Hermes 2 Reactor: Kairos Power Secures $643M for Tennessee Project

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Kairos Power LLC secured $643 million in combined private and government financing that will be utilized to support construction of its demonstration reactor in Tennessee. The nuclear-energy startup revealed this, according to a reporting from Bloomberg.

Financiers/Funders

The funding that was secured includes $368 million from investors. These investors include Google Ventures and DCVC. Also, $275 million in financing was secured from the US Energy Department, according to Bloomberg, citing Kairos Chief Executive Officer Mike Laufer.

Moreover, as for the private investment, $70 million was secured from Samsung C&T Corp. via a partnership that was announced in September.

Kairos is building an advanced reactor that uses molten salt as a coolant instead of water.

Timeline

Moreover, Kairos expects its 50-megawatt Hermes 2 demonstration system in Tennessee to start up in 2030. The company struck a deal last year to sell the power to Tennessee Valley Authority for data centers owned by Alphabet Inc.’s Google.

Most of the funding will go toward Hermes 2. Also, some of the funding has been earmarked for expanding manufacturing capabilities at a site in New Mexico.

Lastly, Kairos is among the few companies to win federal approval to build new nuclear systems. Moreover, the nuclear projects come in as US electricity demand climbs and investors pour money into fission designs to run power-hungry data centers.

Project Factsheet: Hermes 2 Demonstration Reactor

Developer: Kairos Power LLC

Project Name: Hermes 2 Demonstration System

Location: Oak Ridge, Tennessee

Target Output: 50 megawatts

Target Launch Date: 2030

Core Technology: Advanced fluoride salt-cooled high-temperature reactor (KP-FHR) using molten salt instead of water

Offtake and Energy Use: Power sold to Tennessee Valley Authority (TVA) to supply electricity for Alphabet Inc.’s Google data centers

Funding Summary ($643 Million Total)

• Private Funding ($368M): Led by Google Ventures, DCVC, and Samsung C&T Corp. ($70M)
• Public Funding ($275M): Financed by the U.S. Department of Energy (DOE)
• Primary Capital Allocation: Direct construction of Hermes 2, with additional capital earmarked for expanding manufacturing operations in New Mexico