The Rhode Island startup is developing nuclear fuel recycling technology and compact power sources intended for applications where conventional batteries cannot provide sufficient operating life.
Project Omega has raised $80 million in a Series A led by B Capital, with participation from noa VC, 645 Ventures and other investors.
The financing, announced November 9, will support a pilot facility for recovering valuable materials from used nuclear fuel.
Based in Newport, Rhode Island, the company wants to develop a domestic nuclear recycling system that can produce materials for reactors, industrial applications and long-duration power sources.
Its central thesis is that used nuclear fuel contains valuable materials that conventional waste management practices leave unused.
From Spent Nuclear Fuel to Useful Materials
Nuclear reactors generate spent fuel containing radioactive isotopes and materials with potential commercial value.
Recovering those materials requires complex chemical separation, specialized facilities and strict safety controls.
Project Omega is developing technology intended to recover useful isotopes and convert selected materials into new applications.
The company is also working on compact power sources that use radioactive decay to produce electricity over extended periods.
These systems are fundamentally different from ordinary rechargeable batteries.
They are designed for situations requiring long service life and limited maintenance, such as remote sensors, space equipment and selected defense applications.
Project Omega's ambition is to create a connection between nuclear fuel recycling and a market for the materials recovered.
Founded by an Industrial Technology Entrepreneur
Project Omega was founded by Stafford Sheehan, who serves as CEO.
Sheehan previously co-founded Air Company, a startup developing technologies that transform captured carbon dioxide into useful fuels and products.
At Project Omega, the focus is nuclear chemistry and high-density energy systems.
The company has participated in government-backed research initiatives involving nuclear recycling and long-duration power technologies.
Its financing will support construction and development of its pilot recycling facility.
The Challenge of Nuclear Commercialization
Nuclear technology offers significant potential, but scaling it requires more than laboratory results.
Project Omega must demonstrate the economic viability of its recycling process while meeting regulatory, environmental and safety requirements.
It will also need customers for the recovered materials and power products.
The startup has not publicly disclosed commercial revenue, recycling costs or operating margins.
The $80 million Series A gives it capital to advance the technology toward industrial validation.
The question is whether nuclear waste recycling can become a commercially sustainable supply chain rather than remaining primarily a government-funded technical activity.
Sources: Axios · Business Wire · Company team