What Carbonium Core does

Carbonium Core is a U.S.-based advanced materials company that produces nuclear-grade graphite from coal waste. Headquartered in Tampa, Florida, with manufacturing operations planned in Tennessee, the company's core technology is a molten-salt purification process co-developed with Oak Ridge National Laboratory. The process converts coal-derived feedstock into graphite exceeding 99.9% purity, which the company markets in multiple physical forms—pellets, rods, spheres, and blocks—targeting advanced reactor designs including Small Modular Reactors (SMRs), High-Temperature Gas-Cooled Reactors (HTGRs), and Generation IV reactors. The company is led by founder and CEO Suren Ajjarapu.

The company has identified two primary customer segments: advanced nuclear reactor manufacturers and AI data center infrastructure operators. It positions its domestic U.S. supply chain as strategically aligned with U.S. supply-chain security priorities for nuclear materials, addressing both the traditional advanced-reactor buildout and the power demand generated by AI compute infrastructure. The business model is enterprise-scale direct sales into a small number of large buyers, gated by multi-year nuclear qualification cycles.

Carbonium Core is currently pre-revenue and operating in pilot phase, with first shipments targeted for 2025-2026. The company has pursued public-market positioning through two letters of intent for business combinations in 2026 (Smartkem in February 2026 and TOMI Environmental Solutions in April 2026), both at an implied $120 million valuation and neither of which has been confirmed as completed. An independent valuation conducted in November 2025 placed the business at $990 million—materially above the implied valuations of the failed merger proposals.

Name

Carbonium Core

Legal name

Carbonium Core, Inc.

Website

https://carboniumcore.com

Company type

Private

Operating status

Operating

Short description

Carbonium Core is a U.S. advanced materials company producing nuclear-grade graphite (>99.9% purity) from coal waste via a molten-salt purification process co-developed with Oak Ridge National Laboratory. It serves advanced nuclear reactor manufacturers (SMRs, HTGRs, Gen IV) and AI data center operators, and is pre-revenue with pilot shipments targeted for 2025-2026.

Ownership category

akta.pro rank

Product category

Advanced Nuclear Materials

NAICS

Carbon and Graphite Product Manufacturing (335991), Petroleum and Coal Products Manufacturing (3241)

SIC

Bituminous Coal & Lignite Mining (1220), Abrasive, Asbestos & Misc Nonmetallic Mineral Prods (3290)

akta.pro primary industry

Functional Carbon Fillers (Carbon Black, Graphite) (IMAEAFAO)

akta.pro secondary industries

Fuel Fabrication (UO2 Fuel Pellets, Rods & Assemblies) (EUAKACAF), Carbon‑Based Carbon Materials (graphite, carbon black, CNTs, graphene from CO₂/CO) (EUABAIAG)

Keywords

• Nuclear-grade graphite
• Advanced reactor materials
• Graphite manufacturing
• Coal waste purification
• Reactor fuel components

Headquarters

HQ city

Tampa

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Nuclear-Grade Graphite Sales: Revenue generated from producing and selling reactor-grade graphite to advanced nuclear reactor manufacturers. The company is positioned to supply first shipments to early SMR/HTGR customers during the 2025-2026 pilot phase, with expanded capacity through 2027-2028. Revenue model is based on product sales with long-term supply contracts expected given the strategic nature of the material.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Carbonium Core produces nuclear-grade graphite from coal waste using a proprietary molten-salt purification process developed with Oak Ridge National Laboratory. The company manufactures ultra-pure graphite (>99.9% purity) in engineered shapes (pellets, rods, spheres, blocks) for 4th-generation nuclear reactors including Small Modular Reactors (SMRs), High-Temperature Gas-Cooled Reactors (HTGRs), and Generation IV designs. It also supplies graphite materials for AI data center infrastructure applications through a vertically integrated domestic mine-to-reactor supply chain.

Product overview

Carbonium Core is a U.S.-based advanced materials company offering a single core product line: nuclear-grade graphite produced through an exclusive molten-salt purification process developed in partnership with Oak Ridge National Laboratory. The company transforms coal waste into ultra-pure graphite (>99.9% purity) through a vertically integrated mine-to-reactor domestic supply chain. Their product portfolio consists of reactor-grade graphite materials available in various shapes (pellets, rods, spheres, blocks) engineered specifically for 4th-generation advanced nuclear reactors including small modular reactors (SMRs), high-temperature gas-cooled reactors (HTGRs), and Gen IV designs. The company also supplies graphite for AI data center infrastructure applications.

