Latest news with #GeneralMatter
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First Post
22-04-2025
- Business
- First Post
The new Manhattan project: Will tech titans reignite America's nuclear industry?
Backed by Silicon Valley capital and national security insiders, companies like General Matter are reviving the nuclear sector as part of a broader push to restore America's industrial might read more In the changing world of American tech ambitions, a new group of venture capitalists is shifting focus. Instead of just investing in digital technologies (known as 'bits'), they are now turning to real, physical industries (called 'atoms'). One clear example of this shift is a company called General Matter. This startup is working in nuclear enrichment and is trying to change how America powers itself and protects its national security. According to an article in The Economist from April 20, 2025, General Matter is not only challenging old nuclear companies but is also becoming a key part of what could be America's next big industrial movement. STORY CONTINUES BELOW THIS AD A new age of private nuclear enterprise General Matter has a bold goal. It wants to be the first private company in the US to produce a special kind of nuclear fuel called Haleu (high-assay, low-enriched uranium). This fuel is very important for the next generation of nuclear reactors. Unlike older models, the new generation of nuclear reactors is compact, simpler to construct and designed to operate more efficiently. Instead of using fuel enriched to just 5 per cent like conventional reactors, these advanced systems require uranium enriched up to 20 per cent. According to The Economist, the US Department of Energy asked General Matter to join its Haleu consortium back in 2023 — even before the company was officially created. This shows how important the government thinks the company is and it also hints at the strong political connections it has. The company was started by Scott Nolan, who used to work at SpaceX and is now a venture capitalist, and Lee Robinson, who used to work in intelligence. Together, they represent a mix of Silicon Valley smarts and national security know-how. They're backed by the Founders Fund, led by Peter Thiel, which has supported big, bold tech ideas for years, and is a strong Trump-backer. But General Matter shows something new — it's a hands-on move into critical industries that affect both energy and defence in America. Political proximity and strategic intent The success of General Matter isn't happening in isolation. It's closely connected to the growing political and ideological support for nuclear energy during the Trump administration. In February 2025, The National Interest magazine reported that people like Preston Wells Griffith III, who worked on Trump's National Security Council, and Brandon Williams, a nuclear entrepreneur who now advises the Department of Energy, have played a big role in pushing policies that focus on American-made energy technologies. Under their leadership, the Department of Energy has shifted its funding and rules to speed up the development of the domestic Haleu supply chain. Thiel's group of investors and political supporters has seized this moment to position nuclear enrichment as not just an industrial chance, but as a national mission. Trae Stephens from Founders Fund told The Economist that the goal is to make sure America doesn't fall behind authoritarian countries in the nuclear race. A return to Cold War roots The support behind General Matter represents a return to a history that Silicon Valley has often tried to move away from. As historian Margaret O'Mara explained to The Economist the early tech companies in the Bay Area grew out of Cold War defence contracts, many of which were related to atomic weapons and missile systems. Over time, Silicon Valley moved away from military projects and adopted a more libertarian mindset. But now, with companies like General Matter and Anduril — another defence startup backed by Thiel — there's a new focus on working with the government, but this time to promote technological nationalism. O'Mara described this shift as 'a Space Age, brought to you by Ayn Rand,' which refers to the contradiction in Thiel's approach. The philosophy may be libertarian, but the work relies heavily on government support — like DOE grants, national security exemptions and faster rules for getting things done. Even so, The Economist noted that these new industrialists don't see a problem with this. They think the government isn't an obstacle but a vital partner in helping America reclaim its industrial power. STORY CONTINUES BELOW THIS AD Is energy security venture capital's next frontier? General Matter's rise fits into a bigger plan that Thiel and his supporters are working on. As