Last Energy raises $40m in Series B funding round

The round brings total capital raised to $64m since the company was founded in 2019.

Last Energy’s Series B will enable the company to continue expanding its team and invest in project development as it works to deploy its first plant, targeting 2026 to come online. Investors for the round include Gigafund, the Autodesk Foundation, and a series of family offices. 

In a statement, Bret Kugelmass, founder and CEO of Last Energy said: “2024 has been a monumental year for Last Energy so far. In the last eight months we released a new prototype, demonstrated our fabrication and transport capabilities, nearly doubled our headcount, and accelerated commercial growth. Closing our Series B was the next step to unlocking key milestones as we continue down the path toward commercial operations.”

“We are excited to support Last Energy as they trailblaze a new era in clean and reliable energy,” said Ryan Macpherson, director of Climate Innovation & Investment at the Autodesk Foundation. “By drastically simplifying the design-construction-operations process…Last Energy’s approach to micro-modular nuclear power has the potential to fundamentally change how we think about energy production - offering a rapid, scalable, and economically viable solution to decarbonise heavy industry.”