Nuclear Turbines, a UK startup developing compact, cost-effective, advanced nuclear power systems, has raised a £15 million foundational round led by IQ Capital, joined by Rhapsody Venture Partners, Zero Carbon Capital and Empirical Ventures.
The funding will be used to advance and validate the reactor design, build large-scale test rigs, and expand the team as the company prepares to manufacture its first fuel elements.
Founded by former BAE Systems principal engineer Jeremy Owston (pictured, centre) and internationally renowned nuclear engineer Professor Tim Abram (right), in partnership with Empirical Ventures’ venture studio and spun out of BAE Systems, Manchester-based Nuclear Turbines is solving nuclear’s critical cost and scale challenges by replacing steam turbine systems with highly efficient high-temperature turbine technology normally found in jet engines and gas-fired power plants.
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By removing the need for steam infrastructure, Nuclear Turbines’ solution is so compact that it could be deployed ‘behind the meter’ on industrial sites, powering critical infrastructure such as industrial facilities and data centres and manufacturing facilities with a cost-effective, resilient alternative to grid-connected electricity.
Conventional small modular reactors were the first step towards addressing this need – making nuclear smaller, faster to deploy, and more adaptable – and now Nuclear Turbines is taking this technology to the next level by solving fundamental cost and scale challenges.
Alongside the funding, Nuclear Turbines has appointed Lauren Dickerson (left) as chief commercial and strategy officer. Dickerson joins from Centrica, where she spent over four years as strategy director, bringing experience in commercial strategy, partnerships and external relations to the company’s growth plans.
UK electricity prices are currently amongst the highest in Europe, with businesses paying 50% more than counterparts in France and Germany, and four times those in the US, though prices vary significantly across the European continent. The country needs massive amounts of low-carbon power to meet clean energy targets, but conventional nuclear power plants cost tens of billions and decades to build.
The scale and cost-efficient nature of Nuclear Turbines’ technology will make advanced nuclear power accessible and attractive to private finance, accelerating its deployment in energy-intensive sectors that are currently vulnerable to reliance on fossil fuels.
Nuclear Turbines’ vision aligns with November’s Nuclear Regulatory Review 2025, which called for a ‘radical reset’ for UK nuclear regulation; the UK’s Clean Energy Industries Sector Plan, designed to create investment, growth, and jobs in the sector, and the Advanced Nuclear Framework, which aims to get pioneering nuclear projects off the ground. The UK is also building a new uranium enrichment facility capable of producing the high-assay fuel Nuclear Turbines requires.
Co-founder Owston said: “The nuclear industry has always designed reactors first, then figured out what to do with the heat. We flipped this script: we started with the cheapest way to generate power and designed a reactor to fit. If we’re serious about reindustrialising while meeting climate goals, we need energy that’s clean and cheap. We’ve created the only tech that solves both, from the UK.”
Jordan Billiald, principal at IQ Capital, said: “This is the first time I’ve seen an SMR design that genuinely solves the economic and sustainability equation, and it’s at a time when market dynamics, government ambition and regulatory reform are creating unprecedented opportunity. Nuclear Turbines is perfectly positioned to capture that opportunity and to make sure the UK is not left out of the global nuclear race. With its deep engineering and nuclear heritage, the UK has a real right to win in this space, and Nuclear Turbines is the kind of company the UK venture ecosystem needs to back.”
David Ewing, head of technology commercialisation, BAE Systems, added: “The launch and funding of Nuclear Turbines demonstrates the power of Launchpad to turn bold ideas into high-growth businesses with the potential to address critical national challenges. Built on exceptional engineering expertise and innovative technology, Nuclear Turbines reflects our commitment to accelerating breakthrough innovation beyond defence and supporting UK growth, industrial resilience and energy security.”
