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Last Energy just raised a $40 million Series B.
Nuclear energy is making a comeback, conceptually at least. While we’re yet to see a whole lot of new steel in the ground, money is flowing into fusion, there’s a push to build more standard fission reactors, and the dream of small modular reactors lives on, even in the wake of the NuScale disappointment.
All this excitement generally revolves around nuclear’s potential to provide clean, baseload power to the grid. But Washington D.C.-based Last Energy is pursuing a different strategy — making miniature, modularized reactors to provide power directly to industries such as data centers, auto manufacturing, and pulp and paper production. Size-wise, think small modular reactors, but, well, even smaller — Last Energy’s units provide a mere 20 megawatts of electricity, whereas a full-size reactor can be over 1,000 megawatts. SMRs sit somewhere in between.
Today the company announced its $40 million series B round, led by the Austin-based venture capital firm Gigafund. Last Energy aims to deploy its first microreactor by 2026, and CEO and founder Bret Kugelmass told me the company has already reached commercial agreements for 80 units, all in Europe. Nearly half of these will be deployed at data centers, the notoriously energy hungry server farms powering the AI boom.
Kugelmass told me the goal is for Last Energy’s reactor to be transportable in the back of a truck. “We decided to focus most of our specific design criteria based on supply chain and logistics constraints,” he said. Every part of the system is “built in a factory, first tested in a factory, mass manufactured in a factory, and then snaps together like a Lego set out in the field.”
There are currently no operational microreactors anywhere in the Western world, though other companies, including Radiant, Westinghouse, and BWX Technologies are also trying to build one. Last Energy’s investors are betting, however, that it could be one of the first to market.
As of now, the company has reached the permitting stage for some of its European projects. Kugelmass told me that Wales, England, Poland, and Romania are the company’s top markets, and that the decision to start in Europe was mainly financial. “Energy is so expensive in Europe compared to the U.S. — I mean, we're talking like two, three times higher for the exact same thing that we're going to deliver. We can make two or three times more money.”
The company estimates that its reactors can be fully manufactured and assembled onsite within two years. And while Kugelmass wouldn’t reveal an exact price, he said Last Energy will be cost-competitive with solar or wind plus storage. Problem is, there’s not really any precedent that would indicate how realistic these targets are, and nuclear doesn’t exactly have the best track record when it comes to arriving on time or on budget.
At the very least, though, Kugelmass told me the reactor’s smaller size makes a meltdown “practically impossible,” meaning securing regulatory approval should be much simpler than it is for full-size plants. And building on the customer’s side of the meter also allows the company to supply power before it’s officially grid-connected, meaning Last Energy can work around the interminably long interconnection queues that plague the European clean energy market just as they do the U.S.
As manufacturing ramps, costs come down, and the U.S. Nuclear Regulatory Commission streamlines its process for approving new projects, Kugelmass told me he could see Last Energy entering the domestic market in a few years. After all, with American companies driving the boom in AI and cloud computing, the U.S. has far more data centers than anywhere else on earth. Last Energy has aggressive plans to meet that demand, aiming to deploy 10,000 reactors in the next 15 years.
“But it doesn't stop there, because that's still only like 1% of global energy,” Kugelmass told me, saying that Last Energy’s ultimate goal is to “fundamentally transform global energy.” But that’s for tomorrow. For the unglamorous now, some more prototypes and permits are in order.
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It would have delivered a gargantuan 6.2 gigawatts of power.
The Bureau of Land Management says the largest solar project in Nevada has been canceled amidst the Trump administration’s federal permitting freeze.
Esmeralda 7 was supposed to produce a gargantuan 6.2 gigawatts of power – equal to nearly all the power supplied to southern Nevada by the state’s primary public utility. It would do so with a sprawling web of solar panels and batteries across the western Nevada desert. Backed by NextEra Energy, Invenergy, ConnectGen and other renewables developers, the project was moving forward at a relatively smooth pace under the Biden administration, albeit with significant concerns raised by environmentalists about its impacts on wildlife and fauna. And Esmeralda 7 even received a rare procedural win in the early days of the Trump administration when the Bureau of Land Management released the draft environmental impact statement for the project.
