Last Energy
Last Energy designs, owns, and operates factory-built micro-modular pressurized water nuclear reactors (PWR-20, 20 MWe) sold as long-term Power Purchase Agreements. It serves data centers, heavy industry, defense installations, and port operators across the US, UK, and Romania.
- Company typePrivate
- Founded2019
- HeadquartersWashington, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Last Energy does
Last Energy is a nuclear technology company that designs, finances, owns, and operates factory-built micro-modular nuclear power plants for enterprise customers under long-term Power Purchase Agreements. Founded in 2019 by Bret Kugelmass (who previously established the Energy Impact Center in 2017) and now headquartered in Austin, Texas, the company acts as a behind-the-meter independent power producer, removing from customers the complexity of developing, financing, or operating nuclear assets. Its primary customer segments are data centers, heavy industry (metals, food and beverage, pulp and paper, chemicals, cement), defense installations, and port and logistics operators, with named engagements including DP World, the NATO Energy Security Centre of Excellence, and Texas A&M University System.
The company's flagship product is the PWR-20, a 20 MWe (80 MWt) pressurized water reactor packaged in a proprietary 1,000-ton hermetically sealed steel containment structure occupying less than 0.5 acres. The platform uses sub-5% low enriched uranium fuel in proven PWR assemblies, a no-refueling design with a 6-year operational cycle (replacement unit model), and a passive walk-away-safe architecture that physically prevents access to nuclear material. A scaled pilot variant, the PWR-5, is being deployed at the Texas A&M-RELLIS campus to demonstrate criticality under the DOE Reactor Pilot Program by mid-2026. Manufacturing is designed for road transport and 24-month on-site assembly, versus decade-plus timelines for conventional nuclear projects.
Last Energy operates a full-service PPA delivery model that bundles design, licensing, permitting, financing, construction, and operations, with revenue recognized as recurring long-term offtake from behind-the-meter electricity and heat sales. The company has secured commercial agreements for 80 units across Europe, of which 39 are earmarked for data center developers, and is pursuing parallel regulatory pathways in the United States, United Kingdom, and Romania through wholly-owned subsidiaries led by regional CEOs Michael Jenner (UK) and Mihai Darie (Romania). Cumulative capital raised is approximately $164 million across four funding rounds, with the most recent being an oversubscribed $100M+ Series C led by Astera Institute in December 2025.
Last Energy firmographics
Firmographics- Name
- Last Energy
- Legal name
- Last Energy, Inc.
- Website
- https://lastenergy.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Last Energy designs, owns, and operates factory-built micro-modular pressurized water nuclear reactors (PWR-20, 20 MWe) sold as long-term Power Purchase Agreements. It serves data centers, heavy industry, defense installations, and port operators across the US, UK, and Romania.
- Ownership category
- akta.pro rank
Last Energy industry classification
Industry- Product category
- Small Modular Nuclear Reactors
- NAICS
- Nuclear Electric Power Generation (221113), Electric Power Generation (22111)
- SIC
- Electric Services (4911)
- akta.pro primary industry
- Microreactor Power Generation (EUACADAG)
- akta.pro secondary industries
- Gen III/III+ Reactor Systems & Components (EUAKADAB), Nuclear Power Plant Operations & Maintenance (O&M) (EUACADAO), Pressurized Water Reactor (PWR) Power Generation (EUACADAA), Utility-Scale Power Generation Asset Management (EUAEAMAA)
Keywords
Where Last Energy is headquartered
LocationHeadquarters
- HQ city
- Washington
- HQ country
- United States
- HQ region
- North America
Offices5 records
Markets served
Last Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Infrastructure, Supply Chain, Operations
Revenue model
- Power Purchase Agreements (PPA): Last Energy sells heat and power as-a-service through long-term Power Purchase Agreements (PPAs). The company acts as the designer, owner, operator, and behind-the-meter independent power producer (IPP). PPAs provide predictable cash flows and enable project-level financing for multi-billion dollar buildouts.
- Managed Services: As a full-service developer, Last Energy provides end-to-end project management including plant design and construction, licensing, permitting, financing, and operations, generating recurring revenue through ongoing plant ownership and operation.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | Power Purchase Agreement (PPA) - Custom Enterprise Contracts |
Go-to-market motion2 records
Distribution channels1 record
Marketing channels6 records
Last Energy product offering
Product offeringCore offering
Last Energy designs, builds, owns, and operates micro modular nuclear power plants (the PWR-20) that deliver 20 MWe plus 80 MWt of baseload power to enterprise customers such as data centers and industrial facilities. The company sells heat and power as-a-service through long-term Power Purchase Agreements, removing the need for customers to finance, build, or operate the asset. Plants are factory-fabricated, road-transportable, and assembled on customer or dedicated sites within approximately 24 months.
