Standard Nuclear emerges from the ashes of a failed startup

Standard Nuclear has launched with $42 million in funding to develop advanced nuclear fuel, building upon assets acquired from the bankruptcy of Ultra Safe Nuclear Corporation (USNC) for $28 million. The new company’s CEO, Kurt Terrani, was formerly USNC’s vice president. The funding round was led by Decisive Point, with participation from Andreessen Horowitz and others. Standard Nuclear has secured $100 million in non-binding fuel sales projected for 2027 and is collaborating with customers such as Nano Nuclear Energy and Radiant Industries. The company acknowledges that acquiring USNC’s assets accelerated its timeline. USNC had focused on commercializing TRISO fuel—uranium pellets coated with carbon- and ceramic-based layers—which is considered safer and more meltdown-resistant than traditional nuclear fuel, though it has not been widely used since its development in the 1950s. USNC’s history was marked by a broad and ambitious business model, including two reactor designs, nuclear propulsion, and spacecraft heating systems, but it was primarily funded by a single investor, Richard Hollis Helms, who invested over $100 million plus loans. Helms, a former CIA Arabist, founded USNC after retiring from intelligence work. Despite efforts to raise more capital in 2022, USNC struggled financially and declared bankruptcy in October 2024 amid mounting debts and payroll issues. Standard Nuclear, led by Decisive Point founder Thomas Hendrix, purchased USNC’s fuel-related assets in a bankruptcy auction completed in February 2025, establishing its operational base and continuing the development of TRISO fuel technology.