SHINE Technologies, a nuclear fusion company, announced it has raised $240 million in equity funding and appointed Dr. Patrick Soon-Shiong, M.D., Executive Chairman of ImmunityBio and founder of NantWorks, to its Board of Directors. The round was led by NantWorks, with participation from Fidelity Management & Research Company, Sumitomo Corporation of Americas, Pelican Energy Partners, Deerfield Management, Oaktree Capital Management, and other existing investors.
The new capital will support SHINE’s commercial fusion technology across its current portfolio of products and services, including neutron testing for mission-critical components in defense and aerospace, as well as the production of radioisotopes used in targeted cancer therapies and diagnostic imaging. The funding also marks the next phase of the company’s growth strategy, which includes developing technology to recycle used nuclear fuel and advancing toward commercial fusion energy production.
In connection with Dr. Soon-Shiong’s $150 million investment, NantWorks and SHINE have entered into a strategic partnership that includes priority access arrangements for Lu-177 supply from SHINE. The partnership is aimed at accelerating the next generation of targeted cancer treatments.
SHINE said it has now raised more than $1 billion in total funding to date, underscoring continued investor confidence in its commercially driven approach to fusion energy.
Headquartered in Janesville, Wisconsin, SHINE develops fusion-based technology focused on safety, cost-efficiency, and environmental responsibility. The company has commercialized fusion applications across neutron testing markets, including neutron radiography, radiation-effects testing, and fusion materials research. It has also scaled its proprietary medical isotope production processes, supplying radioisotopes used in procedures for diagnosing heart disease and cancer, as well as cancer therapy.
SHINE operates one of the largest Lu-177 production facilities in North America, with capacity for up to 100,000 doses annually and the ability to scale to 200,000 doses per year. Its Ilumira product has shipped to customers in 19 countries across four continents and has achieved greater than 95% on-time, in-full delivery since its commercial launch in 2024.
Beyond its current commercial applications, SHINE is developing nuclear waste recycling technology to support more sustainable nuclear energy. The company’s long-term goal is to commercialize fusion energy, pursuing a strategy modeled on other successful deep-tech industries.
KEY QUOTES
“Fusion energy is one of the most important technologies humanity will ever develop — it will forever change how we power our species, and is already having major impact across advanced manufacturing, healthcare and recycling. Dr. Soon-Shiong is a visionary who has spent his career turning breakthrough science into products that have made the world better. We are honored to have him as a partner.”
Greg Piefer, Founder And CEO, SHINE
“This partnership is about harnessing powerful science to serve humanity. SHINE’s leadership in fusion technology and Lu-177 production aligns with my lifelong mission to make cancer treatment more precise, targeted, and ultimately curative by activating the patient’s immune system. Lu-177 is currently approved as a radio ligand targeting prostate cancer cells and the opportunity to further expand this difficult to manufacture technology is exciting. I’m honored to join SHINE’s Board as we translate breakthrough science into real-world impact for patients and society.”
Dr. Patrick Soon-Shiong, Founder And Executive Chairman, NantWorks And ImmunityBio
