LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin patented laser uranium enrichment company, just announced that it has closed an oversubscribed $1.3 million seed funding round led by advanced nuclear technology investors to reinforce USA energy security and propel the nuclear sector into a new era of growth and discovery.
“I’m thrilled to share that we’ve successfully wrapped up our latest round of funding, a crucial step towards the next phase of our journey,” said Christo Liebenberg, Chief Executive Officer of LIS Technologies Inc. “This investment will partially fund Phase 0 of our 4-step phased approach and mission to rejuvenate laser enrichment capabilities in the U.S. and breathe new life into the CRISLA technology, optimized for LEU and HALEU nuclear fuel. I’m also pleased by the backing from current advanced nuclear technology investors and enthusiasts.”
The Company’s proprietary CRISLA technology is versatile, with potential applications spanning uranium enrichment for nuclear fuel, the synthesis of stable isotopes critical for medical and other scientific research, and in the growing field of quantum computing, particularly in the manufacturing of semiconductor technologies.
A United States Patent and Trademark Office issued patent safeguards the Company’s unique process for selectively exciting and harvesting a specific isotopic species in a supersonic low-pressure flow chamber. This unique laser-based method enhances energy efficiency and can be implemented at highly competitive capital and operational expenses.
As part of its long-term growth strategy, the Company has brought on prominent former national laboratory professionals in Jeffrey L. Binder, Ph.D., MBA as its Technical Nuclear Advisor and Randall L. Beatty, Ph.D. as its Director for Regulatory Affairs. Dr. Binder has significant international experience in promoting nuclear energy technology, and has had multiple leadership roles including Associate Laboratory Director for applied energy at Oak Ridge and Argonne National Laboratories and Founding Director of the University of Illinois Applied Research Institute. Dr. Beatty is the former Science Advisor to the U.S. Ambassador to Russia and distinguished research and development staff member in the Nuclear Security and Isotope Technology Division at Oak Ridge National Laboratory.
“We are thrilled to announce the successful completion of our oversubscribed funding round, a crucial step forward for CRISLA technology, to which I’ve dedicated my career,” said Jeff Eerkens, Ph.D., Chief Technical Officer of LIS Technologies Inc. “As the nuclear energy sector in the United States enters a period of growth, the need for innovation is clear. Our company is uniquely positioned to harness this momentum contributing significantly to the industry’s development.”
The United States government has notably intensified its focus on enhancing domestic uranium enrichment capabilities, marking a significant pivot towards supporting the nuclear energy sector with more robust measures. In late October, the White House requested $2.2 billion for domestic uranium enrichment capabilities. In March, the Fiscal Year 2024 Energy and Water Development Appropriations Act passed, allocated $1.685 billion towards nuclear energy research and development. Additionally, $2.72 billion of redirected supplemental emergency funding has been dedicated to the high-assay low-enriched uranium (HALEU) program, aimed at advancing fuel development for next-generation reactors.
In a move to further these efforts, the government initiated a request for proposals for uranium enrichment services on January 9, beginning the process for selecting Indefinite Delivery/Indefinite Quantity (IDIQ) contracts. The aim to secure contracts that support the domestic production of uranium, enriched to standards necessary for modern nuclear reactors, alongside its vast financial support of this industry’s innovation, underscores a favorable and supportive environment, fostering the expansion and progression of the nuclear energy industry within the nation.