Clean Core Thorium Energy

What Clean Core Thorium Energy does

Clean Core Thorium Energy (CCTE) is a Chicago-based, privately held nuclear fuel technology company founded in 2017 by Mehul Shah. The company has developed a single core product—ANEEL (Advanced Nuclear Energy for Enriched Life) fuel—which combines thorium with High-Assay Low-Enriched Uranium (HALEU) into fuel bundles designed as a drop-in replacement for existing Pressurized Heavy Water Reactors (PHWRs) and CANDU reactors. ANEEL fuel retains the same 19- and 37-element external geometry as conventional bundles, enabling deployment without reactor hardware modifications. In irradiation testing at Idaho National Laboratory's Advanced Test Reactor, ANEEL achieved over 60 GWd/MTU burnup—more than eight times typical discharge burnup of conventional PHWRs and CANDU fuels—while reducing nuclear waste generation by over 85% and enhancing proliferation resistance.

The company operates as a B2B enterprise targeting national and state-owned nuclear power utilities and government nuclear programs, with primary market focus on India's PHWR fleet and Canadian CANDU operators. Clean Core generates no commercial revenue at present; its intended revenue model is licensing and royalty-based supply of ANEEL fuel assemblies to utilities following regulatory qualification. The company has built a multi-jurisdictional partnership ecosystem spanning the US Department of Energy and Idaho National Laboratory for irradiation testing, Canadian Nuclear Laboratories for manufacturing and qualification, Centrus Energy for HALEU supply, and India's NTPC and Larsen & Toubro for deployment in the Indian market. It has secured 10 CFR Part 810 authorization from the US DOE for technology export to India and completed Phase 1 of the Canadian Nuclear Safety Commission's pre-licensing Vendor Design Review with no fundamental barriers identified.

The company is venture-backed, having raised approximately $15.5 million in seed funding in February 2025 from prominent Indian business figures including Sumant Sinha (ReNew), Lakshmi Narayanan (Cognizant), and Deepak Parekh (HDFC Group). NTPC Ltd has been evaluating a minority equity investment. Clean Core maintains a 1-10 person team supported by an advisory board that includes former Atomic Energy Commission of India Chairman Dr. Anil Kakodkar, former CNSC President Dr. Michael Binder, former US NRC Commissioner Jeffrey Merrifield, and former Indian National Security Advisor M.K. Narayanan. The company remains pre-commercial, with next milestones targeting demonstration irradiation in a commercial power reactor and progression through CNSC Phase 2 licensing.

Name

Clean Core Thorium Energy

Legal name

Clean Core Thorium Energy, Inc.

Website

https://cleancore.energy

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

Clean Core Thorium Energy is a Chicago-based nuclear fuel developer that has created ANEEL, a patented thorium-HALEU fuel for existing PHWR and CANDU reactors, targeting national nuclear utilities in India, Canada, and other operator markets with licensing and fuel supply as its intended revenue model.

Ownership category

akta.pro rank

Product category

Advanced Nuclear Fuel

akta.pro primary industry

HALEU Production & Supply Chain (Feedstock, Enrichment, Downblending) (EUAKACAH)

akta.pro secondary industries

Fuel Fabrication (UO2 Fuel Pellets, Rods & Assemblies) (EUAKACAF), Advanced & Non‑LWR Fuel Manufacturing (TRISO, metallic fuels, HALEU fuels) (EUAKACAG), Fuel Cycle Support Services (Engineering, licensing support, conversion/enrichment contracting) (EUAKACAL)

Keywords

• Advanced nuclear fuel
• Thorium-based fuel
• Nuclear fuel technology
• HALEU fuel design
• PHWR CANDU fuel

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Nuclear Fuel Licensing and Supply: Clean Core Thorium Energy generates revenue through licensing its ANEEL fuel technology to nuclear utilities and reactor operators globally. The company is developing a commercial pathway to supply fuel assemblies to PHWR and CANDU reactor fleets upon regulatory approval, with potential partnerships for fuel manufacturing and distribution.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Clean Core Thorium Energy develops and licenses ANEEL (Advanced Nuclear Energy for Enriched Life) Fuel, a patented thorium-based nuclear fuel that combines thorium with High-Assay Low-Enriched Uranium (HALEU) for use in existing Pressurized Heavy Water Reactors (PHWRs) and CANDU reactors. The fuel achieves over 60 GWd/MTU burnup in irradiation testing, reduces nuclear waste by more than 85%, and matches the existing 19- and 37-element fuel bundle geometry of PHWR and CANDU cores, enabling deployment without reactor hardware modifications.

