Fusion technology for medical isotopes and clean energy solutions.
SHINE Technologies develops advanced fusion technology, providing crucial medical isotopes for diagnostics and therapy, offering neutron testing services for critical components, and advancing nuclear fuel recycling. The company utilizes proprietary fusion systems, delivering scalable and reliable solutions that extend beyond traditional nuclear methods and serve immediate market needs.
Greg Piefer founded SHINE Technologies in 2010. His founding insight was to commercialize fusion technology incrementally, using early, revenue-generating applications to finance the eventual development of fusion energy. This pragmatic approach allowed the company to establish market value and progress towards its ambitious long-term goals.
SHINE serves healthcare providers with essential medical isotopes and various industries requiring precise neutron testing for product integrity. The company’s long-term vision is to establish a foundation for clean, abundant fusion power, systematically tackling complex challenges to transform the global energy landscape and deliver impactful solutions.
| Investor | Firm Type | Partner |
|---|---|---|
NantWorksLEAD | Corporate Venture Capital | — |
This company has completed 9 funding rounds. Current round is highlighted.
Total Raised
$1.1B
Top Valuation
-
SHINE Technologies raised $240M in a Late Stage Venture round.
The round was led by NantWorks.
SHINE Technologies is a privately held nuclear fusion company headquartered in Janesville, Wisconsin, developing fusion-based technologies for medical isotopes, nuclear waste recycling, radiation effects testing, and ultimately fusion power generation[1][2][3][4]. It produces critical radioisotopes like molybdenum-99 (Mo-99) for diagnostics and lutetium-177 (Lu-177) for cancer therapies, serves healthcare, defense, industrial, and energy sectors, and addresses supply shortages in medical isotopes while advancing sustainable nuclear solutions[1][2][4]. With over $578 million raised, including $122.5 million recently, and commercial operations scaling—such as its Cassiopeia facility for Lu-177 and the FLARE neutron testing service—SHINE demonstrates strong growth momentum through revenue from neutron sales (projected ~$50 million in 2025) and strategic acquisitions like Lantheus Holdings’ SPECT division in May 2025[1][2][5].
SHINE Technologies traces its roots to Phoenix Nuclear Labs, founded in 2005 by Dr. Gregory Piefer, a physicist who pioneered fusion-based nondestructive testing with solid and gas-target neutron generators[1][3][4]. The core idea emerged from recognizing that commercializing near-term fusion applications—like industrial imaging—would generate revenue for reinvestment toward economical fusion energy, rather than chasing scientific breakeven alone[3][5]. Key milestones include the 2016 Nuclear Regulatory Commission (NRC) construction permit for its Janesville Chrysalis facility, a 2019 world record for sustained fusion reaction with Phoenix, and the 2021 reacquisition of Phoenix to form SHINE Technologies LLC, broadening its scope beyond medical isotopes[3]. Under CEO Greg Piefer, the team of physicists, nuclear engineers, and experts has operated under NRC oversight, turning fusion into a regulated business[4].
SHINE rides the fusion renaissance and nuclear medicine boom, where global Mo-99 shortages and rising demand for targeted therapies like Lu-177 (for prostate/neuroendocrine cancers) create urgent needs amid aging reactors[2][5]. Timing aligns with U.S. policy support—e.g., DOE funding ($32 million in 2024)—and defense priorities for radiation-hardened tech amid geopolitical tensions, positioning FLARE as a timely solution[1][5]. Market forces like supply chain vulnerabilities and clean energy mandates favor its approach, influencing the ecosystem by proving fusion's commercial viability, securing isotope independence, and paving a scalable path others emulate[1][3][6].
SHINE's trajectory points to accelerated scaling: Chrysalis online soon for massive Mo-99 output, Cassiopeia meeting Lu-177 demand, FLARE expansion for defense, and Phase 3 waste recycling before fusion power[1][4][5]. Trends like AI-driven microelectronics, precision oncology, and net-zero mandates will amplify its momentum, potentially evolving it into a fusion energy leader via reinvested revenues. As the company that makes fusion pay today, SHINE exemplifies how practicing with isotopes and testing unlocks tomorrow's power—transforming nuclear tech from promise to reality[6].