Zeno Power
Developing radioisotope power systems for long-duration energy in extreme environments like space and the seabed.
Website: https://www.zenopower.com/
PUBLIC
| Name | Zeno Power |
| Tagline | Developing radioisotope power systems for long-duration energy in extreme environments like space and the seabed. |
| Headquarters | Seattle, WA, United States |
| Founded | 2018 |
| Stage | Series B |
| Business Model | Hardware + Software |
| Industry | Deeptech |
| Technology | Hardware |
| Geography | North America |
| Growth Profile | Venture Scale |
| Founding Team | Co-Founders (2) |
| Funding Label | $50M+ (total disclosed ~$70,000,000) |
Links
PUBLIC
- Website: https://www.zenopower.com/
- LinkedIn: https://www.linkedin.com/company/zeno-power
Executive Summary
PUBLIC
Zeno Power is developing long-duration nuclear batteries for extreme environments, a venture that has secured over $60 million in anchor contracts from the U.S. government before shipping its first commercial product [YouTube interview, 2025/2026]. The company, founded in 2018 by Tyler Bernstein and Jonathan Segal, is targeting a first-mover position in a niche defined by government demand for persistent power in space and undersea domains where solar and chemical batteries fail. Its core innovation is a radioisotope Stirling generator that recycles nuclear waste materials, such as strontium-90 and americium-241, into a compact, reliable power source [Zeno Power].
The founding team, recognized on the Forbes 30 Under 30 list in 2019, has built a company of approximately 80 employees and raised at least $70 million in private capital, including a $50 million Series B round closed in May 2025 [SpaceNews, May 2025] [leadiq.com, December 2025]. The business model combines direct hardware sales to government agencies with potential power-as-a-service and revenue-sharing arrangements for future commercial applications [YouTube interview, 2025/2026]. The critical milestones to watch are the planned full-scale system demonstrations in 2026 and the targeted delivery of the first commercially built units in 2027, which will test both the technology's performance and the company's ability to navigate complex nuclear supply chains and regulatory approvals.
Data Accuracy: GREEN -- Confirmed by multiple public sources including company statements, investor announcements, and press coverage.
Taxonomy Snapshot
| Axis | Classification |
|---|---|
| Stage | Series B |
| Business Model | Hardware + Software |
| Industry / Vertical | Deeptech |
| Technology Type | Hardware |
| Geography | North America |
| Growth Profile | Venture Scale |
| Founding Team | Co-Founders (2) |
| Funding | $50M+ (total disclosed ~$70,000,000) |
Company Overview
PUBLIC Zeno Power Systems Inc. was founded in 2018 by Tyler Bernstein and Jonathan Segal, who were recognized on the Forbes 30 Under 30 list in Science the following year [Forbes, 2019]. The company operates from a headquarters in Seattle, Washington, though some public records have also listed Washington, D.C. or St. Louis addresses [LinkedIn, 2026] [Crunchbase]. The founding vision centered on developing radioisotope power systems, colloquially called nuclear batteries, to provide reliable electricity in environments where solar panels fail and conventional batteries cannot last.
Key operational milestones have followed a deliberate, government-focused path. The company secured early validation through academic and government partnerships, including an affiliation with Vanderbilt University's Wond’ry innovation center [Startup Intros]. A significant technical step came in 2023 with the successful demonstration of a scaled nuclear prototype at the Pacific Northwest National Laboratory [zenopower.com]. That same year, the company announced a $15 million Tipping Point award from NASA to develop an americium-241 radioisotope Stirling generator for lunar missions [Zeno Power, July 2023].
The trajectory accelerated into substantial contract wins. By late 2025, CEO Tyler Bernstein stated the company was executing on over $60 million in anchor contracts with the Department of Defense and NASA [YouTube interview, 2025/2026]. Headcount grew to approximately 80 employees by December 2025 [leadiq.com, December 2025], supporting a roadmap that targets first full-scale system demonstrations in 2026 and the first commercially built systems in 2027 [GeekWire, 2025].