Product overview

Clean Core Thorium Energy is a nuclear fuel innovation company that has developed a single core product: ANEEL (Advanced Nuclear Energy for Enriched Life) Fuel. ANEEL is a patented thorium-based advanced nuclear fuel that combines thorium with High-Assay Low-Enriched Uranium (HALEU). The fuel is designed as a drop-in replacement for existing Pressurized Heavy Water Reactors (PHWRs) and CANDU reactors, maintaining the same external geometry as current fuel bundles (19- and 37-element designs). ANEEL achieves significantly higher burnup rates (over 60 GWd/MTU, exceeding 8x typical discharge burnup), reduces nuclear spent fuel volumes by over 85%, enhances safety characteristics, and provides proliferation resistance. The company does not offer a modular platform or add-on products; its portfolio centers exclusively on the ANEEL fuel technology.

Differentiator

Problem solved

Functional benefit

Products and services

• ANEEL (Advanced Nuclear Energy for Enriched Life) Fuel Patented thorium-based nuclear fuel combining thorium with High-Assay Low-Enriched Uranium (HALEU) for use in existing Pressurized Heavy Water Reactors (PHWRs) and CANDU reactors. Achieves over 60 GWd/MTU burnup (more than 8x typical discharge burnup), reduces nuclear waste volumes by over 85%, and matches existing 19- and 37-element fuel bundle geometry for drop-in deployment.

Quantifiable outcome

• Achieved over 60 GWd/MTU burnup in irradiation testing, more than 8x typical discharge burnup of conventional PHWRs and CANDU reactors
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

13 partnerships are on record, tiered core, major and minor.