Stephens told The Economist, their investment strategy has evolved over time: Palantir changed intelligence operations, Anduril is changing defence and now General Matter aims to do the same for nuclear energy. E ach of these companies is about using private money and advanced technology to reshape important areas of the government. The push for this is driven by the belief that the US is too dependent on foreign suppliers for important infrastructure. Right now, Russia provides about 35 per cent of the enriched uranium used in American reactors. This has become a bigger problem since the war in Ukraine. General Matter makes it clear that every part of its business is designed and funded in the US. The company positions itself as a patriotic choice compared to the foreign-controlled uranium supply chain, as mentioned in The Economist article. Bureaucratic realities and technical hurdles However, turning this vision into reality won't be easy. General Matter has not yet applied for a Nuclear Regulatory Commission (NRC) license, which is required before any uranium enrichment can begin. Getting this license takes time and the regulations are strict—especially for something as politically and environmentally sensitive as uranium enrichment. While General Matter talks about new centrifuge designs that promise more efficiency, it still has to compete with companies that already have the infrastructure in place. For example, Centrus Energy began producing small amounts of Haleu in 2023, the first in the US in seven decades, as The Economist pointed out. On top of that, General Matter faces another challenge: small modular reactors, which need Haleu, are still mostly in the development stage. There isn't much demand for enriched fuel until these reactors get broader commercial approval. STORY CONTINUES BELOW THIS AD Tariffs and trade-offs Even though the Trump administration strongly supports nuclear energy, some of its other economic policies might hurt the industry's ability to compete. A February 2025 analysis in The National Interest warned that tariffs on materials like steel, aluminium and other industrial goods could make it more expensive to build nuclear reactors. These tariffs are meant to protect American manufacturing, but they might also make US nuclear projects too costly — both inside the country and overseas. This problem gets worse because of rising tensions with allied countries. Trade disputes with Canada and European partners could make it harder to work together on important projects and supply deals that the Haleu fuel chain depends on. The Council on Foreign Relations has warned that if the US doesn't create a clear international plan, it could end up isolated—just when it's trying to lead the world in nuclear energy again. Nuclear weapons versus Trump's pragmatism Interestingly, while the Trump administration sees nuclear energy as a key part of national strength, it has taken a more cautious approach to nuclear weapons. In February 2025, President Trump questioned the need to expand the US nuclear weapons arsenal. Trump said the current stockpile is already enough to protect the country. He also criticised the $1.7 trillion plan to modernise the arsenal that started under earlier presidents and said he was open to new arms control talks with Russia and China. This change in attitude was explained by Lucas Ruiz and Geoff Wilson in the Bulletin of the Atomic Scientists. They pointed out that there is a split between some Republicans who want to upgrade weapons and a president who sees more value in peaceful, nonmilitary nuclear technology. STORY CONTINUES BELOW THIS AD For Trump, building up the country's civilian nuclear power might be a stronger symbol of America's comeback than showing off military force. The atomic gamble General Matter's story represents a bigger change happening in US. It's a test to see if private companies — working with government support — can bring back an industry that many thought was outdated. It's also a test to see if the future of American technology will be built not just in app stores and cloud servers, but through nuclear tools like centrifuges, control rods and containment systems. General Matter is supported by investors with strong beliefs, backed by powerful political supporters and lifted by a growing sense of techno-patriotism—a belief that technology can help rebuild national pride. The company is betting everything on the idea that America's next big achievement will come from nuclear energy. But whether this gamble works won't just depend on technology or money — it will also depend on how well they deal with global politics, government rules and public opinion. If they succeed, what some are calling the 'Manhattan Beach Project' could become the most important industrial story of the 2020s.
