Moltex Energy’s overfunding target of £5m has been achieved, following an investment of £1m from a private investor.
This and the early corporate investment of £2.5m from Nuclear Energy Consultancy firm IDOM has taken the round up over the £5m mark in just a few weeks, exceeding the company’s expectations.
Given the huge amount of interest in the opportunity, the Board has agreed to take further funding but will not go beyond £6m.
Management is expecting to close the round soon as the target has been reached and future rounds are expected to be based on higher valuations.
Moltex Energy has fully patented technology they believe makes nuclear energy safe and cost-effective to produce; and could ultimately take away our dependence on fossil fuels, completely.
Their Stable Salt Reactor (SSR) is fundamentally the first new nuclear technology in half a century, allowing nuclear energy plants to be built for half the cost of a coal-fired equivalent; preventing potential meltdowns; and converting existing nuclear waste into fuel for future nuclear energy.
Boasting an extremely impressive management and advisory team, Moltex has support from the UK, USA and Canadian governments – New Brunswick Power, the utility that has signed an MOU with Moltex, is a Canadian government-owned utility.
Further developments, including the potential award of government grants in the UK and more licensing progress in Canada, will support a higher valuation in a future funding round.
You can listen to the Moltex live pitch and download more information about the company by clicking here.