Product overview
Last Energy offers a portfolio of micro-modular nuclear power products centered on its proprietary PWR-20 reactor system. The primary commercial offering is the PWR-20, a 20 MWe factory-fabricated pressurized water reactor designed for rapid deployment at data centers and industrial facilities. The company also operates a PWR-5 pilot reactor, which is a scaled version of the PWR-20 technology used for demonstration and regulatory approval purposes at Texas A&M-RELLIS. The product line emphasizes modular factory manufacturing, standardized design, and full-service delivery including ownership and operation of plants under power purchase agreements.
Differentiator
Problem solved
Functional benefit
Brands
- Prosiect Egni Glan Llynfi: Project name for the South Wales development initiative deploying four micro-nuclear plants at the former Llynfi Power Station site
Products and services
- PWR-20 Micro Modular Nuclear Power Plant 20 MWe (80 MWt) micro modular nuclear power plant using proven pressurized water reactor technology with proprietary hermetically sealed steel containment. Factory-fabricated, designed for standard road transport and on-site assembly within approximately 24 months. Delivers 24/7 baseload power to enterprise customers such as data centers, industrial facilities, defense installations, and ports under long-term Power Purchase Agreements with Last Energy as designer-owner-operator.
- PWR-5 Pilot Microreactor 5 MWe pilot reactor physically identical to the commercial PWR-20, scaled down for demonstration of low-power criticality and commercial electricity generation. Deployed at Texas A&M-RELLIS Campus under DOE Reactor Pilot Program with full-core fuel load and signed Other Transaction Agreement with DOE.
Quantifiable outcome
- Factory-built plant deployment timeline of 24 months vs. traditional nuclear timelines of 10+ years
- +3 more outcomes
Companies that use Last Energy
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles5 records
Last Energy technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature6 records
Last Energy partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered flagship, core and minor.
- Texas A&M University SystemflagshipPartnership for microreactor pilot project at Texas A&M-RELLIS campus. Last Energy secured land lease, procured full-core fuel load, signed OTA with DOE, and began formal licensing submissions. Project features PWR-5 reactor scaled to 5 MW electrical output.
- DP WorldcorePartnership to develop world's first port-centric micro-nuclear power plant at London Gateway. £80M investment to power DP World's £1B expansion with 20 MWe clean electricity, aiming to begin operations in 2030.
- UK Office for Nuclear Regulation (ONR)coreUK nuclear regulator confirming Last Energy's formal entry into nuclear site licensing process for four 20 MWe microreactors in South Wales. Seven months of early engagement preceded formal licensing entry.
- National Grid Electricity Distribution (NGED)minorGrid operator providing connection offer for South Wales microreactors: 22 MW export capacity and 3 MW import capacity for first unit, enabling grid electricity delivery alongside private-wire connections.
- Oak Ridge National LaboratorycorePartnership under DOE Clean Technology Accelerator Program for materials development and validation for the PWR-20. Last Energy has collaborated with Oak Ridge since earliest days of the company.
- Romanian National Commission for Nuclear Activities Control (CNCAN)coreRomanian nuclear regulatory body confirming Last Energy completed pre-authorization phase and can formally enter authorization phase of nuclear licensing process. CNCAN accepted Last Energy's development strategy and conceptual design.
- NATO Energy Security Centre of Excellence (ENSEC COE)corePartnership to jointly research military applications for micro-nuclear power and explore deployment opportunities on NATO military installations. First ever agreement between ENSEC COE and a nuclear energy company, signed by CEO Bret Kugelmass and Director Colonel Darius Uzkuraitis.
Scale indicators16 records
Recent moves7 records
Expansion highlights8 records
Last Energy competitors and assessment
Company assessmentDirect peers
- X-energy: Developer of the Xe-100 high-temperature gas microreactor/SMR and TRISO-X fuel targeting data centers, industrial customers, and behind-the-meter applications. Directly comparable to Last Energy in product category (advanced small/micro reactor), target customers (industrial/data center PPAs), and go-to-market via long-term offtake agreements.
