LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that it has closed its 120% oversubscribed $22 Million Series A funding round, attracting participation from 28 Ventures Fund – a returning investor, Innovating Capital, Minetta Brook Capital, prominent advanced nuclear technology investors, and insiders.
Due to overwhelming demand, this Series A funding round was expanded and oversubscribed by 120%, highlighting strong investor confidence in the Company’s vision, leading technical team filled with world-class experts, nuclear tech entrepreneurs, former USA national leaders and cutting-edge technology that was previously demonstrated and patented in the United States.
“We are deeply grateful for the substantial investor support we received during this funding round, which saw significant demand and underscores investor’s confidence in our novel technology,” said Jay Yu, Executive Chairman and President of LIS Technologies Inc. “The advancement and subsequent deployment of this technology is crucial to the nation’s domestic nuclear energy industry. In addition to potentially helping secure the future fuel supply for the nation’s existing fleet of 94 nuclear reactors, LIST will enable the timely rollout of the next generation of advanced nuclear reactor technologies, including small modular reactors and microreactors which require High-Assay Low-Enriched uranium fuel to operate.”
Figure 1- Executive Chairman & President Jay Yu and Co-Founder & CEO Christo Liebenberg of LIS Technologies Inc. (Laser Isotope Separation Technologies) The Only United States Origin and Patented Technology for Laser Uranium Enrichment
The Company’s proprietary Condensation Repression Isotope Selective Laser Activation (CRISLA) technology is the world’s only proven US-origin and patented advanced laser enrichment solution. Optimized for Low-Enriched Uranium (LEU), which is crucial for the continued operation of the United States’ current fleet of 94 nuclear reactors, and High-Assay Low-Enriched Uranium (HALEU), which is required to power the next generation of advanced nuclear reactors, CRISLA overcomes many of the complexities and limitations of traditional 16um CO2 lasers, featuring a streamlined design due to its lower absorption and shorter wavelength at 5.3µm.
With high throughput, high duty cycle and reduced complexity compared to competing technologies, the Company projects highly competitive capital and operational costs. The process was previously demonstrated in the 1980s and 90s and is protected by a patent from the United States Patent and Trademark Office (USPTO).
“The continued support from our dedicated shareholders is truly gratifying and affirms the potential of our technology to transform the U.S. uranium enrichment and nuclear energy landscape,” said Christo Liebenberg, Chief Executive Officer of LIS Technologies Inc. “The robust backing from investors reflects a broad recognition that establishing a domestic source of enriched uranium is essential to maintaining the United States’ global leadership. Revitalizing our patented enrichment technology has the potential to become the worlds’ first 3rd generation laser-based enrichment process on a commercial scale, and I am thrilled to lead the company in this exciting endeavor. This funding round is a critical step towards that goal.”
The funds raised in this Series A round will be utilized to advance physical test work and Test-Loop demonstrations at the Company’s secured facility in Oak Ridge, Tennessee. The funding round will also start the initial R&D process of LIST’s next generation 5.3µm CO2 lasers. Additionally, LIST will continue expanding its leadership and technical teams with best-in-class personnel to oversee the regulatory and licensing progression of its technology and advance its cooperation with the United States government oversight bodies in the event the technology is classified by the Department of Energy.
“The success of this funding round and the strong support from our investors and shareholders is truly a dream come true,” said Dr. Jeff W. Eerkens, Co-Founder and CTO of LIS Technologies Inc. “The patented, proprietary technology behind LIST represents the culmination of my life’s work, dating back to the 1970s. It is incredibly humbling and exhilarating to witness the resurgence of the nuclear industry in the United States and to play a pivotal role in its advancement through the revitalization of the CRISLA technology. This moment marks a significant milestone, and I am confident that we can build on this momentum to secure a leading position in the U.S. nuclear fuel supply chain.”