SHINE Technologies Awarded $32M by DOE/NNSA to Support Production of Molybdenum-99

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Jul 17, 2024, 08:00 ET

The award will support progress on Chrysalis, SHINE's large-scale medical isotope production facility in Janesville, Wisconsin

JANESVILLE, Wis., July 17, 2024 /PRNewswire/ -- SHINE Technologies, a next-generation fusion company, today announced that it has been awarded $32 million from the Department of Energy's National Nuclear Security Administration (DOE/NNSA). The funding was added to DOE/NNSA's existing cooperative agreement with SHINE as part of the agency's efforts to help establish a reliable, U.S.-produced supply of molybdenum‑99 (Mo-99), the most commonly used medical isotope, without the use of highly enriched uranium. Mo-99 is crucial in nuclear medicine, powering approximately 40 million diagnostic procedures every year which assist in diagnosing life-threatening diseases, including heart disease and cancer.

Building a Secure Future in Medicine: Chrysalis, SHINE's innovative facility under construction in Janesville, Wisconsin. Chrysalis will produce Mo-99, a critical medical isotope, for the U.S., ensuring a reliable supply for millions of patients.

This view showcases the interior of Chrysalis, SHINE's large-scale, medical isotope facility. Upon its completion, Chrysalis will provide a sustainable, reliable source of Mo-99 for the U.S. and satisfy more than one-third of the world’s demand.

The funds from the DOE/NNSA will aid in the ongoing construction of Chrysalis, SHINE's large-scale, medical isotope facility in Janesville, Wisconsin. Upon its completion, Chrysalis will provide a sustainable, reliable source of Mo-99 for the U.S. and satisfy more than one-third of the world's demand.

Current Mo-99 production is limited to only a handful of government-owned nuclear research reactors located abroad. Given Mo-99's half-life, about one-third of the product is lost during cross-continental transportation. SHINE's domestic production capabilities will provide a reliable supply chain to address chronic shortages of critical medicine.

"We are very grateful for the DOE and NNSA's continued support to advance the domestic production of Mo-99, a critical medical isotope," said Greg Piefer, founder and CEO of SHINE. "By creating a modern source of neutrons, we're helping solve critical isotope supply challenges here and now with a more sustainable platform for the long-term. We look forward to assuring that patients in the U.S. and globally will have access to the medicine they need and want to thank Senator Baldwin for her ongoing advocacy in support of establishing domestic supply."

"Wisconsin's businesses and workers are leading the charge in medical breakthroughs and cutting-edge technology that help people live healthier lives," said Senator Tammy Baldwin, WI. "I am proud to support this investment, boosting our Made in Wisconsin economy and helping give our healthcare providers the tools they need to diagnose and treat serious diseases like heart disease and cancer."

DOE/NNSA awarded the cooperative agreement to SHINE in 2021 through a competitive process under a Funding Opportunity Announcement. This cooperative agreement is implemented under a 50%-50% cost-sharing arrangement between SHINE and the DOE/NNSA. The additional funding announced today brings the total DOE/NNSA funding value of the cooperative agreement to $74 million. Since 2010, the DOE/NNSA has awarded SHINE a total of $114M towards this project.

SHINE plans to produce Mo-99 commercially in early 2027.

About SHINE:

Headquartered in Janesville, Wisconsin, SHINE Technologies is an industry leader in next-generation fusion, deploying innovative fusion and fusion-based technology that seamlessly combines safety, cost-efficiency, and environmental responsibility.

Distinguished by its proprietary medical isotope production processes, SHINE is at the forefront of creating non-carrier-added lutetium-177—a vital component in cutting-edge medical treatments. Anticipating further advancements, the company's forward-looking vision includes the creation of molybdenum-99, a diagnostic tool that plays a pivotal role in medical procedures aimed at detecting heart disease and cancer, as well as other isotopes used to diagnose and treat disease.

SHINE's commitment to innovation extends beyond the realms of industry and healthcare. Drawing on its fusion-technology expertise, the company has set its sights on addressing one of energy's most complex challenges—nuclear waste recycling. With a comprehensive and visionary approach, SHINE is steadfastly driving advancements across multiple sectors, leaving an indelible mark on the domains of technology, healthcare, and sustainable energy solutions.

SOURCE SHINE Technologies, LLC