Seed round Investors include 28 Ventures Fund, An Advanced USA Nuclear Tech Company, and active nuclear technology investors to reinforce USA energy security and propel the nuclear sector into a new era of growth and discovery.
Oak Ridge, Tennessee, Aug. 20, 2024 (GLOBE NEWSWIRE) -- LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that it has closed its expanded, oversubscribed $11.88 Million seed funding round which included 28 Ventures Fund, an advanced USA nuclear technology company, and active nuclear technology investors.
The previously announced seed round of $1.3 Million was significantly expanded due to overwhelming demand, reflecting strong investor confidence in the vision and growth potential of Laser Isotope Separation Technologies (LIST). The additional capital will help fuel the revitalization and rebirth of its proprietary, patented advanced laser enrichment technology, which was demonstrated in the 1980’s and early 90’s and assessed by the NNSA to a TRL (Technology Readiness Level) of 4. These funds will help to advance the build-out of a new facility in Oak Ridge, TN for physical test work and demonstrations, and the Company plans to attract additional top talent to its existing team of Scientists and Engineers.
The Company’s proprietary CRISLA technology is versatile, with potential applications spanning uranium enrichment for nuclear fuel, the synthesis of stable isotopes critical for medical and other scientific research, and in the growing field of quantum computing, particularly in semiconductor manufacturing. For laser enrichment of uranium, this method has sufficient selectivity that will enable the production of LEU in a single stage and HALEU in two stages. With high throughput, high duty cycle and reduced complexity compared to competing technologies, the Company projects highly competitive capital and operational costs.
“It is gratifying to witness the strong support for LIST and our vision for advancing the United States nuclear energy industry and its fuel supply chain,” said Christo Liebenberg, Chief Executive Officer of LIS Technologies Inc. “Revitalizing this technology will mark a major milestone, not just for our Company, but for the entire nuclear energy sector and industry in the United States. With the potential to become the world’s most cost-effective uranium enrichment technology at scale, it promises a reliable domestic supply of LEU and HALEU fuels – key to a thriving and innovative nuclear industry. The support and backing from advanced nuclear technology investors is a testament to our dedication and goals.”
About LIS Technologies Inc.
LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared wavelengths to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.
For more information please visit: www.LaserIsTech.com
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Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Pilot Plant Demonstration (Phase 2) will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.