New York, N.Y., March 25, 2024 (GLOBE NEWSWIRE) -- LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin patented laser uranium enrichment company, just announced that it has closed an oversubscribed $1.3 million seed funding round led by advanced nuclear technology investors to reinforce USA energy security and propel the nuclear sector into a new era of growth and discovery.
“I'm thrilled to share that we've successfully wrapped up our latest round of funding, a crucial step towards the next phase of our journey,” said Christo Liebenberg, Chief Executive Officer of LIS Technologies Inc. “This investment will partially fund Phase 0 of our 4-step phased approach and mission to rejuvenate laser enrichment capabilities in the U.S. and breathe new life into the CRISLA technology, optimized for LEU and HALEU nuclear fuel. I’m also pleased by the backing from current advanced nuclear technology investors and enthusiasts.”
The Company’s proprietary CRISLA technology is versatile, with potential applications spanning uranium enrichment for nuclear fuel, the synthesis of stable isotopes critical for medical and other scientific research, and in the growing field of quantum computing, particularly in the manufacturing of semiconductor technologies.
A United States Patent and Trademark Office issued patent safeguards the Company’s unique process for selectively exciting and harvesting a specific isotopic species in a supersonic low-pressure flow chamber. This unique laser-based method enhances energy efficiency and can be implemented at highly competitive capital and operational expenses.
As part of its long-term growth strategy, the Company has brought on prominent former national laboratory professionals in Jeffrey L. Binder, Ph.D., MBA as its Technical Nuclear Advisor and Randall L. Beatty, Ph.D. as its Director for Regulatory Affairs. Dr. Binder has significant international experience in promoting nuclear energy technology, and has had multiple leadership roles including Associate Laboratory Director for applied energy at Oak Ridge and Argonne National Laboratories and Founding Director of the University of Illinois Applied Research Institute. Dr. Beatty is the former Science Advisor to the U.S. Ambassador to Russia and distinguished research and development staff member in the Nuclear Security and Isotope Technology Division at Oak Ridge National Laboratory.
“We are thrilled to announce the successful completion of our oversubscribed funding round, a crucial step forward for CRISLA technology, to which I've dedicated my career,” said Jeff Eerkens, Ph.D., Chief Technical Officer of LIS Technologies Inc. “As the nuclear energy sector in the United States enters a period of growth, the need for innovation is clear. Our company is uniquely positioned to harness this momentum contributing significantly to the industry's development.”
The United States government has notably intensified its focus on enhancing domestic uranium enrichment capabilities, marking a significant pivot towards supporting the nuclear energy sector with more robust measures. In late October, the White House requested $2.2 billion for domestic uranium enrichment capabilities. In March, the Fiscal Year 2024 Energy and Water Development Appropriations Act passed, allocated $1.685 billion towards nuclear energy research and development. Additionally, $2.72 billion of redirected supplemental emergency funding has been dedicated to the high-assay low-enriched uranium (HALEU) program, aimed at advancing fuel development for next-generation reactors.
In a move to further these efforts, the government initiated a request for proposals for uranium enrichment services on January 9, beginning the process for selecting Indefinite Delivery/Indefinite Quantity (IDIQ) contracts. The aim to secure contracts that support the domestic production of uranium, enriched to standards necessary for modern nuclear reactors, alongside its vast financial support of this industry’s innovation, underscores a favorable and supportive environment, fostering the expansion and progression of the nuclear energy industry within the nation.
About LIS Technologies Inc.
LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared wavelengths 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. 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.
