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(Bloomberg) — Jimmy Energy SAS, a French nuclear startup backed by billionaire Pierre-Edouard Sterin, raised €80 million ($92 million) to complete the design of its small modular reactor and start construction by 2029.
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The French government is providing half of the funding, while Credit Mutuel Alliance Federale is leading private sector financing, Paris-based Jimmy Energy said in a statement Tuesday. Some existing shareholders, including Sterin’s investment firm Otium Capital and Paris Mouratoglou’s Eren Groupe, also participated in the new funding round.
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Jimmy Energy is among the companies seeking to commercialize the next wave of nuclear technology by designing so-called SMRs to meet an expected increase in demand for carbon-free energy. The US, Europe and China are racing to develop such plants that would be cheaper and faster to build than traditional large-scale reactors.
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“The goal is to complete the detailed design with suppliers, and to obtain the approval from the nuclear safety authority for the first of a kind,” Antoine Guyot, co-founder and chief executive officer of the six-year-old French startup, said in an interview.
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The new money will also help Jimmy Energy, which employs 80 people, beef up its engineering capacity. The firm previously raised more than €50 million.
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The startup is targeting its reactors at European food, paper and chemicals makers, generating high-temperature heat for processes that would be more competitive than using natural gas, Guyot said. The 60-megawatt units would take two-and-a-half years to build, and cost between €100 million and €200 million.
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The company plans to start construction in 2029 of the first reactor, which would supply steam for a sugar and alcohol producer east of Paris, the CEO said. Jimmy’s gas-cooled reactors will use longer-burning TRISO fuel, which will initially be supplied by Urenco Ltd.’s plant in New Mexico.
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