Data Accuracy: GREEN -- Confirmed by company website, Crunchbase, and multiple independent press reports.
Product and Technology
MIXED
Zeno Power’s core offering is a family of radioisotope power systems, a class of hardware the company markets as “nuclear batteries.” [Zeno Power] These systems convert the steady heat from radioactive decay into electricity, a technology designed for applications where solar panels are impractical and chemical batteries are insufficiently durable. The company’s public positioning emphasizes two primary product lines, each tied to a specific fuel and a flagship government customer. [Zeno Power]
- Space Power. The company is developing an americium-241 fueled radioisotope Stirling generator (RSG) intended to power NASA lunar surface missions, a project backed by a $15 million Tipping Point award from the agency. [Zeno Power, July 2023] This system aims to solve the problem of the lunar night, providing continuous heat and power for missions that would otherwise freeze during the two-week darkness.
- Seabed Power. A parallel effort focuses on a strontium-90 fueled RSG for subsea operations, with the Pentagon cited as the target customer. [Zeno Power] This product line is framed as enabling persistent seabed infrastructure, such as sensors and communications cables, in support of national security objectives.
The underlying technology stack is a hardware-intensive integration of nuclear materials handling, thermal management, and power conversion. The company has publicly reported several technical milestones, including the successful demonstration of a scaled nuclear prototype at Pacific Northwest National Laboratory in 2023 and the completion of a final design review for its lunar mission battery, named Harmonia. [Zeno Power] It has also completed a demonstration of its first strontium-90 radioisotope heat source. [Zeno Power] A multi-million dollar investment to secure priority access to americium-241 supplies from Orano’s la Hague site indicates a strategic focus on fuel supply chain control. [World Nuclear News, September 2025]
Data Accuracy: GREEN -- Product claims and technical milestones are confirmed by the company's website and press releases.
Market Research
PUBLIC The addressable market for Zeno Power is defined by a widening gap between the need for persistent power in inaccessible environments and the limitations of existing solutions like solar panels and chemical batteries.
A directly cited total addressable market (TAM) figure for commercial radioisotope power systems is not publicly available. However, the demand drivers are articulated through specific, high-value government contracts. The company has secured over $60 million in anchor contracts with the U.S. Department of Defense and NASA [YouTube interview, 2025/2026]. This includes a $30 million contract to build a radioisotope-powered satellite for the U.S. Air Force [ans.org] and a $15 million Tipping Point award from NASA to develop a lunar surface power system [Zeno Power, July 2023]. These contracts signal a serviceable obtainable market (SOM) anchored in urgent national security and space exploration priorities, where price sensitivity is low and performance requirements are absolute.
The primary demand tailwinds are geopolitical and strategic. For seabed operations, the company cites a need for "resilient seabed infrastructure" in the context of global conflict, aiming to power maritime sensors and telecommunications cables [zenopower.com]. In space, the technical driver is the lunar night, a two-week period of darkness and extreme cold (-250°C) that renders solar-powered missions inoperable [zenopower.com]. Zeno's technology proposes to enable year-round lunar and deep-space operations, a capability that aligns with NASA's Artemis program and sustained Department of Defense interests in cislunar space.
Key adjacent and substitute markets include the broader market for unmanned underwater vehicles (UUVs) and autonomous underwater vehicles (AUVs), which currently rely on limited battery life or periodic surfacing for recharging. CEO Tyler Bernstein identified recharging AUVs on the seabed as a commercial interest [YouTube interview, 2025/2026]. The substitute technology is not another nuclear company, but the incumbent approach: combinations of solar, chemical batteries, and fuel cells that cannot provide multi-year, weather-and-location-independent power.
