Apollo Atomics completed $26 million in seed ship finance, including $5 million in debt financing. The company indicated that the funds would be used to advance the construction of demonstration reactors and prepare for commercial deployment in 2028.
Shrink steam generator
The central idea of Apollo is not to re-engineer the reactor itself, but to re-engineer thermal-to-electric components. According to the company, its steam generator can be manufactured in bulk, in size close to a person ' s size and much smaller than traditional equipment.
Assil Halimi, founder and chief executive officer, said that such a design would make the whole system more compact. According to Apollo, the existing nuclear power plant still has a large compression space at this stage.
Plant prefabricated reactors
Apollo plans to assemble reactors and steam generators at the plant, rather than work on site, as is the case with traditional nuclear power plants. Companies expect this approach to reduce labour costs and shorten the construction cycle.
Halimi expects Apollolo to build a 300 MW power station within less than 24 months. The company also stated that the cost of reactor construction could be four to five times lower than the current design.
MIT Research Background
The design of Apollo was based on research by MIT. The company had previously constructed a 40 kW small reactor at MIT to verify technical feasibility.
Apollo plans to introduce three specifications, with power capacity ranging from 10 MW to 300 MW. The financing was sponsored by FCVC, with the participation of Y Combinator, Robinhod Ventures and Pelion VC.