First American Nuclear

Nuclear Power Generationfanuclear.com

First American Nuclear (FANCO) is a venture-backed private nuclear startup developing the EAGL-1, a U.S.-only lead-bismuth cooled fast-spectrum Small Modular Reactor (240 MWe), paired with its Bridge Power™ interim gas-fired solution and the planned FANCO Energy Park for closed-fuel-cycle deployment. It targets utilities, hyperscalers, and industrial customers with first commercial power delivery targeted for 2033.

Company typePrivate
Founded2025
HeadquartersRichland, United States
Headcount11–50
GTM typeB2B
OfferingServices

What First American Nuclear does

First American Nuclear Co. (FANCO) is a venture-backed private nuclear power startup developing the EAGL-1, a liquid-metal fast-spectrum Small Modular Reactor cooled by lead-bismuth eutectic (LBE). EAGL-1 is described as the only nuclear reactor of any kind in the United States using lead-bismuth cooling. Each unit is engineered to produce 240 MWe (600 MWt), with a typical six-reactor cluster designed to power approximately 1.5 million homes on a footprint ten times smaller than sites of equivalent output. The design operates at low pressure in a four-loop primary system enclosed in a guard vessel, eliminating the need for large containment domes and intermediate loops; the company claims fully passive, walk-away-safe decay heat removal based on the 1,670°C boiling point of lead-bismuth. EAGL-1 is designed to operate as a closed-fuel-cycle fast-spectrum reactor that reprocesses and reuses spent fuel on-site using MOX, TRU, recycled uranium, and HALEU fuels, which the company says eliminates 95-97% of long-lived nuclear waste. All reactor modules are designed for 100% factory fabrication and testing using off-the-shelf commercial components, with the company claiming 30% less hardware than competing SMR designs. A formal PNNL review (PNNL-28013) under the DOE GAIN program concluded the design licensable under existing NRC criteria with no new rules, and FANCO submitted its Regulatory Engagement Plan to the NRC on April 15, 2026.

FANCO's revenue strategy rests on three forward-looking streams: (1) long-term Power Purchase Agreements and rate-based utility ownership once EAGL-1 is operational, (2) a proprietary Bridge Power™ interim solution that uses off-the-shelf gas-fired package boilers to feed the same steam turbines that EAGL-1 will later feed, providing pre-licensing power and revenue, and (3) eventual build-out and sale of integrated FANCO Energy Parks combining reactors with on-site fuel fabrication and recycling facilities. The company supports rate-based utility ownership, PPAs with utilities and hyperscalers, and select behind-the-meter industrial deployments, with target first power delivery at scale in 2033. FANCO is currently pre-revenue, with disclosed 2025 funding of approximately $15.17M across two rounds plus DOE GAIN vouchers and an Advanced Reactor Demonstration Program development grant, and is operating out of Indianapolis (headquarters) and Richland, WA (R&D). Strategic counterparties include AtkinsRéalis (exclusive 20-year EPCM alliance, up to $250M USD over the first 5 years, signed May 13, 2026), Denham Capital / Gray Oak Power (data center power channel signed April 21, 2026), and the State of Indiana ($4B+ planned investment, approximately 5,000 jobs, announced November 4, 2025).

First American Nuclear firmographics

Firmographics

Name: First American Nuclear
Legal name: First American Nuclear Co.
Website: https://fanuclear.com
Company type: Private
Founded year: 2025
Operating status: Operating
Headcount range: 11–50 employees
Short description: First American Nuclear (FANCO) is a venture-backed private nuclear startup developing the EAGL-1, a U.S.-only lead-bismuth cooled fast-spectrum Small Modular Reactor (240 MWe), paired with its Bridge Power™ interim gas-fired solution and the planned FANCO Energy Park for closed-fuel-cycle deployment. It targets utilities, hyperscalers, and industrial customers with first commercial power delivery targeted for 2033.
Ownership category
akta.pro rank

