Fluxnium, Inc., a Los Angeles company developing uranium recovery from seawater, announced a 7 million dollar seed round on September 21, 2026. Congruent Ventures led the round. Constellation Technology Ventures, the venture investing arm of Constellation Energy (NASDAQ: CEG), participated, along with Active Impact Investments of Vancouver. Proceeds will fund further development, pilot testing and scale-up of the company's technology.
The company uses a high-surface-area adsorbent fiber developed with a US national laboratory. The fiber is deployed on longline systems in open water, the same type of passive marine infrastructure used by seaweed and mussel farms. Uranium dissolved in seawater collects on the fiber as water moves past it. Crews then retrieve the fiber, process it and redeploy it. Fluxnium says capacity grows by adding more fiber, which avoids the mine construction and tailings management tied to conventional uranium production.
Seawater holds roughly a thousand times more uranium than all currently identified land deposits combined, according to the company, though at very low concentrations. Fluxnium projects its recovery cost will compete with conventional mining. The company also notes that the United States imports more than 90 percent of its uranium supply.
Constellation stated that its investment is a venture stake in the technology's continued development and does not constitute a fuel purchase commitment. Congruent Ventures manages more than 1 billion dollars across four funds and has backed more than 60 companies. Active Impact Investments manages 180 million dollars across three funds.
The raise arrives as uranium spot prices trade in the 80 to 90 dollar per pound range in September, with utilities and fuel buyers watching new sources of domestic supply. Fluxnium was co-founded by chief executive Jeff Green and Jim McDermott.
Source: PR Newswire - https://www.prnewswire.com/news-releases/fluxnium-secures-7-million-seed-round-to-build-a-new-domestic-supply-of-uranium-302883764.html