SHINE Technologies, LLC, a next-generation fusion technology company, announced it has raised $70 million in additional funding. The round was led by existing investors including Baillie Gifford and Fidelity Management & Research Company, and also includes participation from new institutional investors. This round will complete the commercialization and scale-up of the company’s near-term applications of fusion technology, which are used in the industrial, defense, and healthcare markets.
SHINE is deploying a four-phased approach that commercializes fusion today while scaling its technology into the future. This approach provides important near-term economic and social benefits, while building a profitable foundation for the company to sustainably grow toward its longer term objectives in energy.
“From the beginning, our purpose has been to deliver cost-effective fusion technologies to help the world, with a long term goal of providing cost-effective fusion energy. Our approach is differentiated in that it’s grounded in a pragmatic, market-driven path. This financing is expected to carry us through several major inflection points, including profitability as we continue to refine fusion technology to solve today’s problems in medicine, manufacturing, energy and beyond,” said Greg Piefer, founder and CEO of SHINE. “We’re now ramping our production of Lu-177 to get life-saving medicine to cancer patients more quickly. It’s the latest use of our technology to improve the world, and adds to our neutron inspection and radiation effects testing businesses, which are helping ensure people are safe through applications in aerospace, space and defense. Ultimately, these success stories will build value, as well as the skills and credibility needed to achieve our ultimate goal of achieving affordable fusion energy.”
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This summer, SHINE announced the opening of Cassiopeia, the largest lutetium-177 production facility in North America. The company is now finalizing the commissioning of the facility, which is expected to become operational at the end of this year. SHINE made its first commercial sales of Lu-177 in 2020.
Lu-177 is a radioactive agent that, when paired with a cancer-seeking molecule, delivers highly targeted radiation to cancer metastases, killing cancer cells while minimizing damage to surrounding healthy cells. At full capacity, the facility is expected to be capable of producing up to 200,000 doses of life-saving treatment per year. At a time when vital pharmaceuticals and therapy treatments are in limited supply, this financing will accelerate U.S.-based production and commercialization of critical medical isotopes used in millions of procedures annually.
“The success of Lu-177-based cancer treatments in extending patients’ lives around the world is exciting. SHINE’s unique approach is solving critical problems in the radioisotope supply chain and helping get these medicines to the people who need them,” said Luke Ward, Investment Manager at Baillie Gifford. “We look forward to continuing our partnership as SHINE scales its fusion technology to tackle even bigger challenges and create a safer, healthier and cleaner world.”
SOURCE : PRNewswire