1 The EIC Accelerator Project

The EIC Accelerator program is a pivotal initiative within the European Innovation Council (EIC) designed to support high-potential small and medium-sized enterprises (SMEs) and startups in their quest to develop and scale innovative technologies. The program aims to accelerate the commercialization of breakthrough innovations, particularly in sectors deemed critical for Europe’s future competitiveness, sustainability, and economic growth.

Funding Structure

The EIC Accelerator offers a blended finance model that combines grants and equity investments. The grant component allows eligible companies to secure funding of up to €2.5 million. This grant is intended to cover costs associated with developing and scaling innovative products or services, including R&D, prototyping, and market entry activities.

In addition to the grant funding, the EIC Accelerator provides equity financing. Initially, this equity investment could reach up to €15 million until 2024. However, from 2025 onward, this amount will be capped at €10 million. The equity component is designed to facilitate access to private investors and bolster the financial resources available to companies aiming for significant growth and market penetration.

Purpose and Impact

The EIC Accelerator serves a critical role in the European DeepTech and startup ecosystem. By providing substantial financial resources and support, it aims to bridge the funding gap that often hinders innovative companies, particularly in their early stages. The program not only empowers companies to develop cutting-edge technologies but also fosters collaboration with private sector investors, thereby enhancing the overall investment landscape in Europe.

Moreover, the EIC Accelerator focuses on scaling companies that have the potential to address pressing societal challenges, including climate change, healthcare, and digital transformation. By prioritizing high-impact innovations, the program aligns with the broader objectives of the European Union to promote sustainable development and technological advancement.

Seaborg Technologies: Project SEAWEI

One of the notable winners of the EIC Accelerator program is Seaborg Technologies, a Danish company that has made significant strides in nuclear energy innovation. The company’s project, known as SEAWEI (Delivering Clean, Affordable, and Safe Nuclear Energy with the Compact Molten Salt Reactor), aims to revolutionize the nuclear energy landscape through the development of compact molten salt reactors.

Technology Background

Seaborg’s technology is rooted in the principles of molten salt reactor (MSR) design, a form of nuclear reactor that utilizes molten salt as both coolant and fuel. Unlike traditional nuclear reactors that rely on solid fuel rods and water for cooling, molten salt reactors operate at higher temperatures and greater thermal efficiency, while maintaining a lower operating pressure. This innovative design presents several advantages:

Project Objectives

The SEAWEI project specifically focuses on the commercialization and scaling of Seaborg's compact molten salt reactor technology. The funding received through the EIC Accelerator will facilitate further research and development, prototype testing, and market entry strategies. By successfully deploying this technology, Seaborg Technologies aims to not only contribute to the decarbonization of the energy sector but also provide a reliable, efficient, and safe alternative to fossil fuels and traditional nuclear energy.

Conclusion

The EIC Accelerator program represents a vital resource for innovative companies like Seaborg Technologies, enabling them to navigate the complexities of scaling their technologies and securing necessary funding. Through initiatives such as SEAWEI, the EIC Accelerator reinforces its commitment to fostering groundbreaking solutions, ultimately contributing to a sustainable energy future in Europe and beyond.

2 The Funding Rounds

Seaborg Technologies: Funding and Investor Overview Since EIC Accelerator Award (March 2022–April 2025)

Financing Raised

Seaborg Technologies, a Danish developer of compact molten salt reactor technology, has raised significant capital to support its R&D and commercialization efforts since winning the EIC Accelerator in March 2022. As of early 2025, the company’s total disclosed funding stands at approximately $25.3 million. Notably, in February 2025, Seaborg completed a major funding round with DKK 200 million (roughly USD $28 million) raised from existing investors.

Funding Rounds: Timing and Amounts

• November 2020: Secured an “8-digit Euro sum” (at least EUR 10 million; likely more), from private Danish and European investors. This round was positioned as seed funding to accelerate technology development and expand their workforce.
• March/April 2018: The company’s first external investment occurred prior to this period but marks the start of venture financing for Seaborg.
• February/March 2025: Raised DKK 200 million (~USD $28M) from existing investors in a significant new round aimed at scaling up operations for international licensing—particularly in South Korea—and supporting global expansion plans.

Other minor rounds are referenced between November 2020 and January/March of subsequent years but without specific amounts listed publicly.

Investor Information

Key known investors include: - Nordic Makers VC

• Investbridge Capital
• Navid Samandari

A total of at least eight distinct investors have participated across two main publicized rounds as per available data sources. The most recent DKK200m raise came primarily from existing shareholders rather than new entrants into the cap table. Unruly Capital is also mentioned as having participated in a seed stage round by early 2023.

