August 24, 2022
Sustainable Economy Investment Fund North Holland (PDENH) is investing a total of €12.5 million in Thorizon, a company that converts nuclear waste into energy, together with Positron Ventures, Invest-NL, and Impuls Zeeland. This type of investment in a safer and more sustainable form of nuclear energy is a necessary step toward the energy transition.
The thorium molten salt reactor developed by Thorizon uses long-lived nuclear waste and the widely available metal thorium as fuel. As a result, this type of reactor can make a significant contribution to a safe, virtually inexhaustible, and CO2-free energy supply.
Essential analyses and tests
Thorizon originated as a spin-off from the Nuclear Research and consultancy Group (NRG), the leading producer of radioisotopes for medical use in Europe and operator of the research reactors in Petten. Thorizon has been working on this entirely new type of reactor for several years. With the €12.5 million investment, Thorizon can perform essential analyses and tests, allowing them to complete the design for the first prototype. The first reactor is expected to be built before 2035.
Founder Lucas Pool: “What started as a good idea a few years ago has now developed into a promising reactor design. We are extremely pleased with the confidence shown by our investors and development partners.”
Short-lived waste
Thorizon’s technology could become a key link in the global energy supply, especially given the expected growth in energy demand and the phasing out of fossil sources. Thorizon’s system mixes existing long-lived nuclear waste with the common metal thorium, thereby converting a large portion of the long-lived waste from existing nuclear power plants into short-lived waste and CO2-free energy.
Leading knowledge partners
For the development of the technology, Thorizon will work closely with several parties, including the French company Orano, a world leader in the recycling of nuclear materials, and the aforementioned NRG. Thorizon is in discussions with EPZ, operator of the Borssele nuclear power plant, regarding the realization of a first system on their site. A broader consortium of knowledge institutions such as TU Delft and DIFFER, suppliers, and industrial service providers is also involved in supporting the development.
Strong combination of investors
The investors form a strong combination of private and public parties. The private parties are venture capital fund Positron Ventures, a private investor, and the company Huisman, which will become an industrial supplier in addition to being an investor. From the public sector, PDENH (lead investor), Invest-NL, and Impuls Zeeland are investing in Thorizon. The parties are investing in Thorizon because they see the company’s technology as a very serious candidate to accelerate the transition to a carbon-neutral economy through the development of an entirely new, safe, virtually inexhaustible, and CO2-free energy source.
You can read more about this innovation on Change.Inc
