The deep nuclear fission of nuclear power generation announced Monday that it was revealed in a reverse merger, winning the company $30 million.
No, not 2021.
The startup proposes building a small, cylindrical nuclear power plant and lowering it into a 30-inch diameter hole drilled into the Earth a mile. By filling the reactor, the company hopes to solve several issues that plague the reactors today, including concerns about meltdowns and potential terrorist attacks.
The 15-megawatt reactor of deep fission is cooled using pressurized water, the same type found in nuclear submarines and many existing power plants.
Earlier this year, Deep Fission signed a contract with the efforts of data center developers to build a 2 Gigawatt underground reactor.
In April, the startup was recently trying to raise a $15 million seed round. In August, deep nuclear fission and nine other nuclear fissional startups were selected as part of the Department of Energy's reactor pilot program.
Under the terms of the reverse merger with Surfside Acquisition Inc. four years ago, the offering is $3 per share, below the conventional $10 covered by other SPACSs. The new entity will retain a deep fission name, but its stock has not yet been traded, but it says it intends to estimate it at OTCQB.
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The situation around SPAC – stock prices, selected stock markets, and timing of transactions – suggests that the company was unable to lift cash from new or existing shareholders who initially capitalized the company with a $4 million check last year.
The merger revenue gives startups a little more runway than an unfortunate seed round has, but also charges SEC reporting costs for small companies operating in very expensive sectors. Deep fission hopes to launch its first reactor by July 2026.