Nuclear Turbines, an advanced nuclear power startup, has raised £15 million in a foundational round led by IQ Capital, joined by Rhapsody Venture Partners, Zero Carbon Capital and Empirical Ventures. Spun out of BAE Systems, the startup develops compact, cost-effective nuclear power systems.
Founded by former BAE Systems Principal Engineer Jeremy Owston and nuclear engineer Professor Tim Abram, Nuclear Turbines replaces the steam turbine systems used in conventional reactors with high-temperature turbine technology normally found in jet engines and gas-fired power plants. Removing the need for steam infrastructure makes the design compact enough to be deployed behind the meter on industrial sites, powering facilities such as data centres and manufacturing plants with an alternative to grid-connected electricity. The technology is designed to generate electricity at one-fifth the cost of today's nuclear power plants.
The raise comes as UK electricity prices rank among the highest in Europe, with businesses paying 50% more than counterparts in France and Germany and four times those in the US. Nuclear Turbines' vision aligns with the Nuclear Regulatory Review 2025, which called for a 'radical reset' of UK nuclear regulation, alongside the government's Advanced Nuclear Framework and Clean Energy Industries Sector Plan.
The funding will be used to advance and validate the reactor design, build large-scale test rigs, and expand the team as Nuclear Turbines prepares to manufacture its first fuel elements. Alongside the round, Lauren Dickerson has joined as Chief Commercial and Strategy Officer from Centrica, where she spent over four years as Strategy Director.
The nuclear industry has always designed reactors first, then figured out what to do with the heat. We flipped this script: we started with the cheapest way to generate power and designed a reactor to fit. If we're serious about reindustrialising while meeting climate goals, we need energy that's clean and cheap. We've created the only tech that solves both, from the UK.
This is the first time I've seen an SMR design that genuinely solves the economic and sustainability equation, and it's at a time when market dynamics, government ambition and regulatory reform are creating unprecedented opportunity. Nuclear Turbines is perfectly positioned to capture that opportunity and to make sure the UK is not left out of the global nuclear race. With its deep engineering and nuclear heritage, the UK has a real right to win in this space, and Nuclear Turbines is the kind of company the UK venture ecosystem needs to back.
Energy is the number one competitive differentiator for any industrial nation. American industry talks a lot about reshoring and energy independence, but you need the genuinely cheap, reliable power that Nuclear Turbines is building to make those economics work. In doing so, they won't just be exporting reactors, they'll be exporting the fuel supply chain and setting the global standard.
This month the government heralded a 'golden age of nuclear power in Britain,' while Andy Burnham, in a major speech a few weeks ago in Manchester, promised to back 'our scientists, technologists and entrepreneurs… to show how Britain will be the Innovation Nation of the decade.' We believe Nuclear Turbines embodies that promise: the best of British nuclear talent spun out of a UK-listed global engineering powerhouse, with committed, expert deep tech investors. It's why Empirical Studios and Empirical Ventures worked with Tim and Jeremy from day one to solve Britain's energy crisis and power our manufacturing and AI industries into the next decade.
