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.
$18,050,000 committed of $25,000,000
$5,415,000 released · 72% subscribed
- Minimum
- $25,000
- Target coupon
- 5.00%
- Term
- 5 yr
- Investors
- 74
$1,000 per unit
Annual, fixed
Closes September 30, 2026 · 17 days remaining
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TRL assessment
4
Technology readiness level, 1 to 9
Confidence band 3.3 – 4.7
Cladding compatibility has been validated in a flowing heavy liquid metal loop, which places component validation at TRL 4. Nothing beyond components has been demonstrated. Two structural problems sit outside the issuer's control: polonium-210 handling in lead-bismuth has thin commercial precedent, and the reprocessed fuel this design consumes depends on a domestic recycling capability that does not exist. Accredited investors only, and appropriately so.
At TRL 4, 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. Helena Vargas-Mbeki
- Credential
- PE, Nuclear; former NRC senior reactor analyst
- Signed
- April 20, 2026
- Published
- April 21, 2026
- Methodology
- v1.4
- Model
- ci-trl-2026.06
- Generated
- Apr 14, 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 | Cladding compatibility in flowing lead-bismuth Independent loop test report, 2,200 hours at temperature Oxide layer stability maintained with controlled oxygen chemistry. | Feb 2, 2026 | 34% |
| National lab result | Metallic fuel fabrication trials National laboratory fabrication campaign Fabrication route demonstrated at laboratory scale with surrogate material. | Oct 21, 2025 | 28% |
| Patent | Coolant chemistry control system One granted patent, two pending Oxygen control approach central to the corrosion result. | Jun 30, 2025 | 22% |
| Peer-reviewed publication | Fast spectrum transmutation analysis Peer-reviewed reactor physics literature Neutronics support the transmutation claim under modeled conditions. | Sep 12, 2024 | 16% |
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.