This UK Startup Just Raised $18.5M to Revolutionize Nuclear Power (and It's Not What You Think)

Jan de Vries · 2026-07-27

A Manchester-based startup called Nuclear Turbines just closed a $18.5 million (about £15 million) foundational round, led by IQ Capital with participation from Rhapsody Venture Partners, Zero Carbon Capital, and Empirical Ventures. The company is building compact, cost-effective advanced nuclear power systems, and the funding will go toward validating the reactor design, building large-scale test rigs, and expanding the team as they prepare to manufacture their first fuel elements. ### The Big Idea: Flipping the Nuclear Script Nuclear Turbines isn't your typical nuclear startup. Co-founder Jeremy Owston explains it best: "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." The result? A system that replaces traditional steam turbines with high-temperature turbine technology borrowed from jet engines and gas-fired power plants. This approach tackles two of nuclear's biggest hurdles: cost and scale. ### Why This Matters for Energy-Intensive Industries The company's modular reactor architecture eliminates bulky steam infrastructure, making the system compact enough to be deployed 'behind the meter' on industrial sites. That means factories, data centers, and manufacturing facilities could get a resilient, cost-effective alternative to grid electricity without waiting decades for a traditional nuclear plant. And with UK electricity prices among the highest in Europe, the timing couldn't be better. ### Key Details at a Glance - **Funding round:** $18.5 million foundational round led by IQ Capital - **Investors:** Rhapsody Venture Partners, Zero Carbon Capital, Empirical Ventures - **Founded:** 2024, spun out of BAE Systems' Launchpad initiative - **Founders:** Jeremy Owston (former BAE Systems Principal Engineer) and Professor Tim Abram (prominent nuclear engineer) - **New hire:** Lauren Dickerson as Chief Commercial and Strategy Officer, joining from Centrica ### Solving Nuclear's Cost and Scale Challenges Conventional nuclear power plants cost tens of billions of dollars and take decades to build. Small modular reactors (SMRs) were a step in the right direction, but Nuclear Turbines claims its technology goes further. By removing steam infrastructure and using off-the-shelf gas turbine tech, the company aims to deliver clean power at a fraction of the cost and in a fraction of the time. Jordan Billiald, Principal at IQ Capital, says, "This is the first time I've seen an SMR design that genuinely solves the economic and sustainability equation." ### What's Next for Nuclear Turbines The company plans to use the funding to advance reactor design validation, build large-scale test rigs, and start manufacturing its first fuel elements. With Lauren Dickerson on board as Chief Commercial and Strategy Officer, the team is positioning itself to capture what Billiald calls "unprecedented opportunity" driven by market dynamics, government ambition, and regulatory reform. The UK has deep engineering and nuclear heritage, and Nuclear Turbines wants to make sure the country isn't left out of the global nuclear race. > "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." — Jeremy Owston, co-founder of Nuclear Turbines ### The Bottom Line Nuclear Turbines is taking a fresh approach to an old problem. By flipping the traditional design process and leveraging proven turbine technology, the startup could make advanced nuclear power accessible and attractive to private finance. For energy-intensive sectors currently vulnerable to fossil fuel reliance, this might be the breakthrough they've been waiting for.