SHINE Technologies

Name

SHINE Technologies

Legal name

SHINE Technologies, LLC

Website

https://shinefusion.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Medical Isotopes

NAICS

Irradiation Apparatus Manufacturing (334517)

SIC

X-Ray Apparatus & Tubes & Related Irradiation Apparatus (3844)

akta.pro industry

PRIMARYHLAIAGAD

Radioisotope Production (Reactor/Cyclotron/Gamma)

Healthcare & Life Sciences/Pharmaceuticals/Radiopharmaceuticals & Nuclear Medicine

SECONDARYEUACADAH

Research & Test Reactor Operations (Non-Commercial Power)

Energy, Utilities & Environment/Electric Power Generation/Nuclear Power Generation

SECONDARYEUAKAIAL

Nuclear Materials Testing, Assay & Characterization Services (NDA/NDE, radiochemistry, materials analysis)

Energy, Utilities & Environment/Nuclear Energy/Nuclear Materials, Radiation Services & Isotopes (Medical/Industrial)

Keywords

• Medical isotope production
• Neutron testing services
• Nuclear fuel recycling
• Fusion technology development
• Radiopharmaceutical supply

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Supply Chain, Marketing or Sales

Revenue model

1. Neutron Testing Services: SHINE's first commercialized application — using fusion neutron systems for nondestructive testing and radiation effects testing for aerospace, defense, and energy sector customers. Services include neutron radiography and component qualification for critical jet engine and spacecraft parts.
2. Medical Isotope Sales: SHINE sells medical isotopes — primarily non-carrier-added lutetium-177 (Ilumira) and molybdenum-99 — to radiopharmaceutical companies, healthcare institutions, and diagnostic imaging centers. Ilumira has been commercially shipped to 19 countries since 2024. Production capacity of 100,000–200,000 Lu-177 doses per year at Cassiopeia facility.
3. SPECT Business (Lantheus Acquisition): Following completion of the Lantheus SPECT acquisition in January 2026, SHINE acquired diagnostic radiopharmaceutical products including TechneLite, NEUROLITE, Xenon Xe-133 Gas, and Cardiolite, along with manufacturing facilities in North Billerica, Massachusetts and Canada, generating immediate revenue in the $19 billion nuclear medicine market.
4. DOE Grants and Government Contracts: SHINE receives federal funding through DOE/NNSA cooperative agreements for Mo-99 production, ARPA-E grants for nuclear waste recycling technology development, and DOE Office of Nuclear Energy funding for spent nuclear fuel recycling R&D under the CURIE program.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

SHINE Technologies commercializes proprietary deuterium-tritium fusion neutron generators to deliver neutron testing services for aerospace, defense, and energy component qualification, and to produce therapeutic and diagnostic medical isotopes (non-carrier-added lutetium-177 / Ilumira, molybdenum-99, and an acquired portfolio of SPECT diagnostic agents). The company is also developing nuclear fuel recycling technology to recover valuable elements from used nuclear fuel and reduce waste volume, with a longer-term roadmap to commercial fusion power generation.

Product overview

SHINE Technologies is an advanced nuclear fusion company headquartered in Janesville, Wisconsin, pursuing a four-phased commercialization strategy. The company deploys proprietary fusion and fusion-based technology across three market applications: neutron testing services (FLARE and PHOENIX neutron imaging) for aerospace, defense, and energy inspection; nuclear medicine production of therapeutic and diagnostic isotopes including Ilumira (non-carrier-added Lu-177) from Cassiopeia, Mo-99 from Chrysalis, and acquired SPECT agents; and nuclear fuel recycling technology. SHINE's phased approach starts with revenue-generating applications (neutron testing, medical isotopes, waste recycling) while building toward the ultimate goal of commercial fusion power generation.

Differentiator

Problem solved

Functional benefit

Brands

• Ilumira: Non-carrier-added lutetium-177 (Lu-177) product for targeted cancer therapies, received Centralized Marketing Authorization in Europe in 2026.
• Chrysalis
• Cassiopeia
• FLARE

Products and services

• FLARE (Fusion Linear Accelerator for Radiation Effects) The world's most powerful continuous fusion neutron system, used for radiation effects testing to strengthen reliability and safety of critical technologies for aerospace, defense, and energy partners.
• PHOENIX Neutron Imaging Neutron imaging services for industrial component inspection, enabling visualization of internal structures in parts for aerospace, defense, and energy sectors; delivered from SHINE's Fitchburg, Wisconsin facility.
• Ilumira (Non-Carrier-Added Lutetium-177) Non-carrier-added lutetium-177 therapeutic radioisotope used in targeted radiopharmaceutical therapy for prostate cancer and neuroendocrine tumors, produced at the Cassiopeia facility with capacity of 100,000-200,000 doses annually.
• Molybdenum-99 (Mo-99)
• SPECT Diagnostic Agents (TechneLite, NEUROLITE, Xenon Xe-133 Gas, Cardiolite) Portfolio of diagnostic imaging agents for heart, lung, thyroid, bladder, and other applications, acquired from Lantheus and produced in North Billerica, Massachusetts and Canada.
• Nuclear Fuel Recycling Technology Technology to recover valuable elements (uranium, plutonium, americium, strontium-90) from used nuclear fuel and shorten the lifetime of remaining nuclear waste; developed in partnership with Argonne National Laboratory and Orano.
• Neutron Testing Services (FLARE & PHOENIX) Fusion neutron testing services for qualifying critical components in aerospace, defense, and energy industries, using deuterium-tritium fusion to produce 14 MeV neutrons for nondestructive testing and radiation effects evaluation.

