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§ Private Profile · Washington, DC, USA
Micro modular nuclear power plants for decarbonized energy delivery.
Last Energy develops modular micro nuclear power plants, offering a compact and scalable solution for clean energy generation. The company’s innovative approach focuses on factory-fabricated reactors, significantly reducing the construction time and cost associated with traditional nuclear facilities. This design enables rapid deployment of baseload power, aiming to provide a more efficient path to decarbonization through advanced nuclear technology.
The company was established in 2019 by Bret Kugelmass, who envisioned a radical departure from conventional nuclear power development. Kugelmass identified the immense potential of miniaturized, standardized reactor units to overcome the historical challenges of large-scale nuclear projects, such as lengthy construction schedules and prohibitive costs. His insight centered on making nuclear energy more accessible and deployable.
Last Energy targets a broad array of customers requiring consistent, carbon-free power, including industrial clients and large energy consumers. The company’s vision is to accelerate the global transition to clean energy by democratizing access to reliable nuclear power. It aims to deliver a future where safe, affordable, and rapidly deployable nuclear energy is a fundamental component of the world's power infrastructure.
Last Energy has raised $160.0M across 3 funding rounds.
Last Energy has raised $160.0M in total across 3 funding rounds.
Last Energy has raised $160.0M in total across 3 funding rounds.
Last Energy's investors include Jed McCaleb, AE Ventures, Galaxy Fund, Gigafund, JAM Fund, The Haskell Company, Ultranative, Woori Capital, Bow Capital, Founders Fund, Goat Capital, Pareto Holdings.
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]
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]
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]
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]
Last Energy has raised $160.0M across 3 funding rounds. Most recently, it raised $100.0M Series C in December 2025.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Dec 16, 2025 | $100M Series C | JED Mccaleb | AE Ventures, Galaxy Fund, Gigafund, JAM Fund, The Haskell Company, Ultranative, Woori Capital | Announced |
| Aug 1, 2024 | $40M Series B | — | BOW Capital, Founders Fund, Goat Capital, Pareto Holdings, Remus Capital, Cory Levy, Griffin Johnson, Kevin O'leary, Ryan M. Macpherson, Gigafund | Announced |
| Feb 1, 2021 | $20M Series A | — | August Capital, Uncork Capital, Ashish Taneja | Announced |