Company Valuations

There is no explicit public disclosure regarding Seaborg Technologies’ post-money valuation following any individual funding round. However, based on typical Series A/B nuclear technology valuations within Europe—especially given oversubscribed rounds totaling well above EUR15–20M—the implied valuation would likely be substantially higher than these figures.

Exit Events: IPOs or Buyouts/Acquisitions

As of April 24, 2025:

• There have been no exit events such as an IPO or acquisition reported for Seaborg Technologies.
• The company remains privately held with ongoing strategic partnerships (for example with Samsung Heavy Industries and Korea Hydro & Nuclear Power), but there is no indication yet that it has pursued or completed any form of public listing or buyout transaction.

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Sources

• Seaborg 'ready to start licensing activities in South Korea'
• Danish nuclear startup Seaborg Technologies secures DKK200m in latest funding round
• Press Release – Nov. 25th 2020: Private Funding Round
• Inclimate Funding Data for Seaborg
• Dealroom profile – Investors & Rounds
• InvestNY – Company Information & Investors

3 The Press Releases

Seaborg Technologies

Seaborg Technologies, a Danish developer of compact molten salt reactors (CMSRs), has been a significant player in the nuclear energy sector since receiving the EIC Accelerator funding in March 2022. Here are key updates on partnerships, technology advancements, team changes, and other developments:

Partnerships

• Samsung Heavy Industries and Korea Hydro & Nuclear Power: Seaborg formed a consortium with these companies to develop floating nuclear power plants. The partnership aims to leverage Samsung's shipbuilding expertise and Korea Hydro & Nuclear Power's operational experience in nuclear power generation.
• Korea Atomic Energy Research Institute: In May 2022, Seaborg signed a memorandum of understanding to combine research and development strengths for advancing nuclear technology.
• Global Power Synergy Public Company Limited (GPSC): Seaborg/Saltfoss is involved in a four-year pre-feasibility study with GPSC to explore the economic viability of floating nuclear power projects.

Technology Advancements

• Compact Molten Salt Reactors (CMSRs): Seaborg's design involves modular CMSR power barges equipped with two to eight 100 MWe reactors. The reactors use liquid salt as a coolant, which solidifies in case of emergencies, enhancing safety.
• Fuel Type Change: Initially aiming to use low-enriched fluoride fuel salt, Seaborg announced plans to use low-enriched uranium for the initial power barges due to the unavailability of the fluoride salt.

Team Updates

• CEO Changes: Klaus Nyengaard was appointed as the new CEO in February 2024, replacing Navid Samandari, who became an interim CEO since the beginning of 2023.
• Board Changes: Niels de Coninck-Smith was appointed as the new chairman in February 2023. Troels Schønfeldt, a co-founder and former CEO, left the board.
• Expansion and Hiring: Seaborg expanded its team significantly, reaching 100 employees by mid-2021.

Name Change

In April 2023, Seaborg Technologies changed its name to Saltfoss Energy. The new name reflects the company's focus on inherently safe molten salt technology.

Funding

Seaborg raised DKK200 million (USD28 million) from existing investors in February 2023 to accelerate development and expand partnerships.

Sources

• Seaborg Technologies News
• Seaborg 'ready to start licensing activities in South Korea'
• Denmark's Seaborg changes name and adds to board
• Partnership formed to deploy Seaborg's Power Barge
• New CEO for Seaborg Technologies and Seasalt Group
• Danish nuclear technology developer expands
• Seaborg Press Release: 100 employees

4 The Technology Advancements

Current Capabilities of Seaborg Technologies

Seaborg Technologies, a Danish company, is renowned for its innovative work in developing compact molten salt reactors (CMSRs) for floating nuclear power barges. These CMSRs are designed to provide safe, sustainable, and cost-effective nuclear energy solutions. The company's modular power barges can be equipped with between two and eight 100 MWe CMSRs, offering a total output of 200 to 800 MW of electricity over a 24-year operational life.

Advancements Since Receiving EIC Accelerator Funding

Following the receipt of the EIC Accelerator funding in March 2022, Seaborg Technologies has made significant advancements:

• Partnerships and Collaborations: Seaborg has formed a consortium with Samsung Heavy Industries and Korea Hydro & Nuclear Power (KHNP) to develop and deploy floating nuclear power plants globally. This partnership aims to leverage each partner's expertise for scalable and efficient deployment.
• Research and Development: The company has collaborated with the TU Delft Reactor Institute on a project investigating molten fuel salt chemistry, enhancing its understanding of the CMSR technology.
• Funding and Expansion: In 2023, Seaborg raised DKK200 million from existing investors, which has been used to accelerate development and expand its team in Denmark and Korea.
• Name Change and Governance: Recently, the company changed its name to Saltfoss Energy and strengthened its board with the appointment of new members, signaling a move towards its next development phase.

