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SAI.TECH Announces Seed Financing of HEATNUC, its SMR subsidiary
SINGAPORE, July 17, 2023 (GLOBE NEWSWIRE) -- SAI.TECH Global Corporation (“SAI.TECH” or “SAI” or the “Company”, NASDAQ: SAI), announced today that its
About this update from Saiheat Limited
[{"type":"text","content":"SINGAPORE, July 17, 2023 (GLOBE NEWSWIRE) -- SAI.TECH Global Corporation (“SAI.TECH” or “SAI” or the “Company”, NASDAQ: SAI), announced today that its subsidiary, Atomic Evolution Limited (doing business as “HEATNUC”), has entered into a seed financing subscription agreement with JIUDE Capital, a venture capital investor with a post-investment valuation of US$50 million. The seed financing allows HEATNUC to accelerate its team building process, which aims to attract and secure key research and development personnel. About HEATNUCHEATNUC's team believes that many regions worldwide are overly dependent on fossil fuels, and they aim to help society accelerate carbon neutrality through Small Modular Reactor (SMR) technology. HEATNUC focuses on advanced small modular reactor technology, with the goal of achieving carbon neutrality by transforming traditional fossil fuel-based energy into SMR-based nuclear energy. Its R&D path is based on three core elements: top safety, cost-effective, and fuel-recycle. Led by an experienced team in product design, applications, and licensing, HEATNUC aims to design and manufacture pre-fabricated modular reactors with top safety features such as passive safety, accident-tolerant fuel and on-site fuel processing. The team also strives to minimize manufacturing and deployment costs through standardized modular design, large-scale factory production, and fuel recycling. According to HEATNUC's CEO Arthur Lee, the team has been dedicated to developing third-generation modular nuclear reactors and strategically planning for fourth-generation small modular reactors (SMRs). In the short term, they focus on promoting highly matured and inherently safe third-generation water-cooled reactors. In the medium to long term, research is being conducted on sodium-cooled fast reactors and depleted fuel recycling and reuse technologies. Arthur Lee further highlights that the core advantages of HEATNUC's SMR products lie in safety, cost-effectiveness, and fuel recycling. This involves utilizing passive safety design concepts and accident tolerant fuel (ATF) to enhance the safety of nuclear reactors, leveraging the nuclear energy supply chain advantage in the Asian region to reduce production costs, and utilizing the fuel reutilization advantages of fourth-generation reactors to improve fuel efficiency by recycling deple...