Differentiator

Problem solved

Functional benefit

Products and services

• Nuclear-Grade Graphite
• Reactor-Grade Graphite Shapes and Components

Quantifiable outcome

• >99.9% reactor-grade graphite purity achieved
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered flagship, minor and core.

• TOMI Environmental SolutionsflagshipStrategic or Co-development Partner · 30 April 2026Non-binding letter of intent signed April 30, 2026 for a merger transaction valued at $120 million. Under the terms, Carbonium Core stockholders will receive TOMI common stock (19.99% of outstanding shares) plus newly created preferred stock convertible into TOMI common stock upon stockholder approval. The transaction is intended to diversify TOMI's business into nuclear-grade graphite production while making Carbonium Core a wholly owned subsidiary.
• Smartkem, Inc.minorStrategic or Co-development Partner · 5 February 2026Smartkem previously signed a non-binding letter of intent to acquire Carbonium Core in a $120 million transaction structured as Series B Convertible Preferred Stock (50% at closing, 50% contingent on milestones). The transaction was expected to close by February 5, 2026 but appears to have been superseded by the TOMI merger LOI.
• Oak Ridge National Laboratory (ORNL)coreStrategic or Co-development Partner · 2 February 2025Exclusive partnership for development of molten-salt purification technology for nuclear-grade graphite production. ORNL collaboration provides the proprietary purification process that differentiates Carbonium Core from competitors. The technology avoids toxic chemicals and enables faster, more efficient purification than traditional acid-based methods.

Scale indicators3 records

Recent moves1 record

Expansion highlights5 records

Others

• Enerpac Tool Group (nuclear tooling/operations exposure): Industrial tools and services provider with nuclear industry exposure via tooling, lifting, and maintenance solutions for reactor construction and maintenance. Comparable as a peripheral supplier into the same U.S. advanced nuclear build-out that Carbonium Core is targeting.

Direct peers

• Toyo Tanso: Japanese manufacturer of specialty graphite and carbon products used in semiconductors, solar, and nuclear applications. Comparable as a high-purity graphite specialist with established nuclear customer relationships and a vertically integrated graphite supply chain.
• Mersen: Global specialist in carbon and graphite components for high-temperature, electrical, and corrosive-service applications. Directly comparable as a producer of engineered graphite parts for demanding industrial customers, including nuclear-relevant high-purity graphite grades.
• GrafTech International: One of the world's largest producers of graphite electrodes and specialty graphite products. Comparable to Carbonium Core as a high-purity graphite manufacturer serving demanding industrial end-markets, though GrafTech focuses on steelmaking electrodes rather than nuclear-grade graphite.
• SGL Carbon: German-based global leader in carbon, graphite, and composite materials for industrial customers. Comparable to Carbonium Core as a large-scale specialty graphite producer with solutions for energy, metallurgy, and high-temperature industrial markets.

Emerging players

• NAC International: U.S. nuclear fuel cycle services and equipment supplier with capabilities across transportation, storage, and fuel packaging. Comparable as a U.S.-based advanced nuclear materials/services player operating in adjacent nuclear fuel cycle segments to Carbonium Core.

Broad incumbents

• Entegris: U.S.-based specialty materials and equipment supplier to semiconductor and advanced industrial customers, including high-purity graphite components. Comparable as a high-purity materials supplier with deep U.S. customer relationships in demanding, qualification-driven end-markets.
• Tokai Carbon: Diversified Japanese carbon and graphite manufacturer serving automotive, steel, semiconductor, and energy end-markets. Comparable as a broad incumbent in specialty carbon/graphite materials, though it serves nuclear only as one of many segments.

Regional players

• X-energy: U.S.-based developer of high-temperature gas-cooled reactors (HTGRs) and TRISO-X fuel. Comparable as a downstream customer for Carbonium Core's nuclear-grade graphite products and as a fellow participant in the U.S. advanced reactor supply-chain ecosystem.
• Ultra Safe Nuclear Corporation (USNC): U.S./Canadian developer of Micro-Modular Reactor and advanced gas-cooled reactor designs using TRISO fuel and graphite components. Comparable as a potential downstream customer for Carbonium Core's graphite and as an aligned advanced reactor ecosystem participant.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

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 Carbonium Core