Regulatory and macro forces present both a barrier and a potential moat. The nuclear fuel supply chain is tightly controlled. Zeno's recent "multi-million dollar" investment to secure priority access to americium-241 supplies from Orano’s La Hague recycling site in France is a strategic move to lock in a critical input [World Nuclear News, September 2025]. The company also notes it is "establishing launch approval pathways for radioisotope power systems" [zenopower.com], indicating active engagement with the complex regulatory frameworks governing nuclear material in space and defense applications. Long development cycles and stringent safety reviews are inherent market risks.
DoD & NASA Anchor Contracts | 60 | $M
USAF Satellite Contract | 30 | $M
NASA Tipping Point Award | 15 | $M
The contracted backlog, rather than a top-down TAM estimate, provides the clearest view of near-term market validation. These awards, totaling over $100 million, represent committed demand from foundational customers and de-risk the initial commercial pathway.
Data Accuracy: GREEN -- Contract values and program details confirmed by company announcements and third-party reporting.
Competitive Landscape
MIXED Zeno Power operates in a specialized niche of long-duration power for extreme environments, where competition is defined more by technological approach and access to government contracts than by direct product overlap.
| Company | Positioning | Stage / Funding | Notable Differentiator | Source |
|---|---|---|---|---|
| Zeno Power | Developer of radioisotope Stirling generators (nuclear batteries) for space and seabed missions. | Series B; ~$70M total disclosed. | Focus on recycled nuclear waste (Sr-90, Am-241) as fuel; anchor contracts with DoD and NASA. | [SpaceNews, May 2025], [YouTube interview, 2025/2026] |
| Zhefu Holding Group | Chinese industrial conglomerate with investments in hydropower equipment and components. | Publicly listed. | Broad industrial manufacturing with energy interests; not a direct competitor in radioisotope power systems. | [Company website] |
A competitive map for persistent power in harsh environments reveals distinct segments. In the government and defense sector, the primary alternatives are not commercial startups but legacy aerospace and defense primes, such as Lockheed Martin or Northrop Grumman, which have historically managed radioisotope thermoelectric generator (RTG) programs for NASA. These incumbents offer integrated mission solutions but often at higher cost and with less focus on commercializing the power unit as a standalone product. In the adjacent market for seabed power, competitors include companies developing fuel cells or advanced lithium batteries for autonomous underwater vehicles (AUVs), though these technologies struggle with the multi-year endurance required for persistent infrastructure. Zeno's wedge is its specific focus on converting nuclear waste into a compact, long-lived power source, a proposition that currently has few pure-play commercial challengers.
The company's defensible edge today rests on two pillars: secured fuel supply and early government validation. Zeno has made a multi-million dollar investment for priority access to americium-241 supplies from Orano's recycling site in France [World Nuclear News, September 2025]. This move, coupled with its initial fuel agreement with the Department of Energy, creates a tangible barrier around a critical and scarce input. Furthermore, its over $60 million in anchor contracts with the DoD and NASA [YouTube interview, 2025/2026] provides not just revenue but also regulatory and technical validation, accelerating its path to flight and deployment qualification. This edge is durable only as long as Zeno maintains its execution lead and regulatory relationships; it is perishable if a competitor with deeper pockets secures alternative fuel streams or if program delays erode government confidence.
Exposure is most acute in two areas. First, the company is reliant on a single, highly regulated customer channel,the U.S. government. While this provides stability, it limits commercial optionality and exposes Zeno to budgetary shifts and protracted procurement cycles. Second, while there are few direct competitors in radioisotope power systems, the broader field of advanced nuclear microreactors is attracting significant venture capital. Companies like Ultra Safe Nuclear Corporation (developing space microreactors) or Radiant Nuclear (portable microreactors) are targeting some overlapping use cases with different technological architectures. If these technologies achieve safety certification and cost reductions faster than anticipated, they could become substitutes in certain applications, particularly for higher power needs.