First American Nuclear industry classification

Industry

Product category: Nuclear Power Generation
NAICS: Power Boiler and Heat Exchanger Manufacturing (33241), Nuclear Electric Power Generation (221113), Turbine and Turbine Generator Set Units Manufacturing (333611)
SIC: Engines & Turbines (3510), Industrial Process Furnaces & Ovens (3567), Gaskets, Packg & Sealg Devices & Rubber & Plastics Hose (3050)
akta.pro primary industry: Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors) (EUAKADAC)
akta.pro secondary industries: Reactor Protection, Safety Systems & Engineered Safeguards (ECCS, Containment Isolation) (EUAKADAI), Steam Supply System & Turbine Island Interfaces (Steam Generators, Heat Exchangers) (EUAKADAF)

Keywords

Small modular reactor
Nuclear power generation
Lead-bismuth coolant
Closed fuel cycle
Advanced reactor technology

Where First American Nuclear is headquartered

Location

Headquarters

HQ city: Richland
HQ country: United States
HQ region: North America

Offices3 records

Markets served

First American Nuclear business model

Business model

GTM type: B2B
Offering type: Services
Cost components: Personnel, Technology or R&D, Supply Chain, Infrastructure, Operations, Marketing or Sales

Revenue model

Bridge Power™ Interim Generation Sales: Pre-licensing revenue mechanism: sells gas-fired electricity using off-the-shelf package boilers feeding the same steam turbine that will later be fed by the EAGL-1 reactor. Creates early revenue stream to ease project financing, front-loads BOP procurement, and reduces supply chain risk.
Long-Term Power Purchase Agreements (PPAs): Future primary revenue stream once EAGL-1 is operational, structured around long-term power purchase agreements with utilities, hyperscalers, and industrial customers. Company explicitly supports rate-based utility ownership, PPAs, and select industrial behind-the-meter deployments.
EAGL-1 Reactor & Energy Park Deployment (Future): Future revenue from sale, build, and deployment of EAGL-1 small modular reactor clusters and integrated energy parks (reactor + fuel fabrication + recycling facilities), with multi-unit cluster deployments of 4–6 units where economies of scale are most pronounced. Targets first power delivery at scale by 2033.
Strategic Alliance Services Revenue (20-year EPCM with AtkinsRéalis): 20-year alliance with AtkinsRéalis valued at up to $250M USD in services over the first five years for EAGL-1 reactor, fuel fabrication, and recycling facility projects across North America. Initial task orders underway include quality programs, engineering procedures, and conceptual design for the balance of plant.

Pricing tiers

Model	Billing	Price
Other	Multi-year contract	Quote-based / not publicly disclosed for EAGL-1 deployment

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

First American Nuclear product offering

Product offering

Core offering

First American Nuclear (FANCO) is developing and commercializing the EAGL-1 small modular reactor, a 240 MWe liquid metal fast-spectrum reactor cooled by lead-bismuth — the only reactor of any kind in the U.S. using lead-bismuth coolant. Each EAGL-1 unit is factory-built, walk-away-safe under passive physics, and operates in a closed-fuel cycle that reprocesses spent fuel on-site to eliminate 95–97% of long-lived nuclear waste. The company pairs the reactor with its proprietary Bridge Power™ gas-fired balance-of-plant system, which feeds the same steam turbine that EAGL-1 later replaces, allowing customers to receive gas-fired power immediately while the reactor completes NRC licensing.

Product overview

First American Nuclear (FANCO) is a single-offering nuclear power generation company built around its flagship core product, the EAGL-1 liquid-metal fast-spectrum Small Modular Reactor (SMR), which is the only nuclear reactor in the U.S. cooled by lead-bismuth. The EAGL-1 reactor is paired with the proprietary Bridge Power™ transitional solution, which uses off-the-shelf gas package boilers feeding the same steam turbine that EAGL-1 later replaces, providing immediate power to customers while the reactor undergoes NRC licensing. Multi-unit EAGL-1 clusters are deployed within the FANCO Energy Park facility concept — a closed-fuel-cycle site that integrates on-site spent fuel reprocessing and reuse, eliminating up to 95–97% of long-lived nuclear waste. The overarching FANCO Deployment System wraps the reactor, the Bridge Power bridge, and the Energy Park into a single customer-centric deployment framework designed for rate-based utilities, long-term PPAs, and behind-the-meter industrial/data center customers.

