Nuclear Startup Deep Fission Goes Public In A Curious Spac

Nuclear startup Deep Fission announced Monday that it has gone nationalist successful a reverse merger, netting nan institution $30 million.

No, it’s not 2021.

The startup is proposing to build small, cylindrical atomic powerfulness plants and lower them into 30-inch diameter holes drilled 1 mile down into nan Earth. By burying nan reactors, nan institution hopes to lick respective problems that plague existent reactors, including concerns complete meltdowns and imaginable violent attacks.

Deep Fission’s 15-megawatt reactors are cooled utilizing pressurized water, nan aforesaid type recovered successful atomic submarines and galore existing powerfulness plants.

Earlier this year, Deep Fission inked a woody pinch information halfway developer Endeavor to build 2 gigawatts of underground reactors. 

As precocious arsenic April, nan startup had been attempting to raise a $15 cardinal seed round. In August, Deep Fission and 9 different atomic fission startups were selected to beryllium a portion of nan Department of Energy’s Reactor Pilot Program, fundamentally a streamlined permitting process.

Under nan position of nan reverse merger pinch four-year-old Surfside Acquisition Inc., nan offering was priced astatine $3 per share, beneath nan customary $10 that different SPACs target. The caller entity will clasp nan Deep Fission name, and though its shares aren’t yet trading, it says it intends to quote connected nan OTCQB.

The circumstances astir nan SPAC — nan stock price, nan selected equity market, and nan timing of nan transaction — propose that Deep Fission wasn’t capable to raise rate from caller aliases existing shareholders, who first capitalized nan institution pinch a $4 cardinal cheque past year. 

The proceeds of nan merger springiness nan startup a spot much runway than its ill-fated seed information would have, but it besides imposes SEC reporting costs for what is apt a mini institution operating successful a very costly sector. Deep Fission is hoping to commencement its first reactor by July 2026.