US-based nuclear fuel startup Clean Core Thorium Energy has raised $15.5 million in funding from prominent industry leaders over two rounds of funding, the latest of which was closed in December 2024, Mehul Shah, CEO and founder of Clean Core told ET. The investments were led by a Singapore-based family office, along with Indian industry leaders such as Sumant Sinha , CEO and founder ReNew, Deepak Parekh , former chairman HDFC Bank , and Lakshmi Narayanan, former CEO, Cognizant Technologies, among others.

In the latest round of fund raising, the company accumulated $10 million.

It had raised about $5.5 million in 2022, which was led by Narayanan.

The Oak Brook-headquartered company plans to go for another round of fund-raising in the ongoing calendar year, Shah said, without giving details of the amount to be raised.

Shah, a non-resident Indian, founded Clean Core in 2017, after spending three decades in manufacturing business in emerging markets.

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Shah did not disclose the share of individual contributions.

With plans to commercialise its fuel in 2026, the capital is funding the company's technical partnerships such as with irradiation test and qualification at Idaho National Labs.

The company plans to work with state-run NTPC Ltd and L&T to deploy the technology in India.

However, the move will need regulatory approvals from the US and Indian governments.

It entered a strategic partnership with NTPC in December to explore the development and deployment of the fuel.

It also signed a memorandum of understanding in October with engineering major L&T to provide efficient solutions in clean energy globally.