Zeno Power closes $50M Series B round to make nuclear batteries
An artist's rendering of a Zeno battery onboard a lunar exploration vehicle. Courtesy of Zeno Power.
By
Ross Wilkers
The company started in 2018 and is moving away from prototyping of its batteries to manufacturing them for use in space, the polar regions and deep seas.
Zeno Power, a seven-year-old developer of nuclear batteries with prime government contracts, has fetched approximately $50 million in Series B capital from investors to start making those very products.
The company will put these resources toward the expansion of its team from 65 people to more than 100, as well as for the expansion of its manufacturing capacity ahead of the planned first delivery of a battery by 2027.
Hanaco Ventures led the round announced Wednesday and was joined by several space- and defense-focused investors such as Seraphim, Balerion Space Ventures, JAWS, Vanderbilt University, RiverPark Ventures, Stage 1 Ventures, 7i Capital and Beyond Earth Ventures.
Zeno started out in 2018 and has since developed prototypes of its batteries, also known as radio isotope power systems, that work to convert heat from radioactive decay into electricity. NASA has used these batteries for deep space missions given their much longer lifespan as opposed to traditional power systems.
Space, the polar regions and deep seas are where Zeno has concentrated its time and resources since the company started in 2018.
“The deep ocean, Arctic, and space are emerging as key contested domains for global influence,” Zeno co-founder and chief executive Tyler Bornstein wrote in a blog post on the Series B round. “These regions are already vital for global commerce and government operations, and great power competition is turning them into strategic arenas where nations and companies vie for presence, resources, and control. But one challenge persists: energy.”
Zeno touts having booked $60 million in contracts from NASA and the Defense Department to develop prototypes for satellites, lunar landers and seabed infrastructure. The company has captured $70 million in external capital from investors to-date, including a $20 million Series A round led by Tribe Capital in 2022.
By the end of 2026, Zeno aims to complete full-scale demonstrations of its batteries with deliveries starting the following year.
The company’s activity in the three years prior to the Series B round includes having built and demonstrated a first prototype at Pacific Northwest National Laboratory, along with the receipt of an initial Sr-90 recycled nuclear waste supply from the Energy Department.
In conjunction with the Series B raise, former Chief of Naval Operations John Richardson has joined Zeno’s board of directors. His career in the Navy includes service as director of its Naval Propulsion Program.