Project Omega funding, valuation and investors

Project Omega is a Newport, Rhode Island-based advanced nuclear company founded by chemist and serial entrepreneur Dr. Stafford ("Staff") Sheehan, formerly co-founder of Air Company.

On November 9, 2026, a company-issued Business Wire release announced an $80 million Series A led by B Capital, with noa VC and 645 Ventures participating, alongside returning investors Starship Ventures, Mantis Ventures, Decisive Point, Virta Ventures, Pace Ventures, Essential Capital and Washington Harbour Partners. Jeff Johnson of B Capital is joining the board.

The company did not disclose a valuation, share pricing, ownership changes or an exact legal closing date distinct from the release. A separate $12 million seed financing was announced on February 11, 2026, led by Starship Ventures, with Mantis Ventures, Buckley Ventures, Decisive Point and Slow Ventures among participants. The two independently disclosed equity rounds total $92 million.

Do not add government programme award values or announced facility investments to this equity total.

Product and buyer reality: the company is pursuing two related but differently mature activities. Its proposed commercial pyroprocessing refinery would recover useful feedstocks from stored used nuclear fuel rather than sell grid electricity.

Downstream products may include radioisotope power cells for persistent sensing and other remote missions, materials for advanced-reactor fuels, and specialized isotopes for industrial or medical uses.

In a proposed government or industrial buyer journey (illustrative, not a deployed customer transaction), a defense or remote-operations integrator identifies an off-grid power requirement; specifies electrical load, mission lifetime, environment and containment/security conditions; evaluates Omega's modular X Series hybrid systems and planned isotope-powered options; undertakes engineering qualification and regulatory safety review; then integrates and monitors a certified power product if qualification succeeds.

Public pricing, signed long-term offtake agreements, delivery volumes and gross margins were not found.

The physics and maturity must not be collapsed. A radiovoltaic cell converts energy from radioactive decay directly to electrical current; it is not a fission reactor, nor is it conventional ten-hour grid battery storage. Omega says PNNL demonstrated stable electrical current from strontium-90 and that the team has worked with Idaho National Laboratory through ARPA-E's CURIE program.

The June 2026 $3.37M DARPA Rads to Watts award was to a Morgan State-led consortium involving Northrop Grumman, PNNL and Omega; it is NOT a $3.37M equity investment or necessarily the amount earned by Omega. The American Nuclear Society's July account describes DARPA teams working toward unit-cell demonstrations and potential scaled arrays, not an Omega commercial nuclear-battery production line.

Omega's X Series modular hybrid product is in development and initially combines conventional storage/generators/renewables, with isotope power intended for future integration.

As of November 9, 2026, Omega said it intended to begin construction of a nuclear fuel recycling facility. That is a future project, not evidence of a licensed or operating commercial refinery. Its release claims a potential reduction in nuclear waste volume of up to 90%; this is an issuer claim, not verified commercial throughput, mass balance or elimination of long-lived waste hazards.

Commercial receipt, processing, transportation, containment and disposition of radioactive materials involve licensing and safeguards review; the US NRC describes separate obligations for fuel-cycle facilities and radioactive material possession. The company has not disclosed a complete commercial licensing schedule or fully allocated per-kilogram recycling costs.

The US spent-fuel stockpile is an inventory of materials held at various sites, not automatically company-owned free feedstock or immediately available for sale.

Competitive alternatives differ by use case: Orano operates established aqueous reprocessing internationally; Oklo and Curio Solutions have nuclear fuel-recycling initiatives; Zeno Power and conventional primary batteries/solar-generator systems may address off-grid power requirements with different serviceability and licensing tradeoffs. These are not all head-to-head equivalents.

Commercialization depends on reliable isotope recovery, radiation-tolerant power conversion, specific power output, system qualification, regulatory permits, spent-fuel access contracts and customer demand.

Primary sources: company/issuer November 9 2026 announcement https://www.businesswire.com/news/home/20261109560807/en/ (available syndicated original text at https://finance.yahoo.com/energy/articles/project-omega-raises-80-million-143000431.html); company technology page https://www.projectomega.com/technology ; February 11 2026 company-issued release https://www.businesswire.com/news/home/20260211071777/en/ (text available via https://www.streetinsider.com/Business+Wire/Project+Omega+Emerges+From+Stealth+to+Recycle+America%E2%80%99s+Spent+Nuclear+Fuel/25979751.html ); DARPA consortium's June announcement https://finance.yahoo.com/energy/articles/3-37m-darpa-rads-watts-130100648.html ; ANS reporting on technical status https://www.ans.org/news/2026-07-07/article-8185/seven-projects-selected-for-darpas-rads-to-watts/ ; regulator https://www.nrc.gov/licensing-applications/fuel-cycle-facility-licensing .