded in 2025 by Staff Sheehan. The company is headquartered in Newport, Rhode Island.

"The country’s nuclear renaissance will not happen without the fuel. We have a domestic source for this, nearly 100,000 metric tons of used nuclear fuel, which is one of America's largest untapped energy resources," said Dr. Stafford Sheehan, founder and CEO of Project Omega. "We are building a vertically integrated strategy around an abundant domestic feedstock, with a non-aqueous recycling process that recovers useful isotopes, and products with clear strategic demand.

Market and Business Growth

Since emerging from stealth eight months ago, Project Omega has reported several technology milestones.

The company has advanced its recycling technology with Idaho National Laboratory through the ARPA-E CURIE program. It has also demonstrated a stable electrical current from strontium-90 at Pacific Northwest National Laboratory.

In addition, Project Omega has continued developing its next-generation radioisotope power systems through DARPA's Rads to Watts program.

The company has also launched its X Series, a range of modular power systems that combine battery storage, generators and intelligent controls. The systems are designed to support solar and wind power initially, with isotope-based power planned for future integration.

What Happens Next?

Project Omega plans to move forward with the development and manufacturing of its X Series products while beginning construction of its nuclear fuel recycling facility.

It will also continue developing its pyroprocessing technology and radioisotope power systems for applications in defence, space and remote operations. The company aims to connect domestic nuclear fuel recycling with the production of useful energy systems and other recovered materials.

Read More:Vessel Raises $5M in Seed Funding Led by HG Ventures