Differentiator

Problem solved

Functional benefit

Brands

EAGL-1: FANCO's flagship fast-spectrum small modular reactor (SMR) design cooled by lead-bismuth, designed to generate 240 MWe per unit and 1.5 million homes from a typical six-reactor cluster.
Bridge Power™

Products and services

EAGL-1 Small Modular Reactor A 240 MWe liquid metal fast-spectrum Small Modular Reactor cooled by lead-bismuth — the only nuclear reactor of any kind in the U.S. using lead-bismuth coolant. Each unit is designed for 100% factory build and test using off-the-shelf commercially available components, with passive walk-away-safe decay heat removal based on lead-bismuth's 1,670°C boiling point. For utilities, hyperscalers, and industrial customers needing firm clean baseload power.
Bridge Power™ A proprietary FANCO interim power solution that uses off-the-shelf gas-fired package boilers to feed steam turbines, then seamlessly transitions to nuclear when the EAGL-1 reactor replaces the boilers to feed the same turbine. Enables early customer revenue, eases project financing, and can remain onsite as backup during EAGL-1 refueling and maintenance outages. For utilities, hyperscalers, and industrial customers needing immediate firm power ahead of nuclear commissioning.
FANCO Energy Park A first-of-its-kind closed-fuel-cycle nuclear energy facility in the U.S., planned for Indiana, integrating EAGL-1 reactors with on-site spent fuel reprocessing and reuse to eliminate up to 95–97% of long-lived nuclear waste. Designed to support data centers, manufacturing facilities, military bases, and communities, with a target of 1–2 GW of power output.
FANCO Deployment System A customer-centric deployment framework supporting rate-based utility ownership, long-term power purchase agreements, and select behind-the-meter industrial deployments. Brings utilities, regulators, and major power users together early; combines factory fabrication with phased multi-unit cluster deployment (typically 4–6 units) to compress schedules, reduce capital concentration, and align projects before construction.

Quantifiable outcome

240 MWe per unit / 600 MWt; six-reactor cluster powers ~1.5 million homes
+6 more outcomes

Companies that use First American Nuclear

Customer profile

Named customers1 record

Ideal customer profiles4 records

First American Nuclear technology and API

Technology

Technology focussed Yes

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Feature7 records

First American Nuclear partnerships and signals

Strategic signal

Scale indicators14 records

Recent moves7 records

Expansion highlights7 records

First American Nuclear competitors and assessment

Company assessment

Direct peers

NuScale Power: U.S. SMR developer with the only NRC-certified small modular reactor design (VOYGR/legacy SMR design). Directly comparable to FANCO in target customers (utilities, hyperscalers) and product category (factory-built SMRs for utility-scale baseload), though using light-water reactor technology rather than liquid-metal fast spectrum.
TerraPower: Bill Gates-backed advanced reactor developer building the Natrium sodium-cooled fast reactor in Kemmerer, Wyoming with PacifiCorp offtake. Directly comparable as a U.S. advanced/fast-spectrum reactor developer targeting commercial baseload and closed-fuel-cycle economics, with overlapping talent pool (Patrick Schweiger was SVP Engineering at TerraPower before joining FANCO).
Oklo: U.S. advanced reactor developer pursuing the Aurora microreactor on a fast-spectrum platform with DOE and hyperscaler customers. Directly comparable as a venture-backed U.S. advanced reactor startup, with overlapping talent (Patrick Schweiger was CTO at Oklo before FANCO) and similar target market in supplying AI/data center baseload.
X-energy: U.S. advanced reactor developer pursuing the Xe-100 high-temperature gas-cooled reactor and TRISO fuel, with major disclosed offtakes (Dow, Amazon). Directly comparable as a DOE-supported advanced reactor startup targeting industrial and hyperscale customers, competing for the same DOE Advanced Reactor Demonstration Program support as FANCO.
Holtec International: U.S. nuclear equipment vendor developing the SMR-160 light-water SMR, with active NRC pre-licensing and announced sites in multiple states. Comparable as a competing U.S. SMR developer targeting rate-based utility ownership and PPAs, with overlapping GTM motion.

