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Nuclear Startup Last Energy Secures $100 Million To Revolutionize Modular Reactor Technology

After years of perseverance in a challenging market, nuclear startups are now emerging as pivotal players in the energy sector. Last Energy, a frontrunner in compact nuclear power, recently closed a $100 million Series C funding round led by the Astera Institute. With significant backing from venture firms including AE Ventures, Galaxy Fund, Gigafund, JAM Fund, The Haskell Company, Ultranative, and Woori Technology, Last Energy is poised to redefine the economics of nuclear energy.

From Skepticism to Mainstream Acceptance

Bret Kugelmass, Founder and CEO of Last Energy, reflected on the evolving perception of nuclear power. “For the first half a decade that I was advancing nuclear as a solution, I had to explain why it was important,” he explained. “Now, the industry and investors understand that nuclear is a key part of our future.” This shift in sentiment marks a significant turning point, with broader market acceptance fueling innovation and investment.

Innovative Reactor Design Rooted In History

Last Energy is reimagining nuclear generation with its small modular reactors, capable of producing 20 megawatts—enough to supply power for roughly 15,000 homes. What distinguishes the company is its adaptation of a reactor design developed decades ago for the NS Savannah, the world’s first nuclear-powered merchant ship. By scaling up a design originally intended for a vessel, Last Energy aims to achieve both cost reduction through mass manufacturing and heightened efficiency.

Pilot Project And Roadmap To Commercial Production

The company is initially deploying a 5-megawatt pilot reactor at a facility leased from Texas A&M University. This pilot project, fully financed by the latest funding round, will pave the way for its first commercial products. The pilot is slated to begin operations next year, with a full-scale 20-megawatt reactor expected to enter production by 2028.

Permanent Reactor Encapsulation And Waste Management

In a groundbreaking approach to reactor design and waste management, Last Energy permanently encases each reactor core in 1,000 tons of steel—a process estimated to cost around $1 million per unit. According to Kugelmass, while many assume that conventional materials such as concrete would be cheaper, nuclear-grade concrete significantly raises costs. The reactors are delivered with six years’ worth of uranium fuel, and the design ensures that the steel chamber, once the reactor’s operational life is exceeded, serves as an integrated waste cask, thereby streamlining disposal concerns.

Driving Down Costs Through Manufacturing Advances

While the nuclear industry faces inherent fixed costs due to stringent regulatory requirements, Last Energy is confident that mass production and innovative engineering will lead to substantial cost reductions. Drawing parallels with other industries that have seen prices halve with every tenfold increase in production, Kugelmass envisions a future where nuclear energy scales dramatically—transforming the cost dynamics across the sector.

With robust investment and a clear strategic roadmap, Last Energy is not only advancing nuclear technology but also positioning itself to meet the rising global demand for reliable, large-scale power generation.

Cyprus Introduces 8% Crypto Tax As European Rules Diverge

Fragmented Crypto Tax Rules Across Europe

Although the European Union has introduced a common regulatory framework for digital assets through the Markets in Crypto-Assets Regulation (MiCA), taxation remains under the jurisdiction of individual member states. As a result, crypto investors face a wide range of tax regimes across Europe.

Cyprus Introduces Dedicated Crypto Tax Framework

Beginning January 1, 2026, Cyprus will implement a dedicated taxation regime for digital assets. The new framework imposes an 8% flat tax on net gains from cryptocurrencies such as Bitcoin and Ethereum, making it one of the lowest rates within the European Union. Taxable events will include the sale, exchange, or use of cryptocurrencies for payments and donations. Losses will only be offset against gains generated from crypto transactions within the same tax year, with no provision allowing losses to be carried forward.

Diverging Approaches Across Europe

Several European countries have adopted markedly different policies. Greece is preparing legislation that would introduce a 15% capital gains tax on cryptocurrency profits, with the first €500 of gains exempt from taxation. Germany classifies cryptocurrencies as private assets. Gains are generally exempt from tax if the assets have been held for more than one year, distinguishing the country from many other European jurisdictions.

Other Key Jurisdictions

Portugal continues to offer favorable conditions for long-term investors, with private individuals generally exempt from taxation if digital assets are held for more than 12 months. Switzerland treats cryptocurrencies as part of personal wealth, subject to annual cantonal wealth taxes, while capital gains realized by individual investors are typically exempt. France applies a flat tax of 31.4% on cryptocurrency gains, combining income tax and social contributions. Italy recently increased the tax rate on crypto gains for individuals to 33%, up from 26%, while Spain applies progressive rates ranging from 19% to 30%, depending on the amount of profit realized.

The Netherlands And The Baltic States

The Netherlands uses a different model, taxing presumed returns on assets regardless of whether they have actually been sold. Tax treatment in the Baltic region varies. Lithuania generally imposes a 15% rate, rising to 20% for very high non-salary income. Latvia applies a 25.5% capital gains tax, while Estonia taxes cryptocurrency gains at the standard personal income tax rate of 22%, without exemptions for long-term holdings.

A Diverse Tax Landscape

Approaches to cryptocurrency taxation continue to differ significantly across Europe. Cyprus’ upcoming framework places the country among jurisdictions offering relatively low rates and dedicated rules for digital assets, while investors operating across borders continue to navigate a patchwork of national tax regimes.

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