Deep Fission is a company that is reimagining nuclear power with a bold new approach: placing small modular reactors (SMRs) a mile underground for cheaper, faster, and more scalable deployment. Pulse 2.0 interviewed Deep Fission founder and CEO Elizabeth Muller to learn more about the company.
Elizabeth Muller’s Background
What is Elizabeth Muller’s background? Muller said:
“I grew up in Berkeley California, and my only family ‘vacation’ every year was a backpacking trip in the High Sierra. I loved hiking, dancing in the rain, and just about all the granola-type things one would expect from someone who grew up in Berkeley. I studied math and then International Management and spent most of my 20s living in France. About 70% of France’s electricity is generated from nuclear power, and the broad support that most people had for nuclear power piqued my interest – which coincided with a growing concern around climate change.”
“When I returned to the United States, I was increasingly concerned about the climate, and interested in whether we could do more with nuclear power. My father and I co-founded the climate science nonprofit, Berkeley Earth, then Deep Isolation, a nuclear waste disposal company, and most recently Deep Fission.”
Formation Of The Company
How did the idea for the company come together? Muller shared:
“Deep Fission was born out of a longstanding interest in reducing the cost of nuclear power. Rich and I have been brainstorming for the past decade around what could be done with licensing, construction tech, AI, and other concepts – but we didn’t have any ideas that seemed like they could make a significant difference.”
“Then, as part of our work on borehole disposal of nuclear waste with Deep Isolation, we needed to calculate what could happen if someone accidentally put fresh fuel in a borehole a mile underground instead of spent fuel. We recognized that in a borehole we have excellent containment, and we also have 160 atm of pressure – just what you would want for a pressurized water reactor. We recognized that boreholes could potentially improve safety while also taking most of the cost out of nuclear power, and this insight became the foundation for our new company, Deep Fission.”
Favorite Memory
What has been your favorite memory working for the company so far? Muller reflected:
“Watching the Deep Fission employees come together and gel as a single team has been a favorite part of the journey so far. We are creating a supportive environment where employees care about our shared milestones, but also one another as humans. I also got the team to join me in a dance class, which is certainly a memory I will treasure forever! Announcing our partnership with Endeavour was another exciting milestone.”
Core Products
What are the company’s core products and features? Muller explained:
“We generate electricity for the use of our customers. With Endeavour, we have an offer specifically targeted at data centers. We use standard pressurized water reactor (PWR) technology in boreholes a mile underground.”
Challenges Faced
What challenges have Muller and the team face in building the company? Muller acknowledged:
“We are still an early-stage company, and our biggest challenge right now is developing a fully-engineered design so that we can submit our application to the regulator. We’re hiring!”
Evolution Of The Company’s Technology
How has the company’s technology evolved since launching? Muller noted:
“Our initial design has evolved as we seek to use existing supply chain components. For example, we had initially thought we might use a modified PWR fuel assembly, but we now prefer to use existing PRW fuel assemblies since there is already a mature supply chain. We are also designing our reactor so that it can use standard off-the-shelf tools for emplacement in boreholes that come from the oil and gas industry.”
Significant Milestones
What have been some of the company’s most significant milestones? Muller cited:
“We recently won a voucher from the Department of Energy to work with Idaho National Labs on thermal hydraulics and announced a partnership with Endeavour to power their sustainable data centers.”
Customer Success Stories
When asking Muller about customer success stories, she highlighted:
“According to our first customer, Endeavour, the Founder Jakob Carnemark said, “We are constantly searching for technologies capable of supporting the unprecedented demands of AI and meeting green energy goals, but they have to be economically viable. Deep Fission’s solution slashes the high costs and long timelines of surface-built nuclear projects, enhances safety, and delivers clean, reliable energy with high power density of more than 100MW in a quarter acre. We’re excited to play a pivotal role in advancing this transformative approach.”
Funding
When asking Muller about the company’s funding, she revealed:
“Over the summer, we announced our pre-seed round, which was led by 8VC, and included (Ken Jones) Black Mountain Ventures, Deep Future, and David Marquardt, among others.”
Total Addressable Market
What total addressable market (TAM) size is the company pursuing? Muller assessed:
“The global power market is a multi-trillion-dollar industry with plenty of room for growth as the world shifts to reliable, carbon-free, baseload energy.”
Differentiation From The Competition
What differentiates the company from its competition? Muller affirmed:
“What sets Deep Fission apart is our unique, patented, underground approach. We’re combining a standard PWR design with proven borehole drilling technology, long used in the oil and gas industry, and leveraging Earth’s natural geology a mile underground to create the pressure needed for our reactors. This drastically reduces construction costs, allowing us to target a price range of 5-7 cents per kWh, and, because we’re using tried-and-tested technology, we anticipate a smoother, more predictable regulatory path.”
Future Company Goals
What are some of the company’s future goals? Muller emphasized:
“We aim to provide the cheapest, fastest, and most accessible energy that can run 24/7, with zero carbon emissions, and be placed in almost any environment.”
Additional Thoughts
Any other topics you would like to discuss? Muller concluded:
“At Deep Fission, we’re always exploring new ways to leverage AI, and we believe it could play an important role in streamlining the regulatory process.”
