Project Omega announced an $80 million Series A round on 9 November 2026, according to its release, which is headlined “Project Omega Raises $80 Million to Build Nuclear Refineries for the Next Industrial Revolution”. The round was led by B Capital. The release names noa VC and 645 Ventures as new investors, alongside unnamed other investors in nuclear technology and national security; Tectonic Defense spells the second firm “645 Capital”. It names Starship Ventures, Mantis Ventures, Decisive Point, Virta Ventures, Pace Ventures, Essential Capital and Washington Harbour Partners as existing investors who participated.

Funding and use of funds

The valuation and total raised were not disclosed. The company’s earlier round was a $12 million seed announced when it left stealth in February 2026, led by Starship Ventures, according to ANS Nuclear News; Tectonic Defense calculates an implied total of $92 million, which is the outlet’s own arithmetic. The release says the money will advance technology and manufacturing for the company’s X Series power systems and start construction of a nuclear fuel recycling facility, with more details promised in the coming months. Its subhead refers to a pilot facility for domestic isotope recovery and feedstock production. B Capital’s Jeff Johnson, general partner and global head of energy, will join the board.

What the company does

According to the release, Project Omega recycles used nuclear fuel with a non-aqueous process called pyroprocessing, recovers isotopes such as strontium-90, and turns recovered material into long-duration power sources, reactor feedstock and isotopes for commercial, medical and scientific uses. Its “radiovoltaic power” systems are solid-state devices that convert radioisotope decay directly into electricity. The X Series is a modular expeditionary power system combining battery storage and generators with an intelligent controller; it runs on solar and wind now, with isotope power planned for later. The first products are aimed at defense, space and remote operations. Founder and CEO Stafford Sheehan said: “The country’s nuclear renaissance will not happen without the fuel.”

Company claims

These statements come from the company and have not been independently verified. The release says pyroprocessing can reduce nuclear waste volume by up to 90% and does not separate pure plutonium, and Sheehan cites nearly 100,000 metric tons of used fuel in the US as feedstock. It says Idaho National Laboratory is working with the company on recycling technology through ARPA-E’s CURIE program, that Pacific Northwest National Laboratory demonstrated stable electrical current from strontium-90, and that DARPA’s Rads to Watts program supports development of radioisotope power systems; no dollar values are given. Tectonic Defense, citing Sheehan, reports a $3.37 million DARPA contract and first field tests with US Indo-Pacific Command in Hawaii; those figures are not in the release. No customers, revenue or contract values were named.

Sources and notes

Sources: Project Omega’s release at projectomega.com (9 November 2026), a Business Wire copy on FinancialContent, BIC Magazine, Tectonic Defense (Barratt Dewey, 9 November), the TechStartups roundup of 10 November and ANS Nuclear News (12 February 2026). Lens could not open the Business Wire original, and quotations were read as excerpts. Sources differ on whether Sheehan is “founder and CEO” (the release) or “co-founder and CEO” (Tectonic), and the seed investors named in February coverage differ from the existing investors named in the November release. The release lists Newport, Rhode Island, Hailey, Idaho and a lab in Fall River, Massachusetts. It is not stated whether the first facility will be pilot-scale or full-scale.

Image: Dry storage casks for spent nuclear fuel and a gantry crane lifting a cask on a storage pad. Photo: Nuclear Regulatory Commission (the NRC caption credits Sandia National Laboratories), CC BY 2.0, via Wikimedia Commons; file record dated 2014, site not named. Stand-in image; it does not show Project Omega or its facilities.