SHINE Technologies

SHINE Technologies is a Janesville, Wisconsin-based private company that applies fusion technology across a staged, commercially-driven path toward clean fusion energy. Founded in 2010 as a spin-off from Phoenix Nuclear Labs, SHINE uses beam-target fusion neutron generators to power three near-term revenue-generating businesses: neutron testing for industrial components in aerospace, defense, and energy sectors; medical isotope production (including molybdenum-99 for diagnostic imaging and non-carrier-added lutetium-177 for targeted cancer therapy); and nuclear waste recycling to recover valuable elements from used nuclear fuel. The company's Janesville campus houses its flagship Chrysalis irradiation facility (under construction) and the Cassiopeia building - North America's largest Lu-177 processing facility, opened in 2024 with initial capacity of 100,000 patient doses per year. SHINE's FLARE (Fusion Linear Accelerator for Radiation Effects Testing) system also provides high-fluence 14 MeV neutron services for defense and commercial radiation-hardness testing.

SHINE's key strategic differentiator among fusion companies is its focus on achieving *economic* breakeven through commercialized near-term applications, rather than pursuing pure scientific or engineering fusion milestones. Each revenue-generating phase funds R&D for the next, creating a self-sustaining innovation flywheel. In 2023, the company captured the first-ever image of Cherenkov radiation from a commercial fusion device, validating its beam-target technology. It has also been selected to provide a fusion neutron source for the UK Atomic Energy Authority's £200M LIBRTI program, and announced a plan to acquire Lantheus' SPECT division, further expanding its nuclear medicine leadership.

For the US energy supply chain, SHINE represents a critical node at the intersection of fusion technology development, domestic medical isotope security, and advanced industrial inspection. The US has historically depended on aging foreign reactors for medical isotopes like Mo-99 - SHINE's fusion-driven production offers a resilient, domestically sourced alternative. Its neutron testing capabilities support the reliability of aerospace, defense, and energy infrastructure components, while its long-term fusion energy roadmap and nuclear waste recycling ambitions position it as a foundational player in the future clean energy economy. With over $1 billion raised and backing from the US Department of Energy, the company is one of the best-capitalized private fusion ventures in the world.