"Our next milestone is $50 million in global sales," said Elizabeth Muller, CEO. "To achieve this, we plan to identify specific sites, begin rock characterisation, and start drilling. Community and stakeholder engagement will continue to be a major focus and remains a core competency."
In its angel and seed rounds, Deep Isolation raised over $14 million from a diverse group of about 30 individual investors. There has been no institutional investment to date.
Deep Isolation is the first private company to offer a packaged solution for nuclear waste disposal.
Following the public demonstration of its technology in early 2019, the company gained significant traction through its partnership with Bechtel National Inc. "We are a global company with decades of service to the nuclear industry, from research and development to decommissioning and clean-up," said James Taylor, general manager of Bechtel's environmental business line. "We believe the Deep Isolation solution holds great promise as a safe and cost-effective alternative for any nation committed to responsible storage or disposal of used nuclear fuel."
"Securing our Series A raise means that Deep Isolation will continue to bring much-needed innovation to nuclear waste disposal and get the world closer to solving a decades-old challenge," said Rod Baltzer, Deep Isolation COO. "Our technology and our approach to stakeholder and community engagement are of great interest to countries that are actively seeking additional options to dispose of their nuclear waste inventories."