Seattle-based Ultra Safe Nuclear Corp. has filed for Chapter 11 bankruptcy, which will lead to the company being purchased through a public auction. The filing includes USNC and its subsidiaries, with a stalking-horse bid of $28 million from Standard Nuclear Inc. set as the floor for bidding. The company expects the transaction to be completed in December after approval from the federal bankruptcy court in Delaware.
USNC’s primary focus has been on developing microencapsulated nuclear fuel and advanced modular reactors that are smaller and more efficient than traditional nuclear power plants. In addition, the company has been working on next-generation radioisotope batteries and other nuclear technologies for NASA and the Department of Defense. USNC collaborated with Jeff Bezos’ Blue Origin space venture and other partners on a project to design space-based nuclear thermal propulsion systems.
During the sale process, USNC will receive debtor-in-possession financing to continue operations. The company’s board chairman, Kirk Edwards, stated that despite the bankruptcy filing, USNC remains committed to bringing safe, commercially competitive, clean, and reliable nuclear energy to the global power and industrial markets. The company believes that the court-supervised sale process is the best way to ensure continuity across its key technology initiatives.
As part of the transition, several personnel changes have taken place at USNC. The founder, Francesco Venneri, stepped down from the CEO role in August and is now the chief science officer of the company. Kurt Terrani currently serves as the president and interim CEO. Paolo Venneri, who was the executive vice president, left the company to become a founding partner of Starward Solutions, a Seattle-based company providing consulting and technical services to the nuclear power industry. Michael Eades, who was the chief scientist at USNC-Tech, also joined Starward as a founding partner.
Ultra Safe Nuclear Corp’s bankruptcy filing comes as part of a strategic decision to pursue a court-supervised sale process to ensure the company’s future and the continuity of its key technology initiatives. USNC has been involved in developing innovative nuclear technologies, such as microencapsulated nuclear fuel, advanced modular reactors, and radioisotope batteries for space applications. The collaboration with Jeff Bezos’ Blue Origin on space-based nuclear thermal propulsion systems showcases the company’s commitment to advancing nuclear energy solutions for various industries.
Despite the bankruptcy filing, USNC remains dedicated to bringing safe, clean, and reliable nuclear energy solutions to global markets. The company’s chairman emphasized that the court-supervised sale process offers the best path forward for USNC, ensuring that its technology initiatives continue without disruption. The personnel changes within the company reflect a reorganization to support the transition process, with key individuals taking on new roles or starting consulting ventures within the nuclear power industry. Ultimately, the bankruptcy filing represents a strategic move to secure USNC’s future and advance its mission of providing innovative nuclear energy solutions.
