Phase 2 Expansion Roadmap
Long-term vision for scaling NuBatt globally (2030-2040)
Phase 2 Expansion Roadmap (2030-2040)
This section outlines NuBatt's long-term vision for scaling the business globally following successful execution of Phase 1 (2026-2031). The Phase 2 expansion contemplates a €5,000 million investment to transform NuBatt from a market leader into the dominant global force in nuclear batteries, isotope production, and advanced energy systems.
Executive Overview
The Two-Phase Growth Strategy
| Phase | Period | Investment | Objective |
|---|---|---|---|
| Phase 1 | 2026-2031 | $119M | Technology commercialisation, market entry, revenue scale to $2.8B |
| Phase 2 | 2030-2040 | €5,000M | Global dominance, full vertical integration, strategic product expansion |
Phase 2 Vision
By 2040, NuBatt aims to be the world's leading provider of long-duration nuclear power systems, with:
- Global manufacturing presence across three continents
- Complete vertical integration from isotope production to finished batteries
- Dominant market share in defence, aerospace, medical, and industrial segments
- Operational molten salt reactor technology providing baseload clean energy
- Annual revenues exceeding €20 billion
Phase 1 Success Criteria
Milestones Triggering Phase 2
Phase 2 expansion is contingent upon achieving the following Phase 1 milestones:
Phase 2 Investment Overview
Investment Parameters
| Parameter | Details |
|---|---|
| Investment Amount | €5,000,000,000 (approximately $5.4 billion USD) |
| Timing | 2030-2032 (phased deployment) |
| Investment Horizon | 8-10 years to full returns realisation |
| Target Use | Global expansion, strategic products, vertical integration |
Indicative Valuation Framework
The following valuation framework is illustrative and will depend on actual Phase 1 performance, market conditions, and negotiated terms.
| Scenario | 2030 Revenue | Implied Valuation | €5B Investment Equity |
|---|---|---|---|
| Base Case | $2.0B | €15-20B | 25-33% |
| Target Case | $2.8B | €20-28B | 18-25% |
| Upside Case | $3.5B | €28-35B | 14-18% |
Investment Structure Options
Growth Equity Round
- Traditional Series C/D growth equity from institutional investors
- Multiple investors sharing the €5B allocation
- Standard governance and board representation
- Aligned incentives for IPO exit
Use of €5 Billion Proceeds
Allocation Overview
| Category | Allocation | Amount | Purpose |
|---|---|---|---|
| Global Manufacturing | 35% | €1,750M | Facilities in EU, Americas, and expanded Asia-Pacific |
| NuThor Reactor Development | 20% | €1,000M | Molten salt reactor commercialisation |
| Vertical Integration | 15% | €750M | Isotope production, NuCarbon expansion, supply chain |
| R&D & New Products | 12% | €600M | Next-generation technologies and product development |
| Strategic Acquisitions | 10% | €500M | Complementary technologies and market access |
| Working Capital & Contingency | 8% | €400M | Operational scaling and strategic flexibility |
Detailed Use of Proceeds
Financial Projections 2030-2040
Revenue Projections
These projections are illustrative and based on successful Phase 1 execution and Phase 2 investment deployment. Actual results may vary significantly.