Technology Improvements and New Features

Seaborg's CMSR technology offers inherent safety benefits, as the fuel is mixed with molten fluoride salt that acts as a coolant. This design ensures that the reactor will shut down and solidify in case of an emergency, preventing meltdowns and radioactive gas releases. Although the low-enriched fluoride fuel salt is not yet commercially available, Seaborg plans to initially use low-enriched uranium in its power barges.

Market Demonstration and Pilots

While Seaborg has not yet deployed commercial power barges, it has signed memoranda of understanding with companies like Thailand's GPSC to explore deployment opportunities. The company is also planning to start licensing activities in South Korea and aims to have its first reactor ready in the early 2030s.

Patents, Scientific Studies, and Publications

There is no recent information on new patents filed or scientific studies published by Seaborg Technologies since receiving the EIC funding. However, the company continues to engage in collaborative research projects to advance its CMSR technology, such as the partnership with TU Delft.

Sources

• Denmark's Seaborg changes name and adds to board
• Nuclear Start-up Spotlight: Seaborg Technologies
• Denmark's Seaborg To Explore Deployment In Thailand
• Seaborg 'ready to start licensing activities in South Korea'
• Seaborg Technologies Wikipedia
• Seaborg Technologies
• Partnership formed to deploy Seaborg's Power Barge
• Seaborg to collaborate with TU Delft Reactor Institute
• Seaborg selected for EU innovation grant

5 The Partnerships and Customers

Seaborg Technologies: Partnerships and Developments

Seaborg Technologies, a Danish company specializing in molten salt reactor technology, has made significant strides since receiving EIC Accelerator fundingassistant

Partnerships and Customers

Seaborg Technologies has established key partnerships with major industry players:

• Korea Hydro & Nuclear Power (KHNP): In 2023, Seaborg signed a consortium agreement with KHNP and Samsung Heavy Industries to develop floating nuclear power plants based on its Compact Molten Salt Reactor (CMSR) technology. KHNP brings extensive experience in operating nuclear reactors and ensuring regulatory compliance.
• Samsung Heavy Industries (SHI): As a leading shipbuilding and offshore construction company, SHI provides the technical expertise necessary for building the reactor facilities. Their partnership aims to integrate Seaborg’s CMSR technology into floating power barges.
• Korea Atomic Energy Research Institute (KAERI): Seaborg signed a memorandum of understanding with KAERI to combine research and development strengths, advancing nuclear technology further.
• Urenco Limited: Seaborg has a strategic partnership with Urenco Limited, though specific details of their collaboration are not extensively outlined in recent reports.

New Partners and Customers

While there are no recent announcements of new partners or customers beyond the existing collaborations, Seaborg continues to seek like-minded companies to co-develop energy projects. They invite potential partners with experience in infrastructure development to collaborate on advancing their power barge projects.

Nature of Relationships and Purpose

These partnerships are crucial for Seaborg's mission to provide clean, safe, and reliable power generation. By combining their expertise with that of KHNP and SHI, Seaborg aims to accelerate the development of its CMSR-based floating nuclear power plants. The collaboration with KAERI enhances their research capabilities, while Urenco Limited likely contributes to fuel cycle or enrichment aspects.

Market Positioning and Technology Advancements

Seaborg's partnerships position the company as a leader in innovative nuclear technology, particularly in the development of molten salt reactors. These alliances will help Seaborg scale its operations by leveraging the manufacturing capabilities of SHI and the operational expertise of KHNP. The collaboration with KAERI supports the technological advancement by focusing on scaling up testing and validation in expanded facilities and with global partners.

Scaling and Future Developments

Seaborg plans to have its first reactor ready in the first half of the 2030s, followed by series production from the mid-2030s. The funding raised from existing investors will accelerate development, expand the team in Denmark and Korea, and launch several development projects with partners in Europe, the US, and Korea. However, the initial power barges will use low-enriched uranium instead of low-enriched fluoride fuel salt due to its current unavailability.

In recent developments, Seaborg Technologies has undergone a name change to Saltfoss Energy, reflecting its focus on molten salt technology. This name change aligns with the company's mission to emphasize the safety and scalability of its reactor designs.

