How Did General Matter Win $900 Million for Uranium Enrichment?

Scott Nolan says General Matter won the $900 million by competing for a capacity-building award Congress authorized, aimed at a ban on uranium imports and the lack of fuel for advanced reactors. The team was down-selected under the Biden administration and awarded under the Trump administration earlier in the year.

The money is non-dilutive. It helps stand up the first facility and takes a large share of the cost off the table. Equity and debt are the other two pieces of the funding picture. The award is the lever that gets a long hardware project past the point where many companies run out of money before the first plant is online.