Janesville fusion technology company SHINE Technologies LLC today announced it has raised $70 million in additional funding. The round was led by existing investors including Baillie Gifford and Fidelity Management & Research Co., with participation from new institutional investors. This round will complete the commercialization and scale-up of the company’s near-term applications of fusion technology, which are used in the industrial, defense, and health care markets.
SHINE is deploying a four-phased approach that commercializes fusion while scaling its technology into the future. This approach provides near-term economic and social benefits, while building a foundation for the company to sustainably grow toward its longer-term objectives in energy.
This summer, SHINE announced the opening of Cassiopeia, the largest lutetium-177 production facility in North America. The company is now finalizing the commissioning of the facility, which is expected to become operational at the end of this year. SHINE made its first commercial sales of Lu-177 in 2020. Lu-177 is a radioactive agent that, when paired with a cancer-seeking molecule, delivers highly targeted radiation to cancer metastases, killing cancer cells while minimizing damage to surrounding healthy cells.
At full capacity, the facility is expected to be capable of producing up to 200,000 doses of life-saving treatment per year. At a time when vital pharmaceuticals and therapy treatments are in limited supply, this financing will accelerate U.S.-based production and commercialization of medical isotopes used in millions of procedures annually.
