Phoenix Acquisition, Valuation, Funding & Investors

Radiant is a Seattle-headquartered company that engineers the Kaleidos microreactor, a truck-transportable nuclear fission system generating one megawatt of continuous power for off-grid locations, military bases, and disaster response. Designed to eliminate diesel generator reliance, the reactor achieves full power in under 24 hours and operates for 40 years without refueling. Radiant partners with the U.S. Department of Defense through a $10 million contract and collaborates with the Tennessee Valley Authority on demonstrations. Founded in 2019, the firm advances advanced nuclear technology across North America.

NuScale Power Corp is redefining nuclear power through the development of proprietary and SMR technology that will deliver safe, scalable, cost-effective, and reliable carbon-free power. Its products are VOYGR Plants and E2 Centers.

Hubei Energy Group Co Ltd is an energy company in China. The companies business segments include hydropower, thermal power, nuclear power, new energy, natural gas, coal, and finance.

Tohoku Electric Power Co Inc is engaged in the supply and distribution of electricity. The company operates through two reportable segments: Power Generation and Sales, which provides stable electricity from thermal, nuclear, and renewable energy sources and offers electricity retail and related services; and Power Transmission and Distribution, which provides neutral and fair electricity network services. It generates the majority of its revenue from the Power generation and sales business segment.

X-Energy Inc is a leading developer of advanced SMR and fuel technology for clean energy generation. It is seeking to redefine the nuclear energy industry through its flagship product, the Xe-100, an advanced small modular HTGR designed to generate up to 80 megawatts of electric power and/or up to 200 megawatts of thermal output, depending on the configuration. X-energy’s simple and intrinsically safe advanced SMR designs, like the Xe-100, significantly expand the applications and markets for nuclear technology with enhanced safety, lower cost and faster construction timelines when compared with conventional nuclear energy sources and broader use cases when compared with other SMRs.

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.

Electric Power Development Co Ltd is a Japanese electric utility company involved in the generation, transmission, distribution, and retail sale of energy. The company operates through four segments. The Power Generation segment covers hydro, thermal, and wind power generation, along with maintenance, operation, and electricity sales. The Power Transmission and Transformation segment focuses on grid and network operations. Electricity-related Businesses support generation and transmission activities to ensure smooth and efficient operations. The Overseas Business engages in power generation and related services abroad. It generates the majority of its revenue from the Power Generation Business segment.

Uranium Energy Corp is a uranium mining company engaged in the exploration, extraction, and processing of uranium and titanium concentrates across projects in the United States, Canada, and Paraguay. The Company operates through multiple segments, including uranium mining activities in Wyoming, Texas, Saskatchewan, and other regions, along with a corporate segment focused on investments and uranium inventory trading. It is expanding its portfolio of low-cost uranium projects in stable North American locations and operates a Wyoming-based ISR (In-Situ Recovery) Hub and Spoke platform. This platform is supported by two fully operational central processing plants and seven U.S. ISR uranium projects.

Energy Fuels Inc is a United States-based critical minerals company. The Company mines uranium and produces natural uranium concentrates that are sold to nuclear utilities for the production of carbon-free nuclear energy. It holds two of America's key uranium production centers: The White Mesa Mill in Utah, and the Nichols Ranch ISR Facility in Wyoming. It has three reportable segments based on its operations and financial information; Uranium, HMS, and REE.

Paladin Energy Ltd is engaged in the production of uranium, and it operates through its various projects that are located in Australia and Africa. The operating segments of the group are Exploration, Namibia, and Australia. The segment activity in Namibia is the production and sale of uranium from the mines located in these geographic regions. The Australian segment includes its sales, marketing, and corporate functions, and the Exploration segment is focused on developing exploration and evaluation projects in Australia and Canada. The company's projects include Langer Heinrich Mine in Namibia, the Michelin project in Canada, and Manyingee, Carly Bore, and the Mount ISA projects in Australia.

Tokyo Electric Power Co Holdings is a Japan-based company engaged in the generation and distribution of electric power. The company operates through five segments. The Energy Partner segment provides optimal total solutions, customer services, and low-cost power procurement. The Fuel & Power segment focuses on thermal power generation, fuel procurement, and related investments. The Holdings segment provides management support, shared services, and oversees nuclear power operations. The Power Grid segment handles electricity transmission, transformation, distribution, and related facility construction and maintenance. The Renewable Power segment generates and sells renewable energy, manages facilities, and develops new renewable projects in Japan and overseas.

Proxima Fusion is a Munich-headquartered startup founded in 2022 that engineers fusion power plants using quasi-isodynamic stellarator technology. It advances compact stellarator designs for stable plasma confinement to generate clean electricity. The company collaborates with research institutions like Max Planck Institute and has raised seed funding to prototype high-temperature superconducting magnets for commercial fusion reactors.

Valar Atomics is a nuclear technology company developing modular high-temperature gas reactors fueled by TRISO particles for off-grid industrial power and clean fuel production. Headquartered in El Segundo, California, the firm plans gigasites hosting hundreds of 35 MW reactors to supply hydrogen and synthetic fuels to steel mills and chemical plants. Founded in 2022, Valar Atomics raised $10 million in seed funding and collaborates with the U.S. Department of Energy on advanced reactor demonstrations.

Chugoku Electric Power Co Inc is a Japanese electric utility company mainly serving the industrial region of Chugoku on the western end of Japan’s main island of Honshu. The company is involved in the generation, transmission, distribution, and supply of energy. Chugoku Electric owns and operates a portfolio of thermal, nuclear, and hydroelectric power plants located mainly in its home region. While majority of these energy-generating facilities are hydroelectric, the vast majority of the company’s total energy production comes from its thermal sites. It generates revenue mainly from the sale of electric power to commercial and industrial customers in Chugoku. The company also owns assets and offers consulting and training services throughout Southeast Asia.

Kyushu Electric Power Co Inc is a Japan-based company mainly engaged in the electric power business. Its operating segments include ICT Service Business, Other Energy Service Business, Overseas Business, Power Generation and Sales Business, Power Transmission and Distribution Business, Urban Development Business, and Others. It generates the majority of its revenue from the Power generation and sales business segment, whose main business is the power generation and retail electricity business in Japan.

BKW AG is an electric utility company in which the Canton of Bern holds a majority stake. The company segments its operations into Energy Solutions, Power Grid, and Infrastructure & Buildings. It generates the majority of its revenue from the Energy Solutions business segment which builds, operates, and maintains BKW’s portfolio of power plants in Switzerland and abroad. It also includes the sale of energy in Switzerland, trading in electricity, certificates and raw materials as well as wind, solar and smart energy services.

Standard Nuclear Inc is an independent advanced nuclear fuel company. The company designs, engineers, and manufactures advanced nuclear fuels, with a primary focus on TRISO fuel for advanced reactors. Its operations include industrial-scale TRISO fuel manufacturing and the development of fuel for advanced reactors that utilize TRISO fuel. The company operates in a single operating and reportable segment, as it is engaged in a single business activity of TRISO production. It derives revenue from fuel development and services agreements. Geographically, the maximum revenue is generated from the United States.

Yellow Cake PLC is a specialist company operating in the uranium sector. The principal activity of the company is to invest in uranium projects. It invests in quoted or unquoted companies producing, developing, or exploring for uranium in Canada, the United States, Australia, and South Africa. The company's only segment being the holding of uranium oxide concentrate (U3O8) for long-term capital appreciation.