Phoenix Nuclear Labs of Middleton, Wis., has completed a $590,500 round of equity fundraising to advance its particle accelerator technology.
The investment round was led by the Madison, Wis.-based angel investment group Wisconsin Investment Partners and Wisconsin native Fred Mancheski, former chairman and CEO of Echlin.
Phoenix Nuclear is collaborating with Shine Medical Technologies and the Morgridge Institute for Research to support development of a new process for the production of molybdenum-99 (Mo-99). The process will not use weapons-grade, highly enriched uranium. The Morgridge Institute for Research announced a cooperative agreement totaling $20.6 million including funds from the U.S. Department of Energy’s National Nuclear Security Administration for the Mo-99 demonstration project.
Phoenix Nuclear also is under contract with the U.S. Army to develop systems for component testing using neutron radiography.