December 13, 2024
Bank Confirms Willingness To Support South Wales Microreactor With $103.7M Debt Financing
Letter Is First Such From EXIM For A Microreactor, Follows Review Of Last Energy’s Technology, Business Model, Manufacturing Plan
Washington, D.C. — Last Energy, an American cleantech startup aiming to become the first mass-manufacturer of 20 megawatt nuclear microreactors, announced today that it received an LOI from the Export-Import Bank of the United States (EXIM).
The letter, issued by EXIM’s Structured & Project Finance Division, confirms the Bank’s willingness to diligence a $103.7 million financing toward a Last Energy microreactor planned in South Wales. EXIM’s support follows a review of Last Energy’s technology, business model, manufacturing plan, and access to nuclear fuel. Upon final commitment, the Bank’s facility would cover Last Energy’s entire costs for a single power plant installation.
“Receiving this Letter of Interest from EXIM is the latest in a series of recent milestones that further validates Last Energy’s unique approach to accelerating nuclear deployment by focusing on design for manufacturability,” said Bret Kugelmass, Founder and CEO of Last Energy. “They put us through the wringer — interrogating our physics, technology, supply chain, business model, partnerships, and timelines to delivery — and, after 18 months of rigorous review, have determined that we’re ready for the next step.”
In October 2024, Last Energy announced plans to deploy four microreactors in South Wales at a vacant site that housed the coal-fired Llynfi Power Station from 1951 to 1977. Since obtaining site control and announcing the project, the company has begun hosting supplier engagement events and community town halls. Last Energy’s Wales units will provide power to mid-size industrials and data center campuses.
The Export-Import Bank of the United States is the official export credit agency of the United States. The Bank exists to help finance American commerce overseas and level the playing field for U.S. goods and services to compete for global market share. EXIM’s charter requires that all transactions it authorizes demonstrate a reasonable assurance of repayment. Having received the letter, which is non-binding, Last Energy will work with EXIM to complete due diligence.
EXIM’s Letter of Interest to Last Energy underscores the Bank’s commitment to supporting U.S. nuclear companies abroad, and will help bolster nuclear ties between the U.S. and U.K. In 2023, both governments pledged to triple nuclear output by 2050.
NOTES TO EDITORS
The official name for Last Energy’s South Wales project, being developed by Last Energy UK Limited, is Prosiect Egni Glan Llynfi.
About Last Energy: Founded in 2019, Last Energy is an American cleantech startup with the goal of enabling global clean energy access and decarbonization in a way that is rapid, scalable, and economically competitive. Last Energy’s first product, the PWR-20 micro-nuclear power plant, is designed to address the inefficiencies that have traditionally made nuclear development prohibitively complex and expensive. By owning all aspects of plant delivery and dramatically reducing the time and cost of construction, Last Energy is transforming the nuclear power industry to unlock clean, reliable baseload energy for industrial customers throughout Europe.
Contact Matt Fossen, [email protected]