Thorizon is a Amsterdam-based company attempting to quickly provide clean energy solutions to the climate crisis. They announced that they had raised $12.5M from Positron Ventures in a round led by the company. Thorizon hopes to develop a new generation of nuclear power plants.
The Dutch company’s Thorium Molten Salt Reactor claims to use long-lasting waste in combination with Thorium as fuel. The reactor reportedly provides almost endless, CO2-free and safe energy.
Thorizon: Everything You Need To Know
Thorizon was founded in 2018 by Sander de Groot and Lucas Pool; it’s a spin-off of the Nuclear Research and Consultancy Group, or NRG. NRG operates the High Flux Reactor in Petten.
The company’s goal is to create next-generation nuclear reactors that solve the current energy problems in a positive way. Their primary motivation is to create a dependable nuclear reactor that produces little to no CO2, produces less radioactive waste and effectively uses its fuel.
Thorizon claims that the real product of their Thorium Molten Salt Reactor, or MSR, is high-temperature steam. This can be used to replace fossil fuels in various industrial processes. It can also be used directly for various other purposes. Nuclear power is an efficient way to transform into many other clean forms of energy, including electricity, hydrogen and fuels. Additionally, this process makes nuclear power a great compliment to other sources of clean energy and a suitable replacement for fossil fuels.
The Dutch company has invested several years in developing their ‘Thorium Molten Salt Reactor.’ They state that fundraising will allow them to invest in necessary tests and research to complete the first prototype design.
Lucas Pool, the founder of Thorium, said his company’s investors and partners are pleased with the progress of their good idea. They believe in their vision so much that they expect Thorium to complete its first reactor system before 2035.
Thorizon claims that their technology plays a significant role in the worldwide energy system. They claim that this is due to the increased worldwide energy demand, while also eliminating fossil fuels. Their first system converts long-term waste into short-term waste that’s free of carbon dioxide. This is achieved by combining existing long-term waste with the metal Thorium, which is abundant in Thorizon’s system.
Thorizon will partner with several companies to develop this technology; Orano of France and NRG of the Netherlands are two mentioned partners. Orano is a global leader in recycling nuclear materials, and NRG specializes in nuclear waste treatment. Additionally, Thorizon will consult with DIFFER and the Technical University of Delft— both partners and collaborators in this project. The company hopes to put the first system in operation at their own site, in partnership with EPZ— the company that operates Borssele’s nuclear power plant.
Investors Supporting Thorizon
In addition to Positron Ventures, one private investor, Invest-NL, Huisman and the public sector were involved in the investment. Huisman also arranged to become an industrial supplier.
Two provincial funds lead by PDENH and Impuls Zeeland invest in Thorizon. They decided to invest because they believed the company’s technology could create a new energy source that is safe, inexhaustible, CO2-free and able to shift the economy towards carbon neutrality.