When Esmeralda 7’s environmental review was released, BLM said the record of decision would arrive in July. But that never happened. Instead, Donald Trump issued an executive order as part of a deal with conservative hardliners in Congress to pass his tax megabill, which also effectively repealed the Inflation Reduction Act’s renewable electricity tax credits. This led to subsequent actions by Interior Secretary Doug Burgum to freeze all federal permitting decisions for solar energy.
Flash forward to today, when BLM quietly updated its website for Esmeralda 7 permitting to explicitly say the project’s status is “cancelled.” Normally when the agency says this, it means developers pulled the plug.
I’ve reached out to some of the companies behind Esmeralda 7 but was unable to reach them in time for publication. If I hear from them confirming the project is canceled – or that BLM is wrong in some way – I will let you know.
A judge has lifted the administration’s stop-work order against Revolution Wind.
A federal court has lifted the Trump administration’s order to halt construction on the Revolution Wind farm off the coast of New England. The decision marks the renewables industry’s first major legal victory against a federal war on offshore wind.
The Interior Department ordered Orsted — the Danish company developing Revolution Wind — to halt construction of Revolution Wind on August 22, asserting in a one-page letter that it was “seeking to address concerns related to the protection of national security interests of the United States and prevention of interference with reasonable uses of the exclusive economic zone, the high seas, and the territorial seas.”
In a two-page ruling issued Monday, U.S. District Judge Royce Lamberth found that Orsted would presumably win its legal challenge against the stop work order, and that the company is “likely to suffer irreparable harm in the absence of an injunction,” which led him to lift the dictate from the Trump administration.
Orsted previously claimed in legal filings that delays from the stop work order could put the entire project in jeopardy by pushing its timeline beyond the terms of existing power purchase agreements, and that the company installing cable for the project only had a few months left to work on Revolution Wind before it had to move onto other client obligations through mid-2028. The company has also argued that the Trump administration is deliberately mischaracterizing discussions between the federal government and the company that took place before the project was fully approved.
It’s still unclear at this moment whether the Trump administration will appeal the decision. We’re still waiting on the outcome of a separate legal challenge brought by Democrat-controlled states against Trump’s anti-wind Day One executive order.
A new letter sent Friday asks for reams of documentation on developers’ compliance with the Bald and Golden Eagle Protection Act.
The Fish and Wildlife Service is sending letters to wind developers across the U.S. asking for volumes of records about eagle deaths, indicating an imminent crackdown on wind farms in the name of bird protection laws.
The Service on Friday sent developers a request for records related to their permits under the Bald and Golden Eagle Protection Act, which compels companies to obtain permission for “incidental take,” i.e. the documented disturbance of eagle species protected under the statute, whether said disturbance happens by accident or by happenstance due to the migration of the species. Developers who received the letter — a copy of which was reviewed by Heatmap — must provide a laundry list of documents to the Service within 30 days, including “information collected on each dead or injured eagle discovered.” The Service did not immediately respond to a request for comment.
These letters represent the rapid execution of an announcement made just a week ago by Interior Secretary Doug Burgum, who released a memo directing department staff to increase enforcement of the Bald and Golden Eagle Protection Act “to ensure that our national bird is not sacrificed for unreliable wind facilities.” The memo stated that all permitted wind facilities would receive records requests related to the eagle law by August 11 — so, based on what we’ve now seen and confirmed, they’re definitely doing that.
There’s cause for wind developers, renewables advocates, and climate activists to be alarmed here given the expanding horizon of enforcement of wildlife statutes, which have become a weapon for the administration against zero-carbon energy generation.
The August 4 memo directed the Service to refer “violations” of the Bald and Golden Eagle Protection Act to the agency solicitor’s office, with potential further referral to the Justice Department for criminal or civil charges. Violating this particular law can result in a fine of at least $100,000 per infraction, a year in prison, or both, and penalties increase if a company, organization, or individual breaks the law more than once. It’s worth noting at this point that according to FWS’s data, oil pits historically kill far more birds per year than wind turbines.
In a statement to Heatmap News, the American Clean Power Association defended the existing federal framework around protecting eagles from wind turbines, noted the nation’s bald eagle population has risen significantly overall in the past two decades, and claimed golden eagle populations are “stable, at the same time wind energy has been growing.”
“This is clear evidence that strong protections and reasonable permitting rules work. Wind and eagles are successfully co-existing,” ACP spokesperson Jason Ryan said.