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Reg CFTRL65.4–6.5Tier IOpen

Hearth Reactor Works

Hearth Microreactor, Series A

Preferred equity in a five megawatt heat-pipe reactor with a witnessed prototype and no pumps to fail.

Heat pipes move heat by evaporation and condensation inside a sealed tube. No pumps, no coolant loop, no loss-of-flow accident to design against. Hearth has demonstrated a full-power thermal prototype under third-party witness at a national laboratory and is preparing a construction permit application for a five megawatt unit at Idaho Falls.

Idaho Innovation Campus · Idaho Falls, IDConstruction permit filedEscrow: Cadence Escrow Services
TRL 6 of 9, band 5.4 to 6.5, signed by Dr. Samuel Adeyemi, PhD Nuclear Engineering; ASME Section III reviewer, on Jun 9, 2026.See the evidence it rests on

$3,860,000 committed of $5,000,000

$1,930,000 released · 77% subscribed

Released to the issuerCommitted, held in escrowRemaining
Minimum
$100

$13 per unit

Instrument
Preferred equity
Term
None
Investors
1,412

Closes October 15, 2026 · 32 days remaining

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No payment processor is connected. The commitment flow runs end to end, through amount, agreement, signature and receipt, and records a simulated position rather than a charge.

Capital release schedule

1 of 4 rungs released

Release is structured as staged closings rather than withheld proceeds. Amounts shown are cumulative against the $3.9M committed to this offering.

  1. Witnessed thermal prototype at full power

    Capital released
    TRL target
    TRL 6
    Cumulative release
    50% · $1,930,000
    Certified
    June 30, 2026

    Verified by: Third-party witness test report

    Certifier: Cordell Independent Verification

  2. TRISO fuel qualification to target burnup

    Pending
    TRL target
    TRL 6
    Cumulative release
    65% · $2,509,000
    Target
    September 30, 2027

    Verified by: Advanced test reactor irradiation campaign, final report

  3. Construction permit issued

    Pending
    TRL target
    TRL 7
    Cumulative release
    80% · $3,088,000
    Target
    June 30, 2028

    Verified by: NRC construction permit issuance

  4. First criticality and grid synchronisation

    Pending
    TRL target
    TRL 8
    Cumulative release
    100% · $3,860,000
    Target
    June 30, 2030

    Verified by: Operating license; metered output

Committed
$3,860,000

Held by the escrow agent on subscription

Released to the issuer
$1,930,000

50% of committed capital

Still escrowed
$1,930,000

Unlocks on the next certification

Escrow agent: Cadence Escrow Services. Certification is performed by an independent party with no economic interest in the release.