![[last-energy-logo.png|300]] Website: [lastenergy.com](https://www.lastenergy.com) ### Introduction Last Energy is a nuclear energy startup founded in 2019 by Bret Kugelmass, with its headquarters in Washington, D.C. The company focuses on delivering small modular reactors (SMRs) as a scalable, affordable, and clean baseload power solution for industrial users, data centers, and regions seeking alternatives to fossil fuels. While exact employee counts are not publicly available in the latest data, Last Energy operates as a private company with a growing presence in the nuclear energy sector. Its mission, as stated on their official website, is to provide "rapidly deploying, affordable, clean, baseload power at scale with a full-service delivery model" to customers of any size ([lastenergy.com](https://www.lastenergy.com)). As a private entity, Last Energy does not have a publicly traded ticker symbol. The company has gained attention for its innovative approach to nuclear power, emphasizing factory-built, modular designs to reduce costs and deployment timelines. With a focus on micro-modular reactors, Last Energy aims to address the increasing demand for reliable, carbon-free energy, particularly in the context of rising electricity needs driven by technologies like artificial intelligence (AI) and industrial applications. ### Key Products and Technology - **PWR-20 (Pressurized Water Reactor, Micro-Modular SMR)** - **Technical Specifications**: The PWR-20 is a 20 MWe (megawatt electric) micro-modular nuclear power plant. Its design allows the entire system to fit within standard shipping containers, facilitating transport and assembly. - **Fuel Type**: Utilizes low-enriched uranium, a standard fuel for pressurized water reactors. - **Key Differentiators**: The modular design is factory-built, transported via trucks, and assembled onsite as a "plug-in ready" electrical system, reducing construction costs and timelines. Inspired by oil and gas industry practices, this approach minimizes onsite complexity. Additionally, its compact size targets smaller-scale energy needs compared to traditional gigawatt-scale reactors. - **Development Stage**: The PWR-20 is in advanced development, with a pilot 5 MW reactor under construction in Texas, expected to be operational in 2026. Commercial deployment of the full 20 MWe system is targeted for the late 2020s. - **Target Customers**: Industrial users, data centers, and regional grids seeking scalable, carbon-free baseload power ([lastenergy.com](https://www.lastenergy.com); [TechCrunch](https://techcrunch.com/2025/12/16/nuclear-startup-last-energy-raises-100m-for-its-steel-encased-micro-reactor/)). Last Energy’s technology focuses on simplifying nuclear power deployment through modularity and scalability, positioning it as a flexible solution for diverse energy demands. The emphasis on factory production aims to address historical challenges in nuclear energy, such as high costs and long construction periods. ### Regulatory and Licensing Status Last Energy has made significant progress in regulatory engagement, particularly in the United Kingdom. In February 2025, the UK’s Office for Nuclear Regulation admitted Last Energy’s South Wales project into nuclear site licensing, marking it as the first new commercial nuclear power reactor site to enter licensing in the UK since 1978 ([Wikipedia](https://en.wikipedia.org/wiki/Last_Energy)). This milestone is a critical step toward deployment in the UK market. Specific details on the U.S. Nuclear Regulatory Commission (NRC) application status for the PWR-20 or the Texas pilot reactor are not fully disclosed in the latest public data, but the company’s focus on proven pressurized water reactor technology suggests alignment with existing regulatory frameworks ([NRC.gov](https://www.nrc.gov)). Upcoming regulatory milestones likely include design certification or a combined operating license application with the NRC for U.S. deployments, though no specific timeline has been confirmed in recent sources. The estimated timeline for first commercial deployment, based on the Texas pilot project, points to 2026 for initial operation of the 5 MW reactor, with broader commercial rollout of the 20 MWe PWR-20 expected in the following years ([TechCrunch](https://techcrunch.com/2025/12/16/nuclear-startup-last-energy-raises-100m-for-its-steel-encased-micro-reactor/)). ### Team and Leadership - **Bret Kugelmass (Founder and CEO)**: Bret Kugelmass is the driving force behind Last Energy, with a background in technology and energy innovation. He previously founded the Energy Impact Center, a think tank focused on accelerating nuclear energy adoption. Kugelmass is a vocal advocate for nuclear power as a solution to climate change and energy demands ([lastenergy.com](https://www.lastenergy.com)). No verified X handle is available in the latest data for direct linking. - Other key leadership details, such as CTO or additional executives, are not widely publicized in current sources. The company’s website and recent articles focus primarily on Kugelmass as the public face of Last Energy. ### Funding and Financial Position Last Energy recently raised $100 million in a funding round announced on December 16, 2025, to support the construction of its 