Atomic Show #346 – Greg Piefer, CEO and Founder, Shine Technologies

Shine Technologies is a unique nuclear fusion company. The conventional path for nuclear fusion projects is to raise and spend billions of dollars and decades of research and development in efforts to successfully find a path over, around or through the technical barriers that have prevented nuclear fusion from becoming a large scale energy production source. Until relatively recently, that path was almost completely dependent on government grants. In cases like the ITER – International Thermonuclear Experimental Reactor – the effort has involved tens of billions of dollars (current estimate is $25 B), thousands of scientists, engineers, constructors and technicians and a construction schedule that stretches out over 29 years. The funding partnership includes six individual countries plus the European Union, which is supplying approximately 45% of the budget. Parts and materials for the project are being supplied by 35 different countries. Greg Piefer, Shine Technologies CEO and Founder, chose a different path. He is a technical expert and fusion researcher who was inspired by the same dreams of unlimited fusion energy that drive others to study and work in the field, but he also has a commercial side that knows that investors, even governments, do not have the patience and the depth of resources needed to undertake and successfully complete projects whose characteristics are similar to ITER and don’t produce profits along the way. He knew several known ways to stimulate and control a nuclear fusion reaction. The equipment used to produce those reactions doesn’t work fast enough to produce the energy needed to sustain the reaction and have enough left over to capture and sell to a commercial energy market. They are useful devices for teaching researchers about fusion and they are precise and reliable neutron generators for valuable tasks like remote logging of the materials in oil and gas wells. Piefer’s valuable insight was that neutrons from fusion had special characteristics that could produce commercial value long before the equipment could produce energy at a competitive cost. He and the team that he inspired became convinced that they could create a sustainable path to commercial fusion energy by building, using and refining equipment and techniques that use fusion to produce neutrons for successively larger markets that require ever lower unit costs. They established a four phase development program that remains their guiding development strategy. The first phase sells precise testing and measuring services that use Shine neutron generators where the neutrons supply their material penetrating power. Unlike the gamma rays used in conventional radiography – X-rays for materials and equipment – neutrons penetrate dense materials and are scattered by light elements. The critical nature of the components that benefit from neutron imaging leads customers to pay extraordinary prices for Shine’s specialized services. The neutrons produced by Shine’s imaging fusion devices sell for $100,000 – $1,000,000 per kilowatt-hour of energy released – which is a calculated metric derived from fusion reactions per second per dollar. (Those numbers do not have any misplaced zeros.) The second phase, with a far larger Total Addressable Market (TAM), is medical radioisotope production. Using a process of continuous refinement and practice, Shine has been able to improve its devices to the point where they can profitably enter the market with neutrons that cost the equivalent of $100 per kWh (a factor of 1000 improvement over the first phase) that can be reduced to $20/kWh as the process is scaled up using their NRC licensed Chrysalis facility. That facility, located in Janesville, WI, was carefully sited next door to a regional airport that enables Shine’s medical isotopes to be rapidly delivered throughout the United States and competitively delivered almost anywhere. Chrysalis is expected to be completed within the next two years. As Piefer describes during our conversation, it will be the highest capacity isotope production facility in the world. Piefer also described the invested effort that gives Shine the ability to produce isotopes that meet the stringent purity requirements for medical applications. The company’s radio chemistry skills are being exercised every day as they are already shipping isotopes created