Broad incumbents

GE Hitachi Nuclear Energy: Established nuclear OEM and joint venture developing the BWRX-300 boiling-water SMR with Ontario Power Generation as lead customer. Comparable as a broader incumbent nuclear vendor competing for SMR market share with FANCO; several FANCO executives (George Malone, Michelle Catts) were previously at GE Vernova Hitachi.
Westinghouse Electric Company: Incumbent global nuclear OEM now owned by Brookfield/Cameco, developing the AP300 SMR alongside its AP1000 large reactor business. Comparable as a broad nuclear incumbent with active SMR product targeting the same utility/hyperscaler market FANCO addresses, with established NRC licensing infrastructure.
BWX Technologies: U.S. nuclear components, fuel, and naval reactor manufacturer with active advanced reactor programs including microreactor and HALEU fuel production. Comparable as an incumbent nuclear vendor competing in adjacent advanced reactor and fuel cycle markets FANCO targets with EAGL-1's fuel-flexible, on-site-reprocessing strategy.

Emerging players

Terrestrial Energy: Canadian molten salt reactor (IMSR) developer pursuing commercial deployment with NRC pre-licensing engagement. Comparable as an emerging advanced reactor startup pursuing utility/hyperscaler customers in North America with a different (molten salt) technology, competing for the same DOE and private capital pools.

Regional players

Rolls-Royce SMR: UK-led SMR consortium developing a 470 MWe light-water SMR with UK government backing and a target GWe deployment by mid-2030s. Comparable as an SMR developer pursuing factory-built, multi-unit baseload deployments, though primarily serving UK/European markets and using light-water rather than liquid-metal fast spectrum technology.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

First American Nuclear financial estimates

Financial estimate

Revenue estimate

Valuation estimate

First American Nuclear leadership team

Management profile

Number of profiles

Profiles14 records

First American Nuclear funding detail

Funding detail

Funding overview

Funding rounds4 records

Investors

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

First American Nuclear M&A and investment

M&A and investment

M&A

Investments

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

Frequently asked questions about First American Nuclear

What does First American Nuclear do?

Is First American Nuclear a public or private company?

First American Nuclear is a private company. It is classified as venture growth investor backed and is currently operating.

When was First American Nuclear founded?

First American Nuclear was founded in 2025. It employs 11 to 50 people.

Where is First American Nuclear based?

First American Nuclear is headquartered in Richland, United States, in the North America region.

How does First American Nuclear make money?

Four revenue lines are on record. Bridge Power™ Interim Generation Sales are the primary driver. The others are long-Term Power Purchase Agreements (PPAs), EAGL-1 Reactor & Energy Park Deployment (Future) and strategic Alliance Services Revenue (20-year EPCM with AtkinsRéalis).

Who are First American Nuclear's main competitors?

Direct peers on record are NuScale Power, TerraPower, Oklo, X-energy and Holtec International. Broad incumbents are GE Hitachi Nuclear Energy, Westinghouse Electric Company and BWX Technologies. Terrestrial Energy is listed as an emerging player. Rolls-Royce SMR is listed as a regional player.

Does First American Nuclear have an API?

No public API is recorded for First American Nuclear.

What industry is First American Nuclear in?

First American Nuclear's product category is Nuclear Power Generation. Its primary akta.pro industry code is EUAKADAC, Gen IV / Advanced Reactor Systems (SFR, LFR, GFR, MSR, HTGR, Microreactors), with a secondary code of EUAKADAI, Reactor Protection, Safety Systems & Engineered Safeguards (ECCS, Containment Isolation). Its NAICS code is 33241 and its SIC code is 3510.