Critical Investments

Reg D 506(c)TRL43.2–4.8Tier IAnnounced

Vanguard Supercritical

Water above its critical point, 45% thermal efficiency, and no steam generator. Announced, not yet open.

Above 22 MPa and 374 °C water stops distinguishing between liquid and gas, which means a reactor can drive a turbine directly with no steam generator and no boiling crisis to design around. Thermal efficiency rises from roughly 33% to 45%. The unresolved problem is materials: very few alloys tolerate supercritical water, radiation and time simultaneously.

James River Technology Park · Lynchburg, VAPre-applicationEscrow: Meridian Trust, N.A.

TRL 4 of 9, band 3.2 to 4.8, signed by Dr. Samuel Adeyemi, PhD Nuclear Engineering; ASME Section III reviewer, on Jun 25, 2026.See the evidence it rests on

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$0 released · 0% subscribed

Released to the issuerCommitted, held in escrowRemaining

Minimum: $25,000
Target coupon: 5.00%
Term: 5 yr
Investors: 0

Closes June 30, 2027 · 290 days remaining

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TRL assessment

Technology readiness level, 1 to 9

Confidence band 3.2 – 4.8

Cladding coupons have been tested in supercritical water at design conditions, which is component validation and places this at level 4. The integral loop has not been built. Materials are the whole question for this concept: supercritical water is aggressive, and combining it with a neutron flux and a sixty-year design life narrows the qualified alloy list to almost nothing.

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. Samuel Adeyemi
Credential: PhD Nuclear Engineering; ASME Section III reviewer
Signed: June 25, 2026
Published: June 26, 2026
Methodology: v1.4
Model: ci-trl-2026.06
Generated: Jun 20, 2026

How scoring works

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 coupon exposure, 3,000 hours at 25 MPa Independent autoclave test report, multiple candidate alloys Two of seven candidate alloys met the corrosion allowance. Irradiation effects not included.	Apr 30, 2026	37%
Peer-reviewed publication	Supercritical water reactor thermal hydraulics Peer-reviewed nuclear engineering literature Efficiency projections modeled at 44 to 46% net.	Sep 16, 2025	29%
National lab result	Irradiation-assisted corrosion screening National laboratory screening campaign, interim Early data suggests corrosion rates increase under flux. Campaign continuing.	Feb 6, 2026	20%
Patent	Direct-cycle turbine coupling arrangement One granted patent Covers the steam-generator-free primary arrangement.	May 28, 2025	14%

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.