Cascade Salt Energy
Cascade Salt Energy
Convertible notes on a thorium fuel salt with a validated corrosion loop and no license application yet.
Thorium is abundant, and a liquid fuel salt at atmospheric pressure removes the high-pressure containment problem entirely. It also dissolves metal. Cascade has run a 4,000-hour corrosion loop at temperature and published the alloy results. What it does not have is a license application, a fuel supply agreement, or a customer. This is a technology bet at TRL 5.
$4,205,000 committed of $5,000,000
$1,261,500 released · 84% subscribed
- Minimum
- $100
- Target coupon
- 6.00%
- Term
- 4 yr
- Investors
- 1,884
$25 per unit
Annual, fixed
Closed August 29, 2026
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TRL assessment
5
Technology readiness level, 1 to 9
Confidence band 4.2 – 5.6
A 4,000-hour flowing salt corrosion loop at temperature is real, publishable evidence of component validation in a relevant environment, which is TRL 5. The band is wide because the integral system has not been demonstrated and the licensing pathway for liquid-fueled reactors is unestablished. The most important thing on this page is not the score at all: the chemistry is progressing and the business is not yet a business.
At TRL 5, the ladder permits Convertible note and releases up to 30% of committed capital. This offering is structured as a convertible note, which is consistent with that band.
Signed and published
- Reviewer
- Dr. Samuel Adeyemi
- Credential
- PhD Nuclear Engineering; ASME Section III reviewer
- Signed
- June 5, 2026
- Published
- June 6, 2026
- Methodology
- v1.4
- Model
- ci-trl-2026.06
- Generated
- May 30, 2026
Evidence
Every score cites the documents it was derived from, with the weight each carried. An assessment without evidence is an opinion.
| Source | Document | Date | Weight |
|---|---|---|---|
| Independent test report | 4,000-hour flowing salt corrosion loop Independent test report, alloy coupon analysis Corrosion rates within design allowance for the qualified alloy at 650 °C. | Mar 18, 2026 | 36% |
| Peer-reviewed publication | Fuel salt thermophysical property measurements Peer-reviewed nuclear materials literature Density and heat capacity measured across the operating temperature range. | Dec 4, 2025 | 27% |
| DOE award | Cost-shared risk reduction award DOE advanced reactor program award letter Supports the integral loop campaign this offering also funds. | Apr 9, 2025 | 22% |
| NRC docket | Pre-application engagement, no application filed NRC pre-application meeting summaries Topical report submissions discussed. No construction permit application docketed. | Feb 26, 2026 | 15% |
Score history
A score changes on the day a reviewer signs a new assessment, which is why this is a step line rather than a curve.