Quantifiable outcome

• Ilumira (Lu-177) shipped commercially to 19 countries since 2024 launch
• +4 more outcomes

Named customers10 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

19 partnerships are on record, tiered core, flagship / core and secondary.

• Zeno PowercoreStrategic or Co-development Partner · 28 May 2026SHINE is working with Zeno Power as part of its DOE Surplus Plutonium Utilization Program proposal. Under the arrangement, SHINE would chemically process surplus plutonium, recover americium for radioisotope applications, and purify remaining plutonium for blending into reactor fuel — with Zeno Power involved in the broader fuel pathway.
• OranocoreStrategic or Co-development Partner · 28 May 2026French nuclear company Orano is partnering with SHINE on used nuclear fuel recycling technology development. Orano is collaborating with SHINE on processing surplus plutonium under DOE's Surplus Plutonium Utilization Program and previously signed an agreement to advance U.S. spent nuclear fuel recycling under the CURIE program.
• Lantheus Holdingsflagship / coreOthers · 6 May 2026SHINE completed acquisition of Lantheus' SPECT business in January 2026 for undisclosed terms, gaining manufacturing facilities in North Billerica, Massachusetts and Canada, and a portfolio of diagnostic radiopharmaceuticals including TechneLite, NEUROLITE, Xenon Xe-133 Gas, and Cardiolite. Lantheus now focuses on PET radiodiagnostics and microbubbles.
• C-Ray Therapeuticsflagship / coreChannel Partner/ Reseller/ Distributor · 26 March 2026SHINE and C-Ray Therapeutics executed a Master Radioisotope Supply Agreement establishing SHINE as supplier of n.c.a. Lu-177 from its Cassiopeia facility, with C-Ray receiving exclusive distribution rights for mainland China. C-Ray leverages its 28,000-square-meter Chengdu facility for downstream conjugation, fill-finish, quality control, and distribution to Chinese radiopharmaceutical developers and healthcare institutions.
• Sumitomo Corporation of Americasflagship / coreStrategic or Co-development Partner · 10 March 2026Sumitomo Corporation of Americas made an equity investment in SHINE upgrading a January 2025 MoU into a formal strategic partnership. Sumitomo will leverage its global network to support SHINE's expansion in Japan and other Asian markets, including medical isotope distribution and fusion technology commercialization. This builds on Sumitomo's existing fusion strategy (prior investment in TAE Technologies).
• Standard NuclearcoreStrategic or Co-development Partner · 8 July 2025SHINE and Standard Nuclear announced a strategic partnership to advance nuclear fuel recycling and U.S. fuel security, establishing a framework for closed-loop domestic nuclear fuel production. SHINE will supply recycled uranium, plutonium, strontium-90, and americium-241 from its planned used nuclear fuel recycling facilities to Standard Nuclear for TRISO fuel production and radioisotope power systems. Construction of recycling facilities planned for early 2030s.
• UK Atomic Energy Authority (UKAEA)coreStrategic or Co-development Partner · 17 January 2025SHINE was selected by UKAEA to provide a 14 MeV DT fusion neutron source for the £200M LIBRTI (Lithium Breeding Tritium Innovation) program at Culham Campus, Oxfordshire. The neutron source will form the backbone of a first-of-a-kind testbed facility for fusion fuel development, with delivery expected in 2027. The program aims to demonstrate controlled tritium breeding for future fusion power plants.
• University Medical Center Groningen (UMCG)coreStrategic or Co-development Partner · 18 October 2024UMCG and SHINE Europe received a €10.5 million grant from the Dutch government for the 'Terbium for Life' project, aimed at establishing a European supply chain for terbium isotopes (Tb-161, Tb-155, Tb-152, Tb-149) used in cancer theranostics. The project seeks to reduce Europe's reliance on foreign isotope sources and advance terbium research for diagnostic and therapeutic applications.
• Blue Earth TherapeuticssecondaryChannel Partner/ Reseller/ DistributorStrategic supply agreement for Ilumira (Lu-177) from SHINE's new Cassiopeia facility to support Blue Earth Therapeutics' prostate cancer radioligand therapy clinical trials and commercial programs.
• Telix PharmaceuticalssecondaryChannel Partner/ Reseller/ DistributorClinical supply agreement for Lu-177 to support Telix Pharmaceuticals' radiopharmaceutical pipeline targeting prostate cancer and other oncology applications, covering clinical development programs.
• ImaginAbsecondaryChannel Partner/ Reseller/ DistributorLu-177 clinical supply agreement with ImaginAb to support the company's radiopharmaceutical development programs for cancer imaging and therapy applications.
• GlytherixsecondaryChannel Partner/ Reseller/ DistributorPartnership with Glytherix to advance targeted radiotherapy for aggressive cancers using SHINE's non-carrier-added Lu-177 in combination with Glytherix's targeting molecules.
• EDHsecondaryChannel Partner/ Reseller/ DistributorDistribution agreement with EDH for SHINE's non-carrier-added Lu-177 and Lu-178 isotopes, expanding SHINE's distribution reach in specified markets.
• Primo Partners (Asia-Pacific)secondaryChannel Partner/ Reseller/ DistributorRegional partnership with Primo Partners for precision cancer care distribution across Asia-Pacific markets using SHINE's non-carrier-added Lu-177 for targeted radiopharmaceutical therapies.
• Modawina UAEsecondaryChannel Partner/ Reseller/ DistributorDistribution partnership with Modawina UAE for Lu-177 supply and cancer-fighting isotopes distribution in the United Arab Emirates and broader Middle East region.
• Affibody ABsecondaryChannel Partner/ Reseller/ DistributorLetter of Intent for supply of n.c.a. Lu-177 supporting Affibody's ABY-271 HER2-targeted Lu-177 radioligand therapy in Phase 1 evaluation for metastatic breast cancer, with potential for commercial supply upon successful development.
• Argonne National LaboratorycoreStrategic or Co-development PartnerArgonne National Laboratory provides computational modeling and fuel recycling research support to SHINE under Cooperative Research and Development Agreements (CRADAs). Argonne supports SHINE's nuclear waste recycling technology development using centrifugal contactors and electron accelerators to test separation processes under simulated high-radiation conditions.
• EPRI Consortium (CURIE Program / ARPA-E)coreStrategic or Co-development PartnerSHINE joined an EPRI-led consortium backed by ARPA-E under the CURIE program to develop MARIE, a modeling tool to assess feasibility of commercial nuclear fuel recycling facilities in the U.S. SHINE contributes expertise on security, licensing, and commercial aspects of nuclear recycling. Pilot facility targeting 100 metric tons of used nuclear fuel processing annually by early 2030s.
• Deep IsolationsecondaryTechnology or IntegrationSHINE selected Deep Isolation as its technology provider for high-level nuclear waste storage and disposal, supporting SHINE's nuclear waste recycling and management solutions.

