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Canadian-German nuclear startup raises millions in seed funding

By 21. June 2021April 5th, 2022No Comments

The German-Canadian nuclear technology company Dual Fluid, founded in January 2021, has successfully completed its first investment round. The round was fully subscribed as planned. Private investors raised almost 7 million Canadian dollars.

Armin Huke, President & CTO, comments: “We are pleased that our business is privately financed only. This is a vote of confidence from the capital market that exceeds our expectations.”

With the raised funds, the nuclear start-up wants to grow its staff and build its own premises where it can bring the novel Dual Fluid reactor to serial production status faster. This includes building laboratory capacity as well as collaborating with well-known research institutions on a first safety analysis in accordance with international regulatory standards. In this context, very rarely occurring operating states will be investigated in detail with the help of mathematical models. The findings will be used for the upcoming approval process. CEO Götz Ruprecht says: “Our physical simulation calculations have already shown that the Dual Fluid reactor is feasible and inherently safe. The aim now is to prepare for the licensing process and start with practical tests.”

A nuclear recycling plant that can separate so-called nuclear wastes efficiently and strictly according to type is also part of the overall concept. Combined with the Dual Fluid reactor, this renders a geological final repository obsolete. With the existing nuclear waste alone, Dual Fluid could fully supply all several industrialised countries with electricity for hundreds of years.

The next investment round is to be in one and a half to two years’ time and will also address institutional investors.