5 MW pilot reactor in Texas. The lead investors and specific terms of the round were not detailed in the available data, but the capital is earmarked for advancing deployment timelines ([TechCrunch](https://techcrunch.com/2025/12/16/nuclear-startup-last-energy-raises-100m-for-its-steel-encased-micro-reactor/)). Total funding raised to date is not comprehensively documented in public sources, though this latest round indicates significant investor confidence in the company’s approach. As a private company, Last Energy does not disclose revenue figures or market cap. Posts on X suggest ongoing interest from industrial and data center clients, but the company appears to be pre-revenue, focusing on pilot projects and regulatory approvals before commercial contracts ([lastenergy.com](https://www.lastenergy.com)). Key institutional or strategic backers beyond the recent funding round are not specified in the latest information. ### Recent News and Developments | Date | Event | Details | |---------------|----------------------------------|-------------------------------------------------------------------------------------------------| | Dec 16, 2025 | Funding Round Announced | Last Energy raises $100M to build a 5 MW pilot reactor in Texas, targeting operation in 2026. | | Jun 12, 2025 | Industry Sentiment on SMRs | Posts on X highlight growing interest in SMRs, with Last Energy noted for compact designs. | | May 26, 2025 | Big Tech Backing Nuclear | TechCrunch reports Big Tech’s interest in nuclear for AI energy needs, mentioning Last Energy. | | Feb, 2025 | UK Regulatory Milestone | UK Office for Nuclear Regulation admits Last Energy’s South Wales project into site licensing. | | Jan, 2025 | Pilot Project Progress | Continued development of Texas pilot reactor, as referenced in industry updates on X. | ### Partnerships and Collaborations - **UK Customers (Commercial Agreements)**: Last Energy has signed deals to sell 24 factory-built SMRs to UK customers, with deployment targeted within a few years. This partnership, noted in posts on X from 2023 and referenced in Wikipedia, underscores the company’s international expansion and focus on industrial energy needs without government funding ([Wikipedia](https://en.wikipedia.org/wiki/Last_Energy)). - Specific utility agreements, offtake contracts, or government program collaborations in the U.S. are not detailed in the latest data. However, the company’s target market of data centers and industrial users suggests potential future partnerships with tech companies or regional utilities as projects advance. ### New Hampshire Relevance Last Energy’s micro-modular PWR-20 could be a potential fit for [[New Hampshire]], given the state’s existing nuclear infrastructure and energy needs. New Hampshire hosts [[Seabrook Station]], a 1,244 MW nuclear power plant, and is part of the ISO New England (ISO-NE) grid, which faces increasing demand for reliable baseload power amid renewable integration challenges. The PWR-20’s compact 20 MWe output and modular design could serve smaller-scale applications, such as powering industrial facilities or supporting data center growth in the region, without requiring extensive new grid infrastructure. The technology’s readiness aligns with a potential deployment timeline in the late 2020s, though regulatory approvals and site-specific licensing would need to be pursued. New Hampshire’s legislative initiatives, such as HB 710 which explores nuclear energy options, and interest in SMR provisions, suggest a favorable policy environment for evaluating Last Energy’s solutions. Potential applications include grid power augmentation, direct data center load support, or industrial heat for manufacturing clusters. While no specific connections to New Hampshire or expressed interest in the Northeast U.S. are documented in recent sources, Last Energy’s focus on scalable, rapid-deployment reactors could appeal to regional stakeholders seeking carbon-free energy alternatives ([NRC.gov](https://www.nrc.gov); [ISO-NE](https://www.iso-ne.com)). ### Competitive Position Last Energy competes with other SMR developers such as [[NuScale Power]] and [[[[GE Vernova Gas Power|[[GE Verno]]va Hitachi Nuclear Energy]]|GE Hitachi]] Nuclear Energy. [[NuScale Power|NuScale]], with its 50-77 MWe VOYGR SMR, has already achieved NRC design certification and secured a 6 GW deployment agreement with the Tennessee Valley Authority, positioning it ahead in regulatory and commercial timelines ([NRC.gov](https://www.nrc.gov)). GE Hitachi’s BWRX-300, a 300 MWe boiling water reactor, targets larger-scale applications and benefits from GE’s established industry presence. Last Energy’s unique advantage lies in its micro-scale 20 MWe PWR-20, offering unmatched compactness and factory-built modularity for rapid deployment, though it faces risks from slower regulatory progress in the U.S. compared to competitors and the challenge of scaling customer adoption for smaller output reactors. ### Closing Note Last Energy is at an early but promising stage, leveraging a $100M funding round in 2025 to advance its pilot reactor and position itself as a leader in micro-modular nuclear power with a strong outlook for industrial and data center applications. *Report generated December 24, 2025*