Lumen Isotope Separation
Lumen Isotope Separation
Preferred equity in laser enrichment. A tenth of the energy of a centrifuge cascade, and a proliferation argument to answer.
Selective photoionisation excites one uranium isotope and not the other, which separates them in a single stage rather than the thousands of cascade stages a centrifuge plant requires. The energy saving is roughly an order of magnitude. The same property that makes it efficient, namely a small, low-signature facility, is precisely what makes non-proliferation specialists uneasy, and the licensing pathway reflects that.
$21,700,000 committed of $35,000,000
$10,850,000 released · 62% subscribed
- Minimum
- $25,000
- Instrument
- Preferred equity
- Term
- None
- Investors
- 79
$500 per unit
Closes February 15, 2027 · 155 days remaining
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TRL assessment
6
Technology readiness level, 1 to 9
Confidence band 5.2 – 6.6
A separation module has demonstrated target enrichment on a representative feed under witness, which is prototype demonstration in a relevant environment and therefore level 6. The band is wide because scale-up from module to cascade is where previous laser enrichment programs have failed, several of them very well funded. Commercially there are conditional supply agreements and a licensing pathway complicated by proliferation sensitivity rather than by engineering.
At TRL 6, the ladder permits Preferred equity and releases up to 50% of committed capital. This offering is structured as a preferred equity, which is consistent with that band.
Signed and published
- Reviewer
- Dr. Samuel Adeyemi
- Credential
- PhD Nuclear Engineering; ASME Section III reviewer
- Signed
- June 18, 2026
- Published
- June 19, 2026
- Methodology
- v1.4
- Model
- ci-trl-2026.06
- Generated
- Jun 13, 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 | Separation module enrichment demonstration, witnessed Independent witness test report on representative feed Target assay achieved in a single stage at reported separative capacity. | Apr 11, 2026 | 35% |
| Peer-reviewed publication | Selective photoionisation cross-section measurements Peer-reviewed spectroscopy literature Isotopic selectivity confirmed independently at the operating wavelength. | Oct 2, 2025 | 26% |
| NRC docket | Pre-application and safeguards engagement NRC pre-application; international safeguards consultation Safeguards approach under discussion. No application docketed. | May 6, 2026 | 23% |
| Supplier contract | Two conditional supply agreements Agreements conditional on facility licensing and completion Conditions precedent include an operating license that does not exist. | Feb 28, 2026 | 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.