Nova Fusion Valuation, Funding & Investors

Energy Fuels Inc is a critical mineral company based in the U.S. It produces several critical minerals, including uranium, vanadium, REEs (including NdPr, Dy and Tb) and HMS (including titanium and zirconium minerals). The company's project portfolio comprises uranium properties like Pinyon Plain Project, White Mesa Mill, Roca Honda Project, etc.; Heavy Minerals Sands project like Vara Mada Project, Donald Project, Bahia Project, etc.; the Nichols Ranch Project, and several other properties. The firm's reportable segments are: Uranium, REE, and HMS. Key revenue is generated from the Uranium segment, which is involved in conventional and ISR uranium extraction, recovery and sales of uranium from mineral properties, and the recycling of uranium-bearing materials generated by third parties.

Clean Planet is a Japanese research firm developing lattice confinement fusion technology for clean heat generation without radioactive waste. Its scientists conduct experiments on gas-phase and metal-hydride systems to achieve transmutation and excess heat production. Based in Tokyo and founded on September 1, 2012, the company collaborates with universities and operates test reactors in Hokkaido. Clean Planet publishes results from quantum mechanics-based models and partners with Mitsubishi Heavy Industries for commercialization.

Atlas Atomics is a nuclear technology company developing an improved heavy water reactor design that does not rely on enriched uranium and may therefore be cheaper to build and operate than conventional reactors. Its stated goals are reliable power generation, a larger supply of medical and industrial isotopes, and nuclear fuel recycling. The company operated largely in stealth until October 2026, when Bloomberg reported a Series A of about USD 400 million at a valuation of roughly USD 1.9 billion, led by General Catalyst with Andreessen Horowitz participating. Vivek Ramaswamy co-founded and backs the company, which is led by Kevin Gan. A former Oak Ridge National Laboratory chief operating officer serves as chief nuclear officer.

Type One Energy Group is a Knoxville-headquartered fusion energy developer. Formed in 2019, it builds high-temperature superconducting stellarator reactors using advanced manufacturing and computational design. The FusionDirect program targets a prototype by 2025 at the Oak Ridge National Laboratory site, partnering with utilities for grid-scale power deployment.

Devens, Massachusetts-headquartered Commonwealth Fusion Systems pioneers compact tokamak fusion reactors powered by high-temperature superconducting magnets. The company constructs SPARC, a six-meter-wide demonstration tokamak scheduled for net energy production by 2025 at its Devens site, which serves as a prototype for ARC, a 200-400 megawatt pilot plant intended for grid connection in New Hampshire during the early 2030s. CFS produces its proprietary magnets in-house at a dedicated factory opened in 2021 and collaborates closely with the MIT Plasma Science and Fusion Center on plasma physics advancements. Key technologies include the VIPER cable design enabling 20-tesla magnetic fields essential for plasma confinement. Founded in 2018 as an MIT spinout, CFS advances commercial fusion through rigorous peer-reviewed engineering.

Valar Atomics is a nuclear energy company based in El Segundo, California, that develops small high-temperature gas-cooled reactors. It was founded in 2023 by Isaiah Taylor. The reactors use helium coolant and TRISO fuel and are designed to be built in series on a production line and deployed at industrial sites, to supply heat and power for data centres, heavy industry and clean hydrocarbon fuel production independent of the electricity grid. The company has built test reactors, including its Ward Zero prototype, and was selected by the US Department of Energy to take a reactor critical. It sells to industrial and data centre operators and government customers, and it is financed by venture equity and credit facilities.

CORE POWER (UK) Ltd is a London-based developer of floating nuclear power plants and propulsion systems for maritime and industrial applications. It advances modular reactor designs in collaboration with shipbuilders and energy firms to enable zero-emission shipping routes and offshore power generation.

