Project Omega Raises $80M to Build Nuclear Fuel Refineries

The electricity inside a remote sensor and the material inside a used-nuclear-fuel cask look like different businesses. Project Omega is trying to connect them through a recycling operation whose outputs could supply reactor fuel and power sources designed to run for years without a return visit.

On November 9, 2026, Project Omega announced an $80M Series A led by B Capital, with noa VC and 645 Ventures participating. The capital will support recycling-facility construction and development of its X Series power products. For the nuclear and defense industries, the consequential proposition is the connection between a domestic materials supply and equipment that needs dependable energy far from a convenient socket.

The customer pays for the distance to the equipment

Project Omega's proposed long-duration power sources address an awkward operating problem: equipment can remain useful long after its power supply becomes inconvenient. Sensors, communications systems, spacecraft and undersea platforms create different engineering demands, but access runs through the company's explanation of its market. Sending people, fuel or replacement batteries to a remote system becomes part of supporting that system.

That changes the commercial conversation. A buyer evaluating persistent power would have to consider the intervention the product might avoid alongside the electrical output it supplies. The relevant comparison depends on the mission, the device and the means of reaching it. Project Omega has not disclosed enough commercial data to attach a dollar saving to that argument, and the difficulty of access alone cannot establish which design a customer should choose.

The company's capabilities page describes the X Series as a modular platform coordinating power inputs, storage and generation. Its financing announcement separates the present combination of batteries, generators and controls from planned isotope integration. That distinction helps a prospective customer understand the development path: conventional hybrid-power equipment and a future isotope-powered configuration belong on different lines of the procurement conversation.

Radiovoltaic systems use radioactive decay to produce electricity directly. Project Omega's technical explanation distinguishes that mechanism from a reactor's controlled chain reaction and describes application-specific engineering, testing and licensing. A product intended to operate for years still has to fit the equipment, mission and handling requirements of the organization that will use it.

A recycling operation with more than one kind of buyer

Project Omega's industrial plan uses molten-salt processing to recover useful material from spent nuclear fuel. The company describes three intended output markets: long-duration power, reactor feedstock, and isotopes for scientific, medical and commercial applications. The business logic is a linked supply chain, with different buyers able to value different recovered materials.

That is an ambitious relationship to organize. A power-product team must understand the system receiving the energy; a recycling operation must handle a material stream and produce usable outputs. Putting those activities inside one company creates the possibility of coordinating product requirements with materials recovery. It also brings several demanding kinds of execution into the same financing plan.

The underlying resource has a well-established technical basis. The U.S. Department of Energy explains that spent fuel retains substantial potential energy and can be recycled into new fuel and byproducts. Its background article also describes pools and dry casks used for storage. Stored material, however, still requires processing and a route into a usable product before it can serve as a commercial input.

Project Omega CEO and co-founder Stafford Sheehan discussed that sequence with Chemical & Engineering News in February, when the company had raised $12M in seed funding. The direct interview report identifies Nadav Shoval as co-founder and describes a strategy in which isotope products help build the broader recycling business. The earlier financing provides context for the Series A; the current announcement does not state a verified lifetime funding total or a new valuation.

Capital now reaches into manufacturing and material recovery

B Capital's investment brings Jeff Johnson, its General Partner and Global Head of Energy, toward a board seat at Project Omega. Returning investors in the Series A include Starship Ventures, Mantis Ventures, Decisive Point, Virta Ventures, Pace Ventures, Essential Capital and Washington Harbour Partners. The financing backs work across both the recycling facility and X Series technology and manufacturing.

The research relationships help explain how the company has been developing those capabilities. Project Omega reports work with Idaho National Laboratory through ARPA-E's CURIE program and a stable-current demonstration using strontium-90 at Pacific Northwest National Laboratory. These are attributed development milestones, with commercial scale, facility capacity and construction timing still to be detailed.

A separate DARPA project announcement identifies Project Omega as part of a Morgan State University-led team alongside Northrop Grumman and Pacific Northwest National Laboratory. The $3.37M contract supports research into radioisotope-powered systems. It belongs to the team and remains separate from Project Omega's equity financing, a useful accounting distinction when government-supported development appears beside a venture round.

The current release lists offices in Newport, Rhode Island, and Hailey, Idaho, plus a cold laboratory in Fall River, Massachusetts. Those locations place the financing around an organization already doing laboratory and product work, while the planned recycling facility adds another set of decisions about construction and operation. The customer conversation will keep reaching back through that chain: a device expected to stay alive in a difficult place needs a reliable path from recovered material to a qualified power source.