Manchester startup Nuclear Turbines snaps £15M led by IQ Capital to make nuclear power as cheap as jet fuel — TFN

Nuclear Turbines, a Manchester startup that began at BAE Systems, has raised £15 million in initial funding led by IQ Capital.

The company uses jet-engine-style gas turbines instead of traditional steam turbines. It says this could cut electricity costs to just one-fifth of what they are now.

This funding arrives at a time when UK businesses pay 50% more for electricity than those in France and Germany. The small modular reactor market is also expected to double by 2034.

Jeremy Owston spent years at BAE Systems designing feedwater systems for nuclear submarines, which still work much like they did in the 1950s. He thought this method was outdated. To change things, he co-founded Nuclear Turbines, which has just come out of stealth with a £15 million round led by IQ Capital.

Rhapsody Venture Partners, Zero Carbon Capital, and Empirical Ventures also joined in.