SHINE Technologies recently announced that it has raised $240 million in equity funding. The round was led by NantWorks, founded by Dr. Patrick Soon-Shiong, who joins SHINE’s Board of Directors in connection with the investment. Additional participants include Fidelity Management & Research Company, Sumitomo Corporation of Americas, Pelican Energy Partners, Deerfield Management, Oaktree Capital Management, and other existing investors.
SHINE is headquartered in Janesville, Wisconsin. The company has taken a commercially driven approach to fusion, first generating revenue through non-energy related applications.
The SHINE Technologies Headquarters in Janesville, Wisconsin, Source: SHINE Technologies
Its current business lines include neutron testing services for defense and aerospace applications and the production of radioisotopes used in cancer diagnostics and therapy. SHINE currently operates one of the largest Lutetium-177 production facilities in North America.
The new funding is intended to advance SHINE’s existing commercial operations, support the development of fusion fuel recycling technology, and continue progress toward commercial fusion energy production.
In connection with his $150 million investment, Dr. Soon-Shiong’s NantWorks has entered a strategic partnership with SHINE that includes priority access arrangements for Lutetium-177 supply.
With this round, SHINE has now raised more than $1 billion in total funding.