Last Energy

High-Level Overview

Last Energy is a Washington, D.C.-based technology company developing 20 MWe micro-modular nuclear power plants (PWR-20) using pressurized water reactor technology.[1][2][4] It serves energy-intensive industries like manufacturers, steel mills, data centers, and utilities by providing full-service development—including design, construction, financing, operations, and decommissioning—to deliver decarbonized, reliable baseload power behind-the-meter or at grid-scale, solving high costs, long timelines, and grid constraints in nuclear deployment.[1][2][4] The company has raised $164 million total, including a $40 million Series B in 2024 and a $100 million Series C in December 2025 led by Astera Institute, fueling a 5 MW pilot at Texas A&M (targeted for 2026) and commercial 20 MW units by 2028, with early projects like an 80 MW site in Wales.[1][5]

Origin Story

Last Energy was founded in 2019 by Bret Kugelmass as a commercial spinoff of the Energy Impact Center, a clean energy research institute, shifting from research to full-scale nuclear development.[1][3][4] Kugelmass, leveraging insights from his nuclear podcast *Titans of Nuclear*, applied a first-principles approach to decarbonize energy by rethinking deployment rather than reactor physics, drawing on proven 1960s-era pressurized water reactor designs originally for the NS Savannah nuclear ship.[3][4][5] Early traction included seed funding of $3 million, European expansion with subsidiaries in Romania, Poland, and the UK, and 2024 announcements for four microreactors at a decommissioned Welsh coal site, marking its pivot to industrial co-location.[1][3]

Core Differentiators

• Factory-Built Modularity and Speed: PWR-20 uses off-the-shelf supply chains for rectangular modules factory-assembled and shipped fueled for 6 years, enabling 24-month deployment versus traditional nuclear timelines.[1][2][5]
• Full-Service Model: Handles all phases from financing to decommissioning, with steel-encased reactors that double as waste casks onsite, minimizing grid ties and external penetrations.[1][2][4][5]
• Proven, Non-Novel Tech: Innovates on manufacturability using decades-old government PWR designs (scaled from 2 MW ship reactor to 20 MWe), avoiding unproven physics for reliability and regulatory speed.[3][5]
• Targeted Sizing and Co-Location: 20 MWe units fit industrial off-takers like data centers, providing direct baseload power without grid bottlenecks.[1][2][3]

Role in the Broader Tech Landscape

Last Energy rides the nuclear renaissance driven by AI data centers' surging baseload demand, energy security needs, and global decarbonization mandates, where renewables fall short on reliability.[2][3][5] Timing aligns with U.S. NRC reforms, European coal phase-outs, and hyperscaler commitments to clean power, positioning microreactors (1-25 MWe) against competitors like Project Pele or other SMR startups.[1][3] Market tailwinds include uranium fuel abundance and factory scaling akin to oil/gas, enabling cost parity with fossils; Last Energy influences the ecosystem by open-sourcing frameworks for reactor startups and utilities, accelerating adoption in a $100B+ SMR market.[1][3][4]

Quick Take & Future Outlook

Last Energy's pilot in 2026 and Wales deployment signal scaling momentum, with Series C funding unlocking commercial units by 2028 and European track record to enter U.S. markets.[1][5] Trends like data center electrification (needing abundance + decarbonization) and policy support will propel growth, potentially evolving its full-service model into a global nuclear-as-a-service leader.[2][3][5] As micro-modular pioneers, they could redefine affordable clean power, turning Last Energy from spinoff innovator to decarbonization powerhouse.[1][4]