Standard Nuclear Rises from Ultra Safe Nuclear Corp’s Bankruptcy Ashes with $42M Funding

Standard Nuclear has emerged from stealth mode with $42 million in funding, aiming to revolutionize the advanced nuclear fuel market. However, this isn’t a completely new venture; Standard Nuclear is built upon assets acquired from the bankrupt Ultra Safe Nuclear Corporation (USNC) for $28 million.

Kurt Terrani, the CEO of Standard Nuclear, previously served as vice president at USNC, providing continuity and expertise to the new company. The funding round was spearheaded by Decisive Point, with significant participation from Andreessen Horowitz, Crucible Capital, Fundomo, and Washington Harbour Partners.

Standard Nuclear reports securing $100 million in non-binding fuel sales for 2027, collaborating with Nano Nuclear Energy (which also acquired USNC assets) and Radiant Industries, another Decisive Point portfolio company. The company has acknowledged that acquiring USNC assets has significantly accelerated its launch timeline.

At the core of Standard Nuclear’s focus is TRISO (tristructural isotropic) fuel. This type of nuclear fuel consists of uranium fuel pellets coated in layers of carbon- and ceramic-based materials, each about the size of a poppy seed. TRISO particles are known for their enhanced resistance to melting down, making them a safer and more reliable option for nuclear reactors.

TRISO fuel isn’t a new concept; it has been around since the 1950s. However, its widespread adoption is now gaining momentum, with startups like Google-backed Kairos and Amazon-backed X-energy planning to use TRISO in their advanced reactor designs. [Source: TechCrunch] , [Source: TechCrunch]

USNC’s journey was marked by turbulence despite its promising technology. The company was primarily funded by Richard Hollis Helms and his family, who invested $100 million and provided $24.7 million in loans. USNC pursued an ambitious business model, developing TRISO fuel, reactor designs, a nuclear space propulsion system, and a spacecraft heating source simultaneously.

Richard Hollis Helms, who had a background in the CIA, passed away in May 2024. According to court filings, USNC began seeking Series A investors in 2022 but faced financial challenges due to slow revenue generation and mounting debts. [Source: Stretto Court Filings]

USNC declared bankruptcy in October 2024, leading to Standard Nuclear, then guided by Decisive Point founder Thomas Hendrix, to place a stalking horse bid of $28 million for USNC’s fuel-related assets. [Source: Stretto Court Filings], [Source: Stretto Court Filings] This acquisition, completed in February, forms the foundation of Standard Nuclear’s current operations.