SHINE Raises $240 Million in Funding to Advance Commercial Fusion Technology

Nuclear fusion group SHINE Technologies said it has raised $240 million in equity funding to advance the company’s commercial fusion technology. The Wisconsin-based company on February 26 also said it has appointed Dr. Patrick Soon-Shiong, M.D., executive chairman of ImmunityBio and founder of NantWorks, to its board of directors. The funding round was led by NantWorks, with additional participation from Fidelity Management & Research Company, Sumitomo Corp. of Americas, Pelican Energy Partners, Deerfield Management, Oaktree Capital Management, and other existing investors. SHINE’s commercial fusion technology includes a portfolio of products and services. The company is providing neutron testing that qualifies mission-critical components for defense and aerospace; it also is supplying radioisotopes that power targeted cancer therapies and diagnostic imaging. The group on Thursday said the investment also marks the beginning of the company’s next stage of growth, which is developing technology to recycle used nuclear fuel, along with building toward commercial fusion energy production. “Fusion energy is one of the most important technologies humanity will ever develop—it will forever change how we power our species, and is already having major impact across advanced manufacturing, healthcare and recycling,” said Greg Piefer, founder and CEO of SHINE. “Dr. Soon-Shiong is a visionary who has spent his career turning breakthrough science into products that have made the world better. We are honored to have him as a partner.” Dr. Soon-Shiong is a physician scientist, serial entrepreneur, and multi-sector investor who has built and sold two major pharmaceutical companies. He also founded the NantWorks ecosystem spanning healthcare, technology, and media. He has developed several Food and Drug Administration-approved therapies that have reached patients globally. “This partnership is about harnessing powerful science to serve humanity. SHINE’s leadership in fusion technology and Lu-177 production aligns with my lifelong mission to make cancer treatment more precise, targeted, and ultimately curative by activating the patient’s immune system,” said Dr. Soon-Shiong. “Lu-177 is currently approved as a radio ligand targeting prostate cancer cells and the opportunity to further expand this difficult to manufacture technology is exciting. I’m honored to join SHINE’s Board as we translate breakthrough science into real-world impact for patients and society.” Dr. Soon-Shiong’s research involves transforming cancer care and harnessing the immune system. Part of that effort is working to reduce the toxicities of standard high dose chemo-radiation therapy. Lu-177-based therapies deliver targeted radiation precisely to cancer cells, and researchers are actively studying how combining that approach with immune activation could produce more durable patient outcomes. In connection with Soon-Shiong’s $150-million investment, NantWorks and SHINE have entered a strategic partnership that includes priority access arrangements for Lu-177 supply from SHINE, positioning both organizations to advance the next generation of targeted cancer treatment. SHINE has now raised more than $1 billion in total funding, reflecting sustained investor confidence in its commercially-driven path to fusion energy. SHINE currently operates one of the largest Lu-177 production facilities in North America. It also is working on recycling of nuclear waste to make nuclear energy more sustainable. The company has said long-term goal is to commercialize fusion energy, while advancing technology, healthcare, and sustainable energy to make an impact across multiple sectors. —Darrell Proctor is a senior editor for POWER.