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Reg D 506(c)TRL43.3–4.7Tier IOpen

Kestrel Fast Systems

Kestrel Fast Systems

A lead-bismuth fast reactor that eats spent fuel. Accredited investors only.

Spent fuel is only waste if you cannot burn it. A fast spectrum can, and lead-bismuth eutectic gives high boiling point coolant at atmospheric pressure. Kestrel has validated cladding compatibility in a flowing loop at temperature. The offering runs concurrently with a Reg CF community round planned for the Richland host community, permitted under Rule 152.

Columbia Basin Technology Park · Richland, WAPre-applicationEscrow: Meridian Trust, N.A.
TRL 4 of 9, band 3.3 to 4.7, signed by Dr. Helena Vargas-Mbeki, PE, Nuclear; former NRC senior reactor analyst, on Apr 20, 2026.See the evidence it rests on

$18,050,000 committed of $25,000,000

$5,415,000 released · 72% subscribed

Released to the issuerCommitted, held in escrowRemaining
Minimum
$25,000

$1,000 per unit

Target coupon
5.00%

Annual, fixed

Term
5 yr
Investors
74

Closes September 30, 2026 · 17 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 3 rungs released

Release is structured as staged closings rather than withheld proceeds. Amounts shown are cumulative against the $18.1M committed to this offering.

  1. Cladding compatibility validated

    Capital released
    TRL target
    TRL 4
    Cumulative release
    30% · $5,415,000
    Certified
    March 6, 2026

    Verified by: Independent flowing loop test report

    Certifier: Cordell Independent Verification

  2. Fuel qualification program initiated

    Awaiting certification
    TRL target
    TRL 5
    Cumulative release
    45% · $8,122,500
    Target
    December 31, 2026

    Verified by: Irradiation campaign commencement; national lab confirmation

    Certifier: Cordell Independent Verification

  3. Integrated prototype demonstration

    Pending
    TRL target
    TRL 6
    Cumulative release
    50% · $9,025,000
    Target
    June 30, 2031

    Verified by: Third-party witness test; NRC pre-application docket

Committed
$18,050,000

Held by the escrow agent on subscription

Released to the issuer
$5,415,000

30% of committed capital

Still escrowed
$12,635,000

Unlocks on the next certification

Escrow agent: Meridian Trust, N.A.. Certification is performed by an independent party with no economic interest in the release.