The second phase of the approach involves applications of nuclear fusion to replace nuclear reactors used in the production of life-saving medical isotopes for diagnostic imaging, like molybdenum-99 (Mo-99), and with potential use as cancer therapeutics like lutetium-177 (Lu-177). This month, SHINE kicked off Phase 2 commercialization when it began producing Lu-177. In 2022, SHINE expects to commence production of up to 20 million doses of Mo-99 per year in its fusion-powered production facility in Janesville, Wis. The facility is expected to be the world's largest-capacity medical isotope production plant.
"This merger is a natural evolution of our strong existing partnership with SHINE, rooted in our common origin and shared mission," said Evan Sengbusch, general manager of SHINE's Phoenix division. "Phoenix's track record of successfully deploying our core neutron generation technology across multiple demanding market sectors has provided important commercial validation and risk reduction for critical technologies that underpin execution in Phase 2. We are excited to join with SHINE and leverage our complementary nuclear capabilities to advance towards clean fusion energy production." For a video of additional comments from Evan Sengbusch, please click here (1:24 broadcast-quality available for the media).
Phoenix was founded in 2005 by Piefer to develop and commercialize a unique technology that generated neutrons through fusion. He spun SHINE out of Phoenix in 2010 to apply that technology to medical isotope production and other applications through the four-phase approach.
Evercore Group L.L.C. served as exclusive financial advisor to SHINE. Foley & Lardner served as lead legal counsel to SHINE. SVB Leerink served as exclusive financial advisor to Phoenix. Godfrey & Kahn S.C. served as lead legal counsel to Phoenix.
SHINE's Four-Phase Progression to Clean Energy Production
Phase 1: Advanced industrial imaging – uses neutrons for detailed imaging to improve the quality and safety of products in the aerospace, defense, energy, and other industries.
Phase 2: Medical isotopes (small-scale transmutation) – uses fusion technology to produce medical isotopes that diagnose and treat heart disease, cancer and a wide range of diseases
Phase 3: Nuclear waste recycling (large-scale transmutation) – scale up of phase 2 processing and fusion technology to recycle nuclear waste
Phase 4: Fusion Energy – establishes nuclear fusion as a technically and commercially viable global source of energy