• US-India Strategic Partnership Forum (USISPF) and Nuclear Energy InstitutecoreGTM or Marketing Partner · 18 May 2026Clean Core participated in the 20-member US Executive Nuclear Industry Delegation to India organized by USISPF and Nuclear Energy Institute, exploring civil nuclear cooperation opportunities following India's SHANTI Act opening the nuclear sector to private participation. The delegation held meetings with Indian government officials and nuclear industry leaders.
• Canadian Nuclear Laboratories (CNL)coreStrategic or Co-development Partner · 14 April 2026Agreement to manufacture demonstration irradiation bundles of ANEEL fuel at Chalk River Laboratories in Canada. CNL leads development, qualification, and manufacturing under Canadian Standard Association requirements. Follows successful Canadian Nuclear Research Initiative (CNRI) project for model validation.
• Larsen & ToubromajorStrategic or Co-development Partner · 18 October 2024Strategic partnership announced for clean energy collaboration. L&T is India's largest engineering and construction company with nuclear sector capabilities for potential manufacturing and deployment support.
• US Department of EnergycoreStrategic or Co-development Partner · 14 June 2022Strategic partnership agreement with US DOE for irradiation testing and qualification of ANEEL fuel at Idaho National Laboratory's Advanced Test Reactor. DOE has supported testing milestones including the successful 60+ GWd/MTU burnup achievement.
• Idaho National Laboratory (INL)coreStrategic or Co-development PartnerINL conducted accelerated irradiation testing of ANEEL fuel in the Advanced Test Reactor, achieving over 60 GWd/MTU burnup. INL team members served as principal investigators and supported post-irradiation examination at the Materials and Fuels Complex.
• NTPC LtdcoreStrategic or Co-development PartnerNTPC board approved exploring a minority equity investment in Clean Core Thorium Energy and partnership for ANEEL fuel deployment in India's Pressurized Heavy Water Reactors. The collaboration aims to leverage India's abundant thorium reserves and enhance energy security.
• Centrus EnergymajorTechnology or IntegrationMoU for promotion of ANEEL advanced nuclear fuel globally. Centrus is a potential long-term supplier of HALEU for commercial-scale ANEEL fuel production, leveraging their US-based enrichment capabilities.
• Texas A&M UniversitycoreStrategic or Co-development PartnerTexas A&M's Nuclear Engineering and Science Center fabricated the first ANEEL fuel pellets under INL quality requirements. Ongoing collaboration for fuel development and testing support.
• Idaho Strategic & Rare Earth (IDR)minorStrategic or Co-development PartnerPartnership to build America's thorium future, leveraging Idaho's nuclear expertise and rare earth capabilities for potential domestic deployment opportunities.
• Canadian Nuclear Safety Commission (CNSC)coreTechnology or IntegrationCNSC completed Phase 1 pre-licensing Vendor Design Review of ANEEL fuel for CANDU reactors with no fundamental barriers identified. This regulatory pathway supports future deployment in Canadian reactors.
• Dr. Anil Kakodkar (Advisor)coreOthersFormer Chairman of Atomic Energy Commission of India advises on ANEEL fuel technological development. Brings expertise in India's thorium-based energy program and nuclear strategy.
• Dr. Michael Binder (Advisor)coreOthersFormer President and CEO of Canadian Nuclear Safety Commission serves on strategic advisory board, providing nuclear regulatory expertise and industry connections.
• Jeffrey Merrifield (Advisor)coreOthersFormer Commissioner of US Nuclear Regulatory Commission advises on legal issues, strategic partnerships, and regulatory matters for nuclear technology deployment.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Lightbridge Corporation: Lightbridge is an advanced nuclear fuel developer designing metallic fuel for existing and new light-water reactors, pursuing a drop-in higher-burnup fuel concept with similar regulatory and utility-adoption dynamics to CCTE's ANEEL.
• X-energy: X-energy develops TRISO-based particle fuel for high-temperature gas-cooled reactors and is pursuing DOE-backed advanced-reactor fuel demonstration, sharing with CCTE the model of a specialized advanced-fuel company moving from R&D to commercial licensing.
• Ultra Safe Nuclear Corporation (USNC): USNC manufactures TRISO fuel (FCR) and develops micro-reactors, positioning it as a peer advanced-fuel developer pursuing qualification pathways and government partnerships analogous to CCTE's DOE/CNSC engagements.

Broad incumbents

• TerraPower: TerraPower is a well-capitalized advanced-nuclear company developing the Natrium reactor with proprietary HALEU fuel, competing for the same advanced-fuel and DOE-partnered ecosystem in which CCTE operates, but at much larger scale and with its own reactor design.
• Framatome: Framatome is a global nuclear fuel and services incumbent supplying fabricated fuel assemblies and fuel-cycle engineering to LWR and research reactors, representing the established competitor CCTE must displace or partner with for commercial fuel deliveries.
• Westinghouse Electric Company: Westinghouse is a major nuclear fuel supplier and reactor OEM with established fuel-fabrication infrastructure, serving as the dominant incumbent whose customers CCTE must win over for PHWR/CANDU fuel business.
• BWX Technologies (BWXT): BWXT manufactures nuclear fuel components and TRISO fuel for US government and commercial programs and operates nuclear fabrication facilities, positioning it as an incumbent advanced-fuel supplier with which CCTE could partner or compete.
• Cameco Corporation: Cameco is a leading uranium producer and nuclear fuel-cycle services provider for CANDU and LWR operators, making it a relevant incumbent peer in the CANDU fuel market that CCTE targets with ANEEL.

Others

• Centrus Energy: Centrus operates the only US-based HALEU enrichment capability and is a strategic MoU partner of CCTE; as the upstream feedstock supplier, it is an adjacent ecosystem participant rather than a direct fuel competitor.

Emerging players

• Terrestrial Energy: Terrestrial Energy is developing an integral molten salt reactor with proprietary fuel and is engaged in parallel CNSC pre-licensing activities, making it a comparable emerging advanced-nuclear technology company pursuing similar regulatory pathways in Canada.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/clean-core-thorium-energy
• Xx.com/cleancoreenergy

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

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

Frequently asked questions about Clean Core Thorium Energy