Yahoo
15-04-2025
- Business
- Yahoo
Peter Thiel Joins Board of Enriched Uranium Startup General Matter
(Bloomberg) -- After more than a year searching for companies that could produce enriched uranium for the growing nuclear power sector, Scott Nolan, a partner at venture capital firm Founders Fund, decided to build his own. The Secret Formula for Faster Trains NYC Tourist Helicopter Crashes in Hudson River, Killing Six Even Oslo Has an Air Quality Problem How Did This Suburb Figure Out Mass Transit? Lisbon Mayor Wants Companies to Help Fix City's Housing Shortage His new startup, General Matter, has raised $50 million in a funding round led by the firm to make high-assay low-enriched uranium, or HALEU. As part of the deal, Founders Fund partner Peter Thiel is joining the board, an unusual move for the billionaire investor. The Los Angeles-based startup — which has been operating largely under the radar until now — aims to bolster the nation's nuclear energy industry, and adds to the stable of Founders Fund partners who have started their own companies. General Matter plans to produce HALEU by enriching uranium to 19.75% — just below the 20% threshold under regulations, meaning it's not weapons-grade. The levels will be meaningfully higher than the 5% used in most nuclear power plants today. The company aims to help power the new generation of advanced reactors that researchers hope will come online over the next several years. 'We're absolutely focused on costs and making this a commercial enterprise,' Nolan said. He declined to describe General Matter's process for enriching the uranium, but said the company will focus on improving efficiency in the process. 'We're not creating new science.' Nolan previously worked as an engineer at SpaceX before joining Founders Fund in 2011, serving as an investor until 2023 when he began working on General Matter. To found the new company, Nolan teamed up with Lee Robinson, who previously led energy investments for the Defense Department's Defense Innovation Unit, or DIU. The duo has built up a small operation in Los Angeles of roughly two dozen engineers, nuclear scientists and safety experts, pulling staff from national labs and the private sector. Interest in nuclear power has surged around the world in recent years. Many countries and companies are looking at atomic energy as a way to secure clean and stable electricity, particularly as demand for energy is expected to rise on back of artificial intelligence use and data center expansion. In the US, investors have backed several new companies developing next-generation reactors — such as small modular reactors — with more startups looking to bring their designs to commercialization. Many of the new designs use HALEU, which is difficult to come by in the US, Nolan said. Currently, only Russia and China have the capacity to mass-produce HALEU, according to the World Nuclear Association. America has limited players that enrich the fuel, such as Maryland-based Centrus Energy Corp. In an effort to ramp up production at home, the Department of Energy awarded contracts to four companies including General Matter to build out a supply chain last year. General Matter expects to hire additional engineers and select a site to build a new enrichment facility later this year. The short list of locations includes Wyoming, Texas, Washington and Utah. It plans to break ground on the facility in 2026, and begin operating by the end of the decade. Over time the facility could supply enough enriched uranium to fulfil as much as two-thirds of US domestic consumption, Nolan said. He expects to raise additional capital and debt, and acknowledged the effort to scale General Matter could take years and 'require billions' more capital. Nolan said he will be '100% focused' on General Matter, and will step back from his role at Founders Fund. That's a different trajectory from firm partners Trae Stephens, who co-founded weapons maker Anduril Industries Inc., and Delian Asparouhov, who co-founded space manufacturing startup Varda Space Industries. Both serve as chairman at those companies and split their time between their startups and Founders Fund. Thiel, who resigned from Facebook's board in 2022, remains on the board of Palantir, which he co-founded, but rarely takes new positions — making his board seat at General Matter more notable. As part of the Founders Fund investment in the firm, Stephens said he's confident in General Matter's team and mission, and believes the timing is right. 'The government is certainly leaning into nuclear right now and that hasn't always been the case,' Stephens said. 'The whole culture has been shifting in this direction.' The Beauty Salon Recession Indicator Trump Is Firing the Wrong People, on Purpose World Travelers Are Rethinking Vacation Plans to the US Cheap Consumer Goods Are the American Dream, Actually How One MBA Grad Blew the Whistle on a $2 Billion Deal ©2025 Bloomberg L.P. Sign in to access your portfolio
Bloomberg
14-04-2025
- Business
- Bloomberg
Peter Thiel Joins Board of Enriched Uranium Startup General Matter
After more than a year searching for companies that could produce enriched uranium for the growing nuclear power sector, Scott Nolan, a partner at venture capital firm Founders Fund, decided to build his own. His new startup, General Matter, has raised $50 million in a funding round led by the firm to make high-assay low-enriched uranium, or HALEU. As part of the deal, Founders Fund partner Peter Thiel is joining the board, an unusual move for the billionaire investor. The Los Angeles-based startup — which has been operating largely under the radar until now — aims to bolster the nation's nuclear energy industry, and adds to the stable of Founders Fund partners who have started their own companies.