Scale indicators9 records

Recent moves10 records

Expansion highlights6 records

Emerging players

• TAE Technologies: California-based fusion company pursuing field-reversed configuration plasma; Sumitomo (a SHINE investor) previously invested in TAE. Comparable as a peer in private fusion-energy commercialization and parallel capital needs.
• Helion Energy: Private fusion company developing pulsed fusion generators with Microsoft power-purchase agreement. Comparable as a high-profile private fusion peer funded at scale, even though pursuing a different reaction architecture.
• Commonwealth Fusion Systems: A well-capitalized private fusion company pursuing commercial fusion power via high-temperature superconducting tokamaks. It is a peer to SHINE's long-term fusion-energy ambition but pursues a different technical architecture.

Direct peers

• Curium Pharma: Curium is one of the world's largest nuclear medicine companies, producing Mo-99 and other SPECT isotopes from European reactors. It is SHINE's most direct competitor in the medical isotope market, addressing the same radiopharmacy and hospital customer base.
• ITM Isotope Technologies Munich: ITM supplies Lu-177 (EndolucinBeta) and Mo-99 to radiopharmaceutical developers globally, competes directly with SHINE's Ilumira in radioligand therapy supply chains, and partners with many of the same pharma customers (e.g., Telix, Novartis ecosystem).
• NorthStar Medical Radioisotopes: NorthStar is a U.S.-based Mo-99 producer pursuing neutron capture and accelerator-driven production — directly competing with SHINE on domestic, non-HEU molybdenum-99 supply for the U.S. nuclear medicine market.

Others

• Telix Pharmaceuticals: Listed radiopharmaceutical company and key SHINE Lu-177 customer. Functions as a peer in the radioligand therapy ecosystem where isotope supply, developer, and commercialization roles are co-evolving.
• Cardinal Health Nuclear Pharmacy Services: Operates the largest U.S. radiopharmacy network through which SHINE's isotope and Lantheus-acquired SPECT products reach hospitals and imaging centers; a critical distribution counterpart in SHINE's go-to-market.

Broad incumbents

• Lantheus Holdings: Lantheus divested its SPECT business to SHINE in 2026 and now focuses on PET radiodiagnostics and microbubbles. It remains the largest incumbent radiopharmaceutical company in the U.S. and a counterpart/customer across the nuclear medicine supply chain.
• Novartis: Maker of Pluvicto and Lutathera, the radioligand therapies driving Lu-177 demand that SHINE supplies. Novartis is both a Lu-177 customer and the largest commercial force shaping SHINE's underlying TAM.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/shinefusion
• YouTubeyoutube.com/channel/UCHb5yev7Yg71Vc_iFGkFkyA
• Facebookfacebook.com/SHINEfusion
• LinkedInlinkedin.com/company/shinefusion
• Instagraminstagram.com/shinefusion

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries4 records

Funding overview

Funding rounds51 records

Investors17 records

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M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SHINE Technologies