Scatec ASA is a renewable energy solutions provider, developing, building, investing in, and operating renewable energy plants across different continents. The company's operating segments are Power Production (PP), Development and Construction, and Corporate. A majority of its revenue is generated from the Power Production segment, which manages the group’s power-producing assets and derives its revenue from the production and sale of solar, wind, and hydro-generated electricity, mainly based on long-term Power Purchase Agreements or feed-in tariffs. Geographically, it derives maximum revenue from South Africa, followed by Botswana, Tunisia, Netherlands, and other regions.

Vedanta Power is the power business of the Vedanta group, running coal-fired power plants that sell electricity to utilities and industry. Based in India.

Huasun Energy is a Hefei-based solar technology company that manufactures high-efficiency heterojunction solar cells and modules. Established in 2017, the firm pioneered industrial-scale production of HJT technology and supplies products to global photovoltaic projects. Huasun Energy operates production facilities in Anhui province and exports to markets in Europe and Asia. Its TaoTan module series supports utility-scale solar farms and distributed generation systems.

Mach Natural Resources LP is an independent upstream oil and gas company. The company is focused on the acquisition, development and production of oil, natural gas, and NGL reserves in the Anadarko Basin region of Western Oklahoma, Southern Kansas, and the panhandle of Texas.

Balrampur Chini Mills is one of India's largest integrated sugar producers. It makes sugar, ethanol, distillery products and cogenerated power, and is building a polylactic acid bioplastics plant. Mills are in Uttar Pradesh. Headquartered in Kolkata.

Godawari Power & Ispat is an integrated steel maker producing iron ore pellets, sponge iron, steel billets and wire rods. It owns iron ore mines and captive power plants including a solar and waste heat portfolio. Customers are steel and construction firms. Headquartered in Raipur, Chhattisgarh.

Celsia SA Esp is a Latin American public utility company. Celsia is involved in the generation and sale of electrical energy and natural gas in Colombia, Panama, and Costa Rica. Through its principal subsidiary, Celsia Colombia S.A. E.S.P, the company owns and operates a portfolio of thermal, hydroelectric, and wind power plants. The company has two geographical operating segments namely Colombia and Central America. It generates maximum revenue from the Colombia segment. The company projects include Porvenir II and ReverdeC.

Infortar AS is an investment holding company in the Baltics. The group focus is on four segment areas which are Energy, Maritime transport, Real estate, and Supporting segments. The Energy segment includes biogas production, resale and distribution of natural gas, and sale of electricity; the Real estate includes all companies in the group that lease or develop investment property; Maritime transport includes Tallink Grupp (an affiliated undertaking of the group) and its subsidiaries); and Supporting segments includes agriculture, engineering, construction minerals, printing, and other fields. Its geographic regions are Estonia, Finland, Lithuania, Latvia, the Rest of the European Union, and Countries not in the EU. It generates the majority of its revenue from Estonia.

United Energy Group Ltd is principally engaged in the investment and operation of upstream oil, natural gas, and other energy-related businesses. The company has two reportable segments; Exploration and production, and Trading. The Exploration and production segment which generates key revenue includes activities relating to the exploration and production of crude oil and natural gas in Pakistan, Middle East, and North Africa. The Trading segment represents its activities relating to the trading of petrochemicals. Geographically, the firm has operational footprints in Pakistan, Singapore, Egypt, United Arab Emirates, Hong Kong, Switzerland and Iraq which is also its key revenue generating market.

Beach produces oil, gas, and gas liquids from numerous joint ventures in the onshore Cooper and Eromanga basins. Beach merged with Cooper Basin joint-venture partner Drillsearch Energy Limited in 2016, which increased equity production to about 10 million barrels of oil equivalent. This more than doubled to over 20 million barrels of oil equivalent following the successful purchase of Lattice from Origin Energy in 2018. The average field life is around seven years based on forecast production and 173 mmboe of proven and probable reserves. We credit less than 15 years, assuming some additional conversion of 2C contingent resources into the reserve category with drilling. Shale gas resources are blue-sky.

Juniper Green Energy develops, builds and operates solar and wind power projects in India, with a hybrid and storage pipeline. It sells power to utilities and commercial and industrial buyers under long-term contracts. Headquartered in Gurugram.