North America · USA · Founded 2010
SHINE Technologies
Accelerator-based D-T neutron source → fusion
Magneto-Inertial
Deuterium-Tritium
Undisclosed
TBD
Investor brief
The only fusion-adjacent company with real revenue today
Executive Summary
SHINE Technologies follows a four-phase business plan: industrial neutron radiography, medical isotope production, nuclear-waste recycling, and ultimately fusion power. Each phase is designed to be cash-flow positive, funding the next. SHINE's accelerator-driven D-T neutron sources are already in commercial service, with Mo-99 (medical isotope) production ramping.
Strategic Thesis
Earn your way to fusion: monetise neutron-source technology along a four-phase path so each step is cash-flow positive.
The Problem
Global electricity demand is entering an unprecedented growth phase driven by AI infrastructure, data centers, transport electrification, industrial decarbonization, water desalination, and advanced manufacturing. Solar suffers intermittency, wind capacity-factor variability, natural gas carbon emissions, conventional nuclear cost and deployment speed, and batteries energy-density and duration limits. The world requires a new source of clean, dispatchable baseload energy. Fusion represents the ultimate energy source — the challenge is making it commercially practical.
Accelerator-Driven D-T Neutron Source
A deuterium ion beam from a high-current accelerator strikes a tritium target, producing a copious flux of 14 MeV neutrons. The same technology that drives medical isotope production today scales toward subcritical fission and eventually fusion energy.
Phase 1 — Industrial Radiography
Commercial neutron radiography services — operating revenue today.
Phase 2 — Medical Isotopes
Mo-99, Lu-177 and other diagnostic and therapeutic isotopes; first commercial Mo-99 production in 2023.
Phase 3 — Chrysalis (Waste Recycling)
Using fusion neutrons to transmute long-lived nuclear waste into shorter-lived isotopes — pilot launched 2024.
Phase 4 — Fusion Power
Long-term roadmap to fusion energy production using the same accelerator and target technology.
Fuel Strategy
Deuterium-Tritium
The 14 MeV neutron from D-T is what drives all four phases.
Product Platform
Neutron Radiography Services
Industrial inspection using fusion-grade neutrons.
Mo-99 Medical Isotopes
Commercial diagnostic and therapeutic isotope production.
Chrysalis
Subcritical waste-transmutation pilot.
Energy Conversion
Thermal — Medical/Industrial (near-term)
Neutronic (D-T)
N/A (revenue today via isotopes)
Accelerator-driven D-T neutron sources generate revenue today via medical isotope production (Mo-99) and industrial neutron radiography; thermal-cycle fusion power is the long-term path.
Conversion chain
- 1Accelerator-driven D-T fusion neutrons
- 2Phase 1: neutrons → Mo-99 production (medical revenue)
- 3Phase 2: neutrons → thermal blanket → steam cycle
- 4Phase 3: net-power fusion plant
Monetizes neutrons before requiring net energy gain — uniquely capital-light path to commercial fusion infrastructure.
Economic Vision
Earn your way to fusion. Each phase generates revenue that funds the next — a stark contrast to fusion programs that depend entirely on growth-stage venture funding for a decade or more.
Vision
A vertically-integrated fusion company that pays for itself at every stage.
Mission
Make fusion technology economically valuable today, on the path to fusion power.
Engineering Bottlenecks
- Scaling accelerator current density
- Long-lifetime D-T targets
Milestone Timeline
2023
First commercial Mo-99 production
2024
Phase 3 (Chrysalis) waste recycling pilot
The description above reflects SHINE Technologies's publicly stated technology goals, roadmap and architecture. Many elements — particularly net-energy gain at scale, advanced fuel cycles, and grid-relevant economics — remain ambitious objectives that have not yet been demonstrated commercially anywhere in the fusion industry. Forward-looking statements should be treated as engineering targets, not certainties.
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Citations & Sources
Academic & financial rigor- [01]
The Global Fusion Industry in 2025
Fusion Industry Association · Jul 2025
- [02]
Company disclosures and press releases
SHINE Technologies
- [03]
Peer-reviewed plasma physics literature
Journal of Plasma Physics / Nuclear Fusion