- NuScale Power: Public SMR developer (NYSE: SMR) of light-water SMR modules intended for utility-scale baseload and industrial customers. Competes in the same SMR-for-data-center-and-industrial-power category and has the most advanced NRC design certification, making it the closest scale-stage comparable to Last Energy.
- Oklo: Public microreactor developer (NYSE: OKLO) building compact fast reactors sold via long-term PPAs to data center and industrial customers. Same microreactor-PPA model, same behind-the-meter customer thesis, and similar pre-revenue commercialization stage as Last Energy.
- Rolls-Royce SMR: UK-headquartered SMR developer pursuing UK Generic Design Assessment and global deployment of factory-fabricated 470 MWe SMR units. Same factory-modular philosophy as Last Energy and a direct competitor for UK and European industrial/data center offtake.
- TerraPower: Bill Gates-backed advanced reactor developer pursuing the Natrium sodium-fast reactor with molten salt storage. Competes in the same 'advanced nuclear for industrial and grid customers' category and shares Last Energy's behind-the-meter industrial customer thesis.
- Holtec International: Developer of the SMR-300 LWR-based small modular reactor and SMR-160 units targeting data center and industrial customers. Same nuclear-for-data-center commercial thesis and similar pre-commercial regulatory phase as Last Energy.
- Kairos Power: Developer of the fluoride-salt-cooled KP-FHR reactor pursuing iterative demonstration (Hermes test reactor under DOE agreement) followed by commercial units for industrial and data center customers. Comparable in stage, customer thesis, and demonstration-first regulatory pathway to Last Energy.
Broad incumbents
- Westinghouse (eVinci microreactor): Incumbent nuclear OEM with a broad LWR portfolio now developing the eVinci heat-pipe microreactor for remote, industrial, and microgrid customers. Overlaps Last Energy's industrial behind-the-meter customer base but at significantly larger scale and with deeper licensing infrastructure.
- BWX Technologies (BWXT): Established nuclear components and fuel manufacturer developing the BANR microreactor for defense, space, and remote industrial applications. Same microreactor-for-mission-critical-customer thesis but with much larger existing nuclear manufacturing and government contracting footprint.
- GE Hitachi Nuclear Energy (BWRX-300): Joint venture developing the BWRX-300 SMR, targeting utility and industrial customers in North America and Europe. Same small-modular-reactor-for-industrial-power category and shares Last Energy's UK/North America licensing footprint, but as a much larger established nuclear OEM.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights6 records
Customer concentration
Last Energy social profiles
Digital presenceLast Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Last Energy leadership team
Management profileNumber of profiles
Profiles5 records
Last Energy subsidiaries and ownership
Company hierarchySubsidiaries1 record
Last Energy funding detail
Funding detailFunding overview
Funding rounds4 records
Investors16 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Last Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Last Energy
What does Last Energy do?
Last Energy designs, builds, owns, and operates micro modular nuclear power plants (the PWR-20) that deliver 20 MWe plus 80 MWt of baseload power to enterprise customers such as data centers and industrial facilities. The company sells heat and power as-a-service through long-term Power Purchase Agreements, removing the need for customers to finance, build, or operate the asset. Plants are factory-fabricated, road-transportable, and assembled on customer or dedicated sites within approximately 24 months.
Is Last Energy a public or private company?
Last Energy is a private company. It is classified as venture growth investor backed and is currently operating.
When was Last Energy founded?
Last Energy was founded in 2019. It employs 51 to 100 people.
Where is Last Energy based?
Last Energy is headquartered in Washington, United States, in the North America region.
How does Last Energy make money?
Two revenue lines are on record. Power Purchase Agreements (PPA) is the primary driver. The others are managed Services.
Who are Last Energy's main competitors?
Direct peers on record are X-energy, NuScale Power, Oklo, Rolls-Royce SMR, TerraPower, Holtec International and Kairos Power. Broad incumbents are Westinghouse (eVinci microreactor), BWX Technologies (BWXT) and GE Hitachi Nuclear Energy (BWRX-300).
Does Last Energy have an API?
No public API is recorded for Last Energy.
What industry is Last Energy in?
Last Energy's product category is Small Modular Nuclear Reactors. Its primary akta.pro industry code is EUACADAG, Microreactor Power Generation, with a secondary code of EUAKADAB, Gen III/III+ Reactor Systems & Components. Its NAICS code is 221113 and its SIC code is 4911.