Deep Isolation's $20 Million Series A Raise Led by NAC International
Nuclear waste disposal company Deep Isolation closed its $20 million Series A raise with a significant investment from NAC, a leading nuclear fuel cycle consulting and technology solutions company. The completion of this round represents an important milestone for the disposal of nuclear waste as it will help break through the barriers that have hindered previous disposal efforts.
BERKELEY, Calif., Nov. 18, 2020 /PRNewswire-PRWeb/ -- Deep Isolation announced today it closed its $20 million Series A raise, led by nuclear industry leader NAC International Inc. (NAC). This represents a significant industry milestone for the disposal of nuclear waste.
NAC is a leading nuclear fuel cycle consulting and technology solutions company specializing in systems for the storage, transportation, and disposal of used nuclear fuel, high-level waste, and other nuclear materials.
"Deep Isolation is leveraging proven horizontal drilling and conveyance technology from the oil and gas industry to develop a patent-protected method for effectively disposing of used nuclear fuel and high-level waste. The Deep Isolation method in our view is safer and more efficient than prior competing alternatives and avoids the complexities and risks of putting people underground to emplace and monitor the wastes," said Kent Cole, President and CEO of NAC International. "As proud lead investor in this round and a strategic partner, we are eager to work with Deep Isolation and its other strategic partners to break through the barriers that have previously constrained implementation of disposal solutions."
No country in the world has successfully disposed of high-level nuclear waste or spent nuclear fuel. This represents a significant barrier to the future of the nuclear industry, as many countries and states have rules against new nuclear power until the waste problem is solved. The lack of a waste solution is often cited as the No. 1 reason why many people oppose nuclear energy. Deep Isolation's innovative approach could change this.
"We need clean energy, and we also need to be responsible," said Deep Isolation CEO Elizabeth Muller. "In the case of nuclear power, this means finding a permanent solution for nuclear waste."
Cleantech investors are increasingly recognizing that nuclear energy needs a viable waste solution if it is to remain an essential part of the clean energy mix.
NAC's parent company Hitachi Zosen Corporation (Hitz) is committed to tackling global environmental challenges, making it a clear fit with Deep Isolation's mission and global footprint.
The value of disposing of the current nuclear waste inventory represents a significant opportunity: $660 billion worldwide. Deep Isolation applies directional drilling technology to safely and securely dispose of nuclear waste deep underground. It has more than 40 inventions filed and 10 patents granted and allowed.
Deep Isolation and NAC have a well-established working relationship. In 2019 the companies signed an initial agreement, and in July 2020 they agreed to design, manufacture and supply the canisters that will be used to safely store and/or dispose of nuclear waste in deep boreholes. According to the terms of the deal announced today, NAC will take a seat on Deep Isolation's Board of Directors.
Deep Isolation has made significant progress since its formation in 2016. The company has published multiple technical papers, formalized collaborations with well-respected industry leaders such as Bechtel National and Schlumberger and completed a public demonstration in Texas in 2019. In 2020 it established a customer base in the United States and Europe.
About Deep Isolation
Deep Isolation is a leading innovator in nuclear waste storage and disposal. Founded upon values of environmental stewardship, scientific ingenuity, and social license, Deep Isolation offers a solution that leverages directional drilling technology to safely isolate nuclear waste deep underground.
About NAC International
NAC International is a leading supplier of fuel cycle consulting and nuclear fuel backend technology solutions, providing full-scope services for used nuclear fuel and radioactive waste packaging, storage, transport, and management. NAC has completed projects in more than 60 countries and maintains its corporate headquarters in Peachtree Corners, GA. NAC is a wholly-owned subsidiary of Hitachi Zosen Corporation, a global leader in the design and construction of environmental systems, industrial plants, industrial machinery, process equipment, infrastructure-related equipment, disaster prevention systems, and precision machinery.
Media Contact
Kari Hulac, Deep Isolation, +1 4159156505, [email protected]
Mike McMahon, NAC International, [email protected]
SOURCE Deep Isolation
Share this article