Manchester-based Nuclear Turbines — spun out of BAE Systems’ Launchpad initiative — has raised £15 million to advance its development of compact nuclear systems designed to integrate with gas turbine technology.
The company was founded by former BAE Systems principal engineer Jeremy Owston and University of Manchester nuclear engineer Professor Tim Abram, working with Empirical Ventures’ venture studio.
“Today we come out of stealth having raised £15m in funding led by IQ Capital with strong participation from Rhapsody Venture Partners, Zero Carbon, and Empirical Ventures, and continuing support from BAE Systems,” said Nuclear Turbines.
“We are building the future of nuclear energy, with a compact nuclear power system which pairs an advanced modular reactor with a gas turbine.
“The result: superior economics at a truly modular scale.
“We are proud to welcome Lauren Dickerson joining the team as Chief Commercial and Strategy Officer, bringing her experience in commercial strategy and business development from Centrica to help us bring this technology to market.
“The UK needs clean, cheap, and reliable power in order to stimulate our economy, revitalise our industry, and address our energy security.
“We are building it.”
Owston said: “The nuclear industry has always designed reactors first, then figured out what to do with the heat. We flipped this script: we started with the cheapest way to generate power and designed a reactor to fit.
“If we’re serious about reindustrialising while meeting climate goals, we need energy that’s clean and cheap. We’ve created the only tech that solves both, from the UK.”
Jordan Billiald, principal at IQ Capital, said: “This is the first time I’ve seen an SMR design that genuinely solves the economic and sustainability equation, and it’s at a time when market dynamics, government ambition and regulatory reform are creating unprecedented opportunity.
“Nuclear Turbines is perfectly positioned to capture that opportunity and to make sure the UK is not left out of the global nuclear race. With its deep engineering and nuclear heritage, the UK has a real right to win in this space, and Nuclear Turbines is the kind of company the UK venture ecosystem needs to back.”
David Ewing, head of technology commercialisation, BAE Systems, said: “The launch and funding of Nuclear Turbines demonstrates the power of Launchpad to turn bold ideas into high-growth businesses with the potential to address critical national challenges.
“Built on exceptional engineering expertise and innovative technology, Nuclear Turbines reflects our commitment to accelerating breakthrough innovation beyond defence and supporting UK growth, industrial resilience and energy security.”