Sources:

• Seaborg secures funds to accelerate MSR projects
• Press Release | Seaborg | Consortium
• Seaborg Technologies - LeadIQ
• Danish nuclear technology developer expands ... - EnergyWatch
• Co-development partners - Seaborg Technologies
• Seaborg 'ready to start licensing activities in South Korea'
• Danish nuclear startup Seaborg Technologies secures DKK 200m in ...
• seaborg technologies News & Press Releases | PR Newswire
• Denmark's Seaborg changes name and adds to board

6 The Hiring and Company Growth

Seaborg Technologies: Team Growth and Hiring

Seaborg Technologies, a Danish company founded in 2015, specializes in developing molten salt reactors to provide sustainable and affordable energy solutions. Since winning the EIC Accelerator funding in March 2022, Seaborg has experienced notable growth and changes in its team and management.

Current Headcount and Team Size

As of 2022, Seaborg Technologies had more than 100 employees. Recent information suggests the company continues to grow, with an international team of over 100 employees, although exact current figures are not specified.

Hiring and Growth

Seaborg is actively expanding its team. There have been recent job postings, such as for a Laboratory Technician in Copenhagen. The company has received new capital, approximately DKK 200 million, to accelerate development and expand its team, particularly in Denmark and Korea. This investment indicates a strong focus on scaling up operations and hiring more talent to meet its ambitious goals.

Key Positions and Management Changes

Recently, Seaborg appointed Niels de Coninck-Smith as its new Chairman, bringing significant experience from his background in McKinsey and Ferrosan. Additionally, other key appointments include Lise Mortensen and Philippe Bordarier joining the board, enhancing the company's expertise in finance and nuclear energy. The former CEO, Troels Schönfeldt, stepped down from the board after serving for many years, and Navid Samandari took over as interim CEO in early 2023.

Impact of New Team Members on Company Growth

The addition of new team members and management changes are crucial for Seaborg's scaling and growth. These appointments bring in diverse expertise, which will help in navigating complex nuclear technology development, regulatory compliance, and strategic partnerships. For instance, collaborations with partners like Samsung Heavy Industries and Korea Hydro and Nuclear Power are pivotal for deploying Seaborg's first reactor by the mid-2030s. The new capital and expanded team will support these efforts, enabling Seaborg to accelerate its innovative reactor design and licensing processes.

Future Prospects

Seaborg's growth strategy focuses on developing and deploying its molten salt reactor technology, which promises to offer sustainable energy solutions with minimal environmental impact. With its enhanced team and capital, the company is well-positioned to achieve its goal of delivering the first power barge by the late 2020s and starting series production in the mid-2030s.

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Sources: - Seaborg Technologies company information, funding & investors

• Seaborg Technologies company information, funding & investors
• Seaborg Technologies - Wikipedia
• ABOUT US - Seaborg Technologies
• Seaborg gets new capital and new chairman
• New CEO for Seaborg
• Seaborg Technologies - Overview, Competitors, News, and Jobs

7 The Media Features and Publications

Seaborg Technologies: Media Features and Public Engagement Since 2022 Following its EIC Accelerator funding in March 2022, Seaborg Technologies (now Saltfoss Energy) has maintained a strong media presence through partnerships, conferences, and thought leadership. Below is an overview of their activities:

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Media Coverage & Publications

• World Nuclear News: Highlighted Seaborg’s licensing plans in South Korea and fundraising efforts (DKK 200 million raised in early 2024), as well as its rebranding to Saltfoss Energy.
• MIT Technology Review: Recognized Chief Engineer Eirik Eide Pettersen as a top innovator for advancing safe molten salt reactor technology.

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Podcasts & Interviews

Exponential View Podcast (March 2022): CEO Troels Schönfeldt discussed Seaborg’s vision for floating nuclear power plants using inherently safe molten salt reactors. The interview covered scalability, safety innovations, and the role of nuclear energy in decarbonization.

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Conferences & Events

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Strategic Developments Post-2022

• Name Change: Rebranded to Saltfoss Energy in April 2025 to reflect its core molten salt technology while expanding its board with regulatory expertise from former Aarhus mayor Jacob Bundesgaard.
• Global Partnerships: Advanced agreements with Samsung Heavy Industries and Korea Hydro & Nuclear Power for mass-producing floating reactors by the mid-2030s.

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Sources Used:

Seaborg News | World Nuclear News: Licensing in South Korea | Rebranding Announcement | Exponential View Podcast | International Conference Press Release | Norsk Kjernekraft MOU.