New Danish Nuclear Power Fund Targets Raising €350 Million

(Bloomberg) -- A Danish fund is betting on a nuclear power revival and is seeking to raise €350 million ($397 million) to exclusively back the atomic industry and its supply chain. 

92 Capital aims to invest in nuclear power vendors, companies that support the rollout of atomic energy and supply chain such as fuel, said two of the fund’s partners. It plans to approach large Danish institutional investors, including pension funds. 

The fund is backed by Joachim Ante, co-founder and former chief technology officer of software company Unity Technologies, who has put in about €50 million of his own money so far. 

Nuclear energy is carbon-free, and companies and governments around the world are increasingly turning to technology to meet their climate goals. It also offers steady baseload power that’s always available, which technology giants in particular are interested in procuring amid a boom in artificial intelligence and data center expansion.

At the 2023 United Nations’ climate meeting in Dubai, more than 20 countries, including the US, UK and France agreed to triple nuclear energy capacity by 2050, while last week, Spain signaled it would consider keeping nuclear plants online to meet power demand. 

“From many countries’ perspective, energy security has come up on the agenda,” said Chirayu Batra, one of the three partners at 92 Capital. Batra formerly led projects focused on small modular reactors — a next-generation nuclear technology — at the International Atomic Energy Agency. “It’s getting more and more clear that nuclear could be a potential solution” to provide clean power and achieve energy security, he said. 

The fund, which will have a hard limit at €450 million, will build a portfolio of 10 to 30 companies over a decade, with the bulk of money going toward firms based in Europe. It’s aiming for returns of two to five times the invested amount. 

“It’s clear that nuclear energy across the EU has gained a lot more support in the last couple of years,” Ante said in an email, citing geopolitical tensions over the war in Ukraine as one of the drivers. Growing institutional support has also further fueled the view of “nuclear energy as a sustainable and crucial energy source in mitigating climate change.”

The predecessor to the new fund, 92 Ventures, has already backed two Nordic nuclear reactor developers — Blykalla AB and Steady Energy Oy. These firms focus on small modular reactors, which can be built much quicker than a traditional facility. The drawback is that many of these are still in the design phase and are awaiting regulatory approval.

Investors have been interested in putting money into nuclear, but have been “uncomfortable” with the due diligence needed with the complex sector, said Mads Steenberg, also a partner at 92 Capital and a former chief executive officer of Danish nuclear firm Copenhagen Atomics. “That is where we can come in and do the due diligence for them, and ease the pain for investment in nuclear space,” he said.

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