Financing will support completion of Chrysalis, the world’s largest medical isotope production facility, establishing first commercial supply of molybdenum-99
JANESVILLE, Wis.– SHINE announced today it has received a conditional commitment for a loan of $263M from the U.S. Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF). If approved, the financing will support the completion of Chrysalis, a first-of-a-kind medical isotope production facility that will establish the first domestic commercial supply of molybdenum-99 (Mo-99). Chrysalis, driven by SHINE’s fusion technology platform, is expected to have major advantages over conventional production methods.
Chrysalis represents the first deployment of new nuclear technology at this scale in decades. The facility uses novel American-made fusion systems to produce Mo-99—a life-saving medical isotope used in over 40.000 procedures daily to diagnose heart disease, cancer, and other serious medical conditions. By establishing U.S. production capability, Chrysalis addresses a critical national security vulnerability while demonstrating American leadership in advanced nuclear systems.
“Chrysalis proves that fusion doesn’t need to wait for future breakthroughs to create value for millions of people today,” said Greg Piefer, founder and CEO of SHINE. “This conditional commitment is a critical catalyst that accelerates our scale-up of the world’s largest medical isotope facility and ensures a secure, domestic source of critical medical isotopes. We are incredibly grateful to the Department of Energy’s rigorous due diligence process and look forward to working to meet the conditions to move forward on the loan.”
The United States currently relies on imports from Europe, South Africa and Australia for its Mo-99 supply. These imports are produced in venerable but aging research reactors that are nearing or at capacity. Mo-99 decays at about 1 percent per hour, so the U.S. loses roughly one-third of its volume and value during cross-continental transportation. Chrysalis will shore up global supply chains as the only new multi-million dose per year infrastructure expected in the next decade, eliminating logistical vulnerabilities while providing secure, reliable domestic supply.
SHINE’s process uses fusion and a liquid uranium target that is recycled. This reduces both waste volume and operating costs.
This milestone is the culmination of more than 15 years of significant collaboration with U.S. National Laboratories and consistent support from the National Nuclear Security Administration (NNSA). This conditional commitment is instrumental in demonstrating the reliability and safety of SHINE’s fusion-based approach, which provides a modern, sustainable alternative to aging nuclear reactors.
Once fully operational, Chrysalis will be the largest medical isotope production facility in the world, demonstrating fusion technology at commercial scale. While primarily focused on Mo-99. the facility is designed to be a versatile source for other critical isotopes, including iodine-131. xenon-133 and many others.
Chrysalis represents a significant investment in American advanced manufacturing and domestic supply chains. The project is a cornerstone of Janesville’s transition from its historical automotive roots to a high-tech nuclear future, supporting approximately 200 construction jobs and 150 permanent operations positions.
While this conditional commitment from EDF indicates the Department’s intent to provide a loan to finance the project, DOE and the company must satisfy certain technical, legal, environmental, and financial conditions before the Department enters into definitive financing documents and funds the loan.
About SHINE
Headquartered in Janesville, Wisconsin, SHINE is an industry leader in next-generation fusion, developing innovative fusion-based technology that combines safety, cost-efficiency and environmental responsibility.
SHINE has successfully commercialized fusion across multiple applications, including neutron testing markets such as neutron radiography, radiation-effects testing and fusion material research. It has commercialized and is scaling its proprietary medical isotope production, processes, supplying high-quality radioisotopes essential for procedures including diagnosing heart disease and cancer as well as cancer therapy.