| Year | Revenue | Growth | EBITDA | EBITDA Margin |
|---|---|---|---|---|
| 2030 | €1.5B | — | €600M | 40% |
| 2031 | €2.8B | 87% | €1.2B | 43% |
| 2032 | €4.5B | 61% | €2.0B | 44% |
| 2033 | €6.5B | 44% | €2.9B | 45% |
| 2034 | €8.5B | 31% | €3.8B | 45% |
| 2035 | €11.0B | 29% | €5.0B | 45% |
| 2036 | €13.5B | 23% | €6.1B | 45% |
| 2037 | €16.0B | 19% | €7.2B | 45% |
| 2038 | €18.5B | 16% | €8.3B | 45% |
| 2039 | €21.0B | 14% | €9.5B | 45% |
| 2040 | €24.0B | 14% | €10.8B | 45% |
Revenue Mix Evolution
| Stream | Revenue | Share |
|---|---|---|
| Nuclear Batteries | €1.1B | 39% |
| Medical Isotopes | €550M | 20% |
| Industrial Isotopes | €320M | 11% |
| Nuclear Waste Recycling | €500M | 18% |
| Advanced Carbon Materials | €75M | 3% |
| Technology Licensing | €65M | 2% |
| NuThor Reactors | — | — |
| Total | €2.8B | 100% |
Geographic Revenue Distribution (2040)
| Region | Revenue | Share | Key Markets |
|---|---|---|---|
| North America | €8.5B | 35% | US defence, medical, aerospace |
| Europe | €6.0B | 25% | Defence, industrial, medical |
| Asia-Pacific | €7.0B | 29% | Industrial, electronics, medical |
| Rest of World | €2.5B | 10% | Emerging markets, resource sector |
Global Expansion Strategy
Manufacturing Footprint 2040
Singapore (Headquarters)
- Corporate headquarters
- Advanced R&D centre
- High-value manufacturing
- Asia-Pacific distribution hub
European Hub
- Full-scale battery manufacturing
- Isotope processing centre
- NuCarbon facility
- EU market operations
North American Operations
- US defence-focused manufacturing
- ITAR-compliant production
- Canadian isotope sourcing
- Americas market hub
Extended Asia-Pacific
- Japan/Korea manufacturing
- Australia resource operations
- Regional distribution
- Technology partnerships
Workforce Projection
| Year | Employees | Distribution |
|---|---|---|
| 2031 | 800 | Primarily Singapore |
| 2035 | 3,500 | Singapore 30%, EU 35%, Americas 25%, Other 10% |
| 2040 | 8,000 | Singapore 20%, EU 35%, Americas 30%, Other 15% |
NuThor Reactor: Strategic Growth Engine
The Opportunity
The NuThor thorium molten salt reactor represents NuBatt's entry into the broader clean energy market, leveraging nuclear expertise developed in the battery business to address the growing demand for reliable, carbon-free baseload power.
Market Drivers
| Driver | Opportunity |
|---|---|
| Decarbonisation | Industrial facilities seeking carbon-free power |
| Energy Security | Nations seeking energy independence |
| Remote Power | Mining, research, and isolated communities |
| Data Centres | Growing demand for reliable 24/7 power |
| Grid Instability | Backup and baseload for intermittent renewables |
NuThor Specifications
| Specification | Value |
|---|---|
| Thermal Output | 5 MW |
| Electrical Output | 2.25-2.5 MW |
| Efficiency | 45-50% |
| Fuel | Thorium-U233 (self-sustaining breeder) |
| Operational Life | 10-20 years without refuelling |
| Form Factor | Container-sized, transportable |
NuThor Business Model
| Revenue Stream | Model | Potential |
|---|---|---|
| Unit Sales | €20-50M per reactor | Capital equipment revenue |
| Fuel Services | Long-term contracts | Recurring revenue |
| Maintenance | Service agreements | Recurring revenue |
| Licensing | Regional manufacturing rights | IP monetisation |
Deployment Roadmap
2030-2031: Design finalisation and regulatory pre-engagement
2031-2033: Prototype construction and testing
2033-2035: Regulatory certification in lead markets
2035-2037: First commercial deployments
2037-2040: Scale manufacturing and global rollout
Exit and Returns Analysis
IPO Pathway
NuBatt anticipates pursuing an Initial Public Offering as the primary liquidity event for investors, targeting a listing between 2032 and 2035.
| Parameter | Base Case | Target Case | Upside Case |
|---|---|---|---|
| IPO Year | 2035 | 2033 | 2032 |
| Revenue at IPO | €11B | €6.5B | €4.5B |
| Revenue Multiple | 4-5x | 5-6x | 6-8x |
| Implied Market Cap | €44-55B | €33-39B | €27-36B |
Return Scenarios
Phase 1 Investors ($119M for 30%)
| Scenario | IPO Valuation | Phase 1 Stake Value | Multiple | IRR |
|---|---|---|---|---|
| Conservative | €30B | €5.4B* | 45x | ~65% |
| Base Case | €45B | €8.1B* | 68x | ~75% |
| Upside | €60B | €10.8B* | 91x | ~85% |
*Assumes dilution from Phase 2 investment; actual stake depends on valuation and structure.
