SHINE Technologies has secured $240 million in new equity financing, marking another significant capital infusion for the Wisconsin-based fusion company. The round was led by NantWorks and included participation from Fidelity Management & Research Company, Sumitomo Corporation of Americas, Pelican Energy Partners, Deerfield Management, and Oaktree Capital Management.

In conjunction with the investment, Dr. Patrick Soon-Shiong, Executive Chairman of ImmunityBio and founder of NantWorks, has joined SHINE’s Board of Directors.

The funding brings SHINE’s total capital raised to more than $1 billion, underscoring sustained investor interest in commercially oriented fusion and nuclear technologies.

Expanding Fusion Applications Beyond Energy

While fusion energy remains a long-term objective, SHINE’s current commercial portfolio focuses on near-term applications of fusion-driven neutron generation. The company provides neutron testing services for qualifying mission-critical components in defense and aerospace sectors, as well as producing medical radioisotopes used in cancer diagnostics and targeted therapies.

The latest funding is expected to support expansion across these existing lines of business while accelerating development in two additional areas: recycling of used nuclear fuel and progress toward commercial fusion energy production.

By combining revenue-generating products with longer-term research objectives, SHINE has positioned itself within a subset of fusion ventures pursuing staged commercialization rather than relying solely on future grid-scale energy breakthroughs.

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Strategic Partnership Around Lu-177 Production

A central element of the investment is a strategic partnership between SHINE and NantWorks that includes priority access arrangements for Lutetium-177, commonly referred to as Lu-177. This radioisotope plays an important role in targeted radioligand therapies, including treatments for certain cancers.

Lu-177-based therapies deliver radiation directly to cancer cells while limiting exposure to surrounding healthy tissue. Researchers are examining how such targeted approaches may complement immunotherapy and other advanced oncology treatments.

Under the agreement, SHINE’s isotope production capacity is expected to support NantWorks’ broader healthcare initiatives. The partnership reflects a convergence between advanced nuclear technologies and precision medicine development.

Board Appointment Signals Cross-Sector Integration

Dr. Soon-Shiong’s appointment to SHINE’s board introduces leadership with extensive experience in biotechnology and healthcare commercialization. Over his career, he has founded and sold multiple pharmaceutical companies and developed therapies approved for clinical use.

His involvement signals a strategic alignment between SHINE’s isotope production capabilities and emerging oncology applications. It also broadens SHINE’s governance profile by integrating expertise from life sciences and capital markets.

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Positioning Within the Advanced Nuclear Landscape

The financing round highlights continued investor appetite for advanced nuclear technologies at a time of heightened interest in energy security, low-carbon power and medical isotope supply chains.

Unlike many fusion startups focused exclusively on future energy markets, SHINE’s model integrates industrial testing services and nuclear medicine production, creating diversified revenue pathways while pursuing longer-term fusion energy objectives.

With more than $1 billion raised to date, SHINE joins a small group of privately held fusion firms that have secured substantial capital commitments. The company’s next phase will likely focus on scaling existing commercial operations, advancing fuel recycling technology and demonstrating further progress toward economically viable fusion energy systems.

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