UAE's CE-Ventures signs up for $100m funding of US nuclear tech firm Aalo

Dubai: The UAE-based venture capital firm CE-Ventures is part of the $100 million funding raised by US nuclear tech company Aalo Atomics. CE-Ventures is part of the Crescent Enterprises group.

Aalo’s Series B fundraise was led by Valor Equity Partners, and alongside CE-Ventures, there were Fine Structure Ventures, Hitachi Ventures, Crosscut Ventures and others.

Aalo, founded in 2022, has been selected by US Department of Energy (DOE) for 'fast-tracked' testing of its advanced nuclear technology.

"The successful completion of its Series B funding will support Aalo in building its first nuclear power plant, for which it is aiming to reach zero-power criticality by July 2026," said a statement.

This is seen as the important step to demonstrating how Aalo's mass-manufactured modular reactors can 'provide the most effective solution to powering AI data centres'.

"This process of expedited technology demonstration is set to significantly de-risk and accelerate commercial readiness as the US looks to advance next-generation nuclear - and meet the rising energy demands of the AI era," the statement added.

The US Department of Energy’s 'Reactor Pilot Program', for which Aalo Atomics is selected, was launched in June last to 'accelerate the testing of advanced nuclear technologies'.

“The surge in AI adoption is driving unprecedented demand for reliable energy," said Sudarshan Pareek, Senior Vice-President at CE-Ventures. "Nuclear power can play a crucial role in meeting this demand with clean, scalable solutions.

"At CE-Ventures, we take pride in our long-standing track record of investing in pioneering companies."