Phase 2 Investors (€5B)
| Scenario | IPO Valuation | Exit Value | Multiple | IRR |
|---|---|---|---|---|
| Conservative | €30B | €7.5B | 1.5x | ~12% |
| Base Case | €45B | €11.3B | 2.3x | ~20% |
| Upside | €60B | €15.0B | 3.0x | ~28% |
Return projections are illustrative and based on assumptions about execution, market conditions, and valuation multiples. Actual returns may vary significantly. Past performance of comparable companies is not indicative of future results.
Alternative Exit Scenarios
Phase 2 Risk Factors
Phase 2 expansion involves significant risks in addition to those identified for Phase 1. Investors should carefully consider these factors.
Execution Risks
| Risk | Description | Mitigation |
|---|---|---|
| Scale Complexity | Managing global operations across multiple jurisdictions | Phased expansion; experienced leadership hires |
| Capital Deployment | Efficiently deploying €5B across multiple initiatives | Milestone-based funding; rigorous project governance |
| Integration | Integrating acquisitions and new facilities | Dedicated integration teams; cultural alignment focus |
| Talent | Recruiting 7,000+ additional skilled employees | Employer branding; competitive compensation; training programmes |
Market Risks
| Risk | Description | Mitigation |
|---|---|---|
| Competition | Increased competition as market matures | Continued innovation; IP protection; customer relationships |
| Technology Disruption | Alternative technologies emerging | Diversified product portfolio; R&D investment |
| Market Demand | Slower than projected market growth | Multiple market exposure; flexible capacity planning |
Regulatory Risks
| Risk | Description | Mitigation |
|---|---|---|
| NuThor Licensing | Regulatory delays for reactor technology | Early engagement; multiple jurisdiction approach |
| International Regulations | Varying requirements across jurisdictions | Local regulatory expertise; compliance infrastructure |
| Export Controls | Restrictions on nuclear technology transfer | Robust compliance programmes; government relationships |
Financial Risks
| Risk | Description | Mitigation |
|---|---|---|
| Valuation | Phase 2 investment at lower than projected valuation | Strong Phase 1 execution; multiple investor options |
| Currency | Multi-currency operations and investments | Hedging programmes; natural hedges through local operations |
| Returns | Lower than projected returns for Phase 2 investors | Conservative projections; multiple value creation levers |
Summary
The Phase 2 Expansion Roadmap outlines NuBatt's vision for becoming the world's leading nuclear energy systems company over the 2030-2040 period.
Key Elements:
| Element | Description |
|---|---|
| Investment | €5,000M to fund global expansion |
| Geographic Reach | Manufacturing presence on three continents |
| Product Expansion | Entry into modular reactor market with NuThor |
| Revenue Target | €24B annual revenue by 2040 |
| Market Position | Global leadership in nuclear batteries and isotopes |
| Exit Pathway | IPO targeting €30-60B+ market capitalisation |
The Opportunity:
Phase 2 represents the transformation of NuBatt from a successful technology company into a global energy systems leader. The combination of proven battery technology, isotope production capabilities, advanced materials expertise, and entry into the reactor market creates a diversified, vertically integrated enterprise positioned at the centre of the nuclear renaissance.
For investors participating in Phase 1, the Phase 2 vision demonstrates the long-term potential of the platform being built today. For future Phase 2 investors, the opportunity is to participate in scaling a proven business model globally.
[End of Phase 2 Expansion Roadmap]