The U.S. Department of Energy’s Office of Energy Dominance Financing issued a conditional commitment for a $263 million loan to SHINE on April 9, 2026. The financing supports the completion of Chrysalis, a medical isotope production facility in Janesville, Wisconsin. According to the company, Chrysalis will be the world’s largest medical isotope production facility and the first domestic commercial source of molybdenum-99.
What it means
The loan commitment advances the construction of a facility designed to produce molybdenum-99 (Mo-99), iodine-131, xenon-133, and other isotopes using SHINE’s fusion technology platform. The United States currently imports Mo-99 from Europe, South Africa, and Australia, relying on aging research reactors that are nearing or at capacity. Because Mo-99 decays at approximately 1 percent per hour, the U.S. loses roughly one-third of its volume and value during cross-continental transportation. Chrysalis is described as the only new multi-million dose per year infrastructure expected in the next decade.
SHINE said the project supports approximately 200 construction jobs and 150 permanent operations positions. The company stated that Chrysalis represents the first deployment of new nuclear technology at this scale in decades and uses a process involving fusion and a recycled liquid uranium target. Greg Piefer, founder and CEO of SHINE, said, “Chrysalis proves that fusion doesn’t need to wait for future breakthroughs to create value for millions of people today.” He added, “This conditional commitment is a critical catalyst that accelerates our scale-up of the world’s largest medical isotope facility and ensures a secure, domestic source of critical medical isotopes. We are incredibly grateful to the Department of Energy’s rigorous due diligence process and look forward to working to meet the conditions to move forward on the loan.”
Definitive financing documents will not be entered into and the loan will not be funded until SHINE and the DOE satisfy technical, legal, environmental, and financial conditions. SHINE has collaborated with U.S. National Laboratories for more than 15 years and has received consistent support from the National Nuclear Security Administration. The company is headquartered in Janesville and has previously commercialized fusion for neutron testing markets including neutron radiography, radiation-effects testing, and fusion material research.
Key facts
- $263 million conditional loan commitment from DOE Office of Energy Dominance Financing
- Facility: Chrysalis medical isotope production plant in Janesville, Wisconsin
- Output: First domestic commercial supply of molybdenum-99; also iodine-131 and xenon-133
- Capacity: Multi-million dose per year; described as world’s largest medical isotope facility
- Jobs: Approximately 200 construction jobs and 150 permanent operations positions
- Technology: Fusion platform with recycled liquid uranium target
- Conditions: Technical, legal, environmental, and financial requirements must be met before funding
Source: SHINE news release (PR Newswire)