Key facts
- Fluxnium has developed technology to extract uranium from seawater.
- The U.S. aims to triple its nuclear power capacity by 2050.
- Yellowcake prices have increased 75% in the last five years.
- The ocean contains an estimated 4 billion metric tons of uranium.
- Fluxnium licensed its technology from the U.S. Department of Energy national labs.
- The company raised $7 million in seed funding.
Fluxnium, a clean tech startup, has developed a method to extract uranium from seawater, a move that could support the U.S. goal of tripling its nuclear power capacity by 2050. The U.S. Energy Information Administration reported that prices for yellowcake, an unrefined form of uranium, have risen 75% in the past five years, and the nation lacks significant domestic hard rock uranium resources.
The ocean, however, holds an estimated 4 billion metric tons of uranium, enough to supply needs for approximately 50,000 years. Fluxnium's technology, licensed from U.S. Department of Energy national labs, utilizes specially designed polymer fibers that attract dissolved uranium from seawater. The company has focused on increasing the surface area of these fibers to improve extraction efficiency and reduce costs, aiming to compete with existing uranium mines.
Fluxnium recently secured $7 million in seed funding, with Congruent Ventures leading the round and Active Impact Investments and Constellation Energy also participating. Constellation Energy operates the largest nuclear fleet in the U.S. The startup's founder and CEO, Jeff Green, a serial entrepreneur, sees a significant opportunity in uranium extraction due to geopolitical risks associated with current supply chains, which are heavily reliant on countries like Kazakhstan, Uzbekistan, Russia, Namibia, Niger, and China.
The extraction process involves deploying braided fiber lines in the ocean for 30 to 60 days, similar to seaweed farming. Once retrieved, the uranium is extracted without toxic byproducts, and the fibers can be reused. The purified uranium is then processed into yellowcake and sold into the supply chain. Green stated that the components of the process are not novel, but Fluxnium's focus is on driving down costs through manufacturing and deployment efficiencies.