Oak Ridge, Tennessee, Dec. 05, 2024 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that it has closed its 120% oversubscribed $22 Million Series A funding round, attracting participation from 28 Ventures Fund – a returning investor, Innovating Capital, Minetta Brook Capital, prominent advanced nuclear technology investors, and insiders.
Due to overwhelming demand, this Series A funding round was expanded and oversubscribed by 120%, highlighting strong investor confidence in the Company’s vision, leading technical team filled with world-class experts, nuclear tech entrepreneurs, former USA national leaders and cutting-edge technology that was previously demonstrated and patented in the United States.
“We are deeply grateful for the substantial investor support we received during this funding round, which saw significant demand and underscores investor’s confidence in our novel technology,” said Jay Yu, Executive Chairman and President of LIS Technologies Inc. “The advancement and subsequent deployment of this technology is crucial to the nation’s domestic nuclear energy industry. In addition to potentially helping secure the future fuel supply for the nation’s existing fleet of 94 nuclear reactors, LIST will enable the timely rollout of the next generation of advanced nuclear reactor technologies, including small modular reactors and microreactors which require High-Assay Low-Enriched uranium fuel to operate.”
Figure 1- Executive Chairman & President Jay Yu and Co-Founder & CEO Christo Liebenberg of LIS Technologies Inc. (Laser Isotope Separation Technologies) The Only United States Origin and Patented Technology for Laser Uranium Enrichment
The Company’s proprietary Condensation Repression Isotope Selective Laser Activation (CRISLA) technology is the world’s only proven US-origin and patented advanced laser enrichment solution. Optimized for Low-Enriched Uranium (LEU), which is crucial for the continued operation of the United States’ current fleet of 94 nuclear reactors, and High-Assay Low-Enriched Uranium (HALEU), which is required to power the next generation of advanced nuclear reactors, CRISLA overcomes many of the complexities and limitations of traditional 16um CO2 lasers, featuring a streamlined design due to its lower absorption and shorter wavelength at 5.3µm.
With high throughput, high duty cycle and reduced complexity compared to competing technologies, the Company projects highly competitive capital and operational costs. The process was previously demonstrated in the 1980s and 90s and is protected by a patent from the United States Patent and Trademark Office (USPTO).
“The continued support from our dedicated shareholders is truly gratifying and affirms the potential of our technology to transform the U.S. uranium enrichment and nuclear energy landscape,” said Christo Liebenberg, Chief Executive Officer of LIS Technologies Inc. “The robust backing from investors reflects a broad recognition that establishing a domestic source of enriched uranium is essential to maintaining the United States’ global leadership. Revitalizing our patented enrichment technology has the potential to become the worlds’ first 3rd generation laser-based enrichment process on a commercial scale, and I am thrilled to lead the company in this exciting endeavor. This funding round is a critical step towards that goal.”
The funds raised in this Series A round will be utilized to advance physical test work and Test-Loop demonstrations at the Company’s secured facility in Oak Ridge, Tennessee. The funding round will also start the initial R&D process of LIST’s next generation 5.3µm CO2 lasers. Additionally, LIST will continue expanding its leadership and technical teams with best-in-class personnel to oversee the regulatory and licensing progression of its technology and advance its cooperation with the United States government oversight bodies in the event the technology is classified by the Department of Energy.
“The success of this funding round and the strong support from our investors and shareholders is truly a dream come true,” said Dr. Jeff W. Eerkens, Co-Founder and CTO of LIS Technologies Inc. “The patented, proprietary technology behind LIST represents the culmination of my life’s work, dating back to the 1970s. It is incredibly humbling and exhilarating to witness the resurgence of the nuclear industry in the United States and to play a pivotal role in its advancement through the revitalization of the CRISLA technology. This moment marks a significant milestone, and I am confident that we can build on this momentum to secure a leading position in the U.S. nuclear fuel supply chain.”
About LIS Technologies Inc.
LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared lasers to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.
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Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
