Civil nuclear industry is the core of what we do. Around it we back the power, storage, and materials businesses that share the same qualification culture. This page is the public version of how we think, what we back, and what we pass on.
Civil nuclear, led
One core, three adjacencies.
Seed — Series B
Lead or co-lead.
€5–20M initial
Follow-on when warranted.
Europe · Asia · Africa · Gulf · LatAm
Five regions we cover.
CoreSmall modular reactors, advanced fission, selective fusion where the physics is measured, plus inspection, decommissioning, monitoring, and waste handling. This is the core mandate and the largest share of the portfolio. We do not back weapons, munitions, or autonomous lethal systems.
Adjacent IAlloys, ceramics, composites, and coatings that survive radiation, heat, and corrosion in real plant conditions. The investable edge is who signs the qualification letter and on what test matrix — not a single yield number.
Adjacent IIBalance-of-plant equipment, transmission and distribution hardware, protection and control systems, and industrial heat recovery. Grid equipment lead times now gate every new generator, nuclear included, which is why this sits next to the core rather than away from it. Efficiency counts when the saving is metered at a real site.
Adjacent IIICells with measured cycle life and abuse testing, grid-scale and long-duration systems with a defended safety case, packs and management electronics that pass type testing, and the processing and recovery chain behind them. We read cell data the way we read alloy data.
Seed through Series B. We lead or co-lead. First cheques are typically €5–20M when we lead or co-lead, with follow-on reserved when milestones warrant it.
We run technical work ourselves: neutronics, materials test history, fuel-cycle controls, manufacturing QA. We do not outsource the hard questions to a reference-call roster.
Europe, Asia, Africa, the Gulf, and Latin America. We need to be close enough to visit the plant, meet the regulator, and read the chemistry on site. We add a region when we can do that, not before.
We expect to stay on the register through later rounds and into a strategic outcome. These businesses do not fit a two-year exit calendar.
A member of the investment team reads the deck and replies. Technical passes get technical objections — not template declines.
Neutronics summaries, materials test matrices, fuel-cycle governance, manufacturing QA. Led in-house — no outsourced reference-call theatre.
Written memo against the standing thesis for the ring. Dissents recorded in the file and re-read at year-end.
We lead or co-lead. Terms reflect decade-long industrial timelines, not exit-optimised cap tables.
We expect to follow on where performance warrants. Board posture: founders run the company; we help when asked.
Public list. Not a negotiating position. If your company is on it, we will not take a meeting.
No. Civil programmes only, across every pillar. If there is dual-use risk, we need it resolved before a first meeting.
Yes, at Seed through Series B. We do not take small passive stakes just to keep a foot in the door.
One paragraph on what the company does, your stage and round size, and a sentence on qualification or regulatory status if technology is the product. A deck helps but is not required for a first reply.
Rarely. When we do, the technology must have been built in those regions. We do not pretend to know every regulator worldwide.
Yes. Civil nuclear is the core and the largest share of the portfolio. The adjacent pillars exist because they share the same qualification culture and often the same customers, not because we widened the fund to chase deal flow.
As a full pillar. We want measured full-cell cycle life, abuse and propagation testing to recognised standards, and a certification route. Coin-cell data alone is still a decline.
No. Once diligence starts we use a normal mutual NDA. Until then, keep sensitive detail at the level you are comfortable sharing publicly.
See the hard filters on this page. The short version: weapons, offset-led climate plays, dashboard companies, and science without a qualification path.
Straight talk when something breaks. Time in the plant or hot cell, not only on the roadshow. A short written update each month that we actually read.
Ready to write?
First read within five business days. Technical passes get technical feedback.
