Nuclear Waste Disposal Innovator, Deep Isolation, Closes Reverse Merger and $33 Million Financing Round
Deep Isolation has emerged as an innovator in nuclear waste disposal technology. On July 23rd, the company announced the successful completion of a reverse merger transaction, through which it acquired Deep Isolation, Inc. (formerly Aspen-1 Acquisition Inc.), including its subsidiaries, as well as the closing of an oversubscribed $33 million financing round.
Deep Isolation’s proprietary deep borehole technology provides a safe, scalable, and cost-effective solution for transitioning spent fuel from temporary above-ground storage to permanent geological disposal. The company's approach utilizes corrosion-resistant canisters placed more than one kilometer underground, employing established directional drilling technologies to achieve permanent isolation at substantially lower costs than conventional mined repositories. Deep Isolation anticipates its approach will offer up to 70% savings compared to traditional mined repositories, enhancing safety through deep geological isolation.
As nuclear energy assumes a greater role in the clean energy transition, the urgency for permanent nuclear waste management solutions is increasing. According to International Atomic Energy Agency (IAEA) estimates, the global nuclear waste disposal market, currently valued at over $155 billion, is expected to approach $295 billion by 2050, driven by expanded nuclear capacity. Presently, approximately 40 countries operating nuclear programs lack permanent disposal infrastructure and rely primarily on temporary surface storage. Yucca Mountain remains the sole approved site for permanent waste disposal in the United States, while NRC-approved projects in New Mexico and Texas have stalled due to opposition.
Deep Isolation’s solution addresses the pressing need for permanent nuclear waste disposal while facilitating the global shift toward clean energy. Employing an asset-light business model, Deep Isolation offers clients comprehensive support across the nuclear waste disposal lifecycle, from initial assessment to implementation. The company also seeks licensing arrangements with strategic partners and government entities, presenting opportunities for substantial passive revenue streams. Deep Isolation operates internationally, conducting feasibility studies with stakeholders in Asia and Europe.
The company’s robust intellectual property portfolio comprises 87 issued patents across various jurisdictions, and the Company maintains relationships with leading industry participants such as OKLO Inc., Kairos Power, SHINE Technologies LLC, Amentum, Bechtel, Dominion Engineering, Inc., Fermi Energia, Navarro Research & Engineering, Inc., and Nuclear AMRC, among others.
Deep Isolation has secured over $6 million in grants from the U.S. Department of Energy and received advocacy support from federal agencies to facilitate international deployment. The company’s Universal Canister System (UCS), engineered to support integrated management of spent fuel and high-level waste from advanced reactors across storage, transportation and eventual disposal, was developed through a three-year project funded by the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E). The company has collaborated with organizations such as OKLO Inc., Argonne National Lab, Idaho National Laboratory, Lawrence Berkeley National Lab, and NAC on advanced fuel disposal and canister design.
Established in Berkeley, California in 2016, Deep Isolation is headed by CEO Rod Baltzer and supported by an executive team with extensive experience in nuclear and waste management. The company’s Advisory Board includes experts in geology, nuclear science, environmental science, stakeholder engagement, and business innovation.
CEO Rod Baltzer remarked, “This merger and financing are pivotal milestones in our mission to transform nuclear waste disposal through deep borehole technology. With growing demand for nuclear power, particularly for AI data centers and industrial processes, the nuclear waste disposal market is poised for significant expansion. This transaction grants us broader capital access to advance our technology demonstration and strengthen our global partnerships, solidifying Deep Isolation Nuclear as an industry leader.”
Dr. Steven Chu, Advisory Board Member and former U.S. Secretary of Energy, commented, “Innovative approaches prioritizing safety and economic viability are critical to resolving the nuclear waste issue. Deep Isolation’s use of directional drilling technology enables accessible, scalable disposal methods suitable for global deployment. As nuclear capacity is set to triple by 2050, practical waste management solutions are essential, and I believe Deep Isolation is well-positioned to meet this challenge.”
Investors participating in the private offering included existing partner NAC International, a subsidiary of Kanadevia Corporation, as well as new investors, such as Mark Tompkins and Segra Capital Management. Deep Isolation will use its latest funding to develop a full-scale demonstration of its deep borehole disposal technology to validate its safety and effectiveness.