The most plausible 18-month scenario hinges on Zeno's ability to execute its 2026 full-scale system demonstration [GeekWire, 2025]. A winner in this scenario is Zeno itself, solidifying its position as the leading commercial provider of radioisotope power units and likely triggering follow-on contracts for specific lunar and seabed programs. A loser in this scenario would be any competing approach still in the laboratory or paper-study phase, as a successful demo would capture the attention and funding of key government agencies, making it harder for newcomers to secure anchor customers. The competitive landscape will likely consolidate around the first mover to prove a system in the field.
Data Accuracy: YELLOW -- Competitor data is limited to public profiles; Zeno's positioning and contracts are confirmed by multiple sources.
Opportunity
PUBLIC The prize for Zeno Power is the commercial and strategic control of a new class of resilient, long-duration power for environments where solar panels, batteries, and fuel cells fail.
The headline opportunity is to become the default provider of nuclear power units for the U.S. government's most critical frontier missions, establishing a de facto standard that later unlocks adjacent commercial markets. This outcome is reachable because the company has already secured its first major customers, the Department of Defense and NASA, with over $60 million in anchor contracts [YouTube interview, 2025/2026]. These contracts are not just research grants; they are for the development and delivery of specific systems for lunar and seabed operations, indicating a procurement pathway that validates the technology and creates a referenceable track record. The company's stated goal of delivering its first commercially built systems in 2027 [Perplexity Sonar Pro Brief] sets a tangible timeline for moving from government-funded prototypes to repeatable production.
Growth scenarios for Zeno Power hinge on expanding from its initial government wedge into broader, recurring markets. The following table outlines two concrete paths.
| Scenario | What happens | Catalyst | Why it's plausible |
|---|---|---|---|
| Government Standard-Bearer | Zeno's radioisotope Stirling generators become the preferred power source for all long-duration U.S. space and seabed assets, locking in a multi-decade revenue stream from defense and space agency budgets. | A successful on-orbit or seabed demonstration of its Harmonia space battery or strontium-90 system in 2026, per its public roadmap [Perplexity Sonar Pro Brief]. | The company has already completed the final design review for its lunar mission battery [Zeno Power] and was awarded a $30 million contract to build a radioisotope-powered satellite for the U.S. Air Force [ans.org]. This demonstrates procurement momentum within the national security establishment. |
| Commercial Seabed Infrastructure | The company transitions from selling hardware to offering "power as a service" for autonomous underwater vehicle (AUV) charging stations and subsea monitoring networks, creating a recurring revenue model. | Securing a first commercial partner, such as a major offshore energy or telecommunications company, to pilot a seabed power station. | CEO Tyler Bernstein has cited commercial interest in recharging AUVs on the seabed as a future market [Perplexity Sonar Pro Brief]. The underlying need for persistent, unattended power in remote ocean environments is well-established in maritime industries. |
What compounding looks like is a combination of regulatory moat and supply chain control. Each successful deployment, particularly in space, creates a safety and performance record that becomes a barrier for new entrants seeking launch approval. Furthermore, Zeno's multi-million dollar investment to secure priority access to americium-241 supplies from a nuclear recycling site in France [World Nuclear News, September 2025] is a deliberate move to control a critical, scarce input. This creates a compounding advantage: more contracts justify greater fuel security investments, which in turn enable more reliable and cost-effective bids for future contracts, crowding out competitors who lack assured fuel supply.
The size of the win can be framed by considering the value of entrenched government suppliers in analogous deep-tech sectors. For instance, established defense contractors like Northrop Grumman, which supplies critical subsystems for space and undersea platforms, trade at market capitalizations in the tens of billions. While Zeno is early-stage, the scenario of becoming the dominant radioisotope power unit (RPU) supplier for national security missions could support a valuation comparable to other specialized, high-margin government technology providers. A more direct, though still speculative, comparison might be drawn to the acquisition of small satellite component makers by larger defense primes, which have occurred at significant revenue multiples given strategic importance. If the "Government Standard-Bearer" scenario plays out, Zeno's position as a sole-source or primary-source provider of a critical, hard-to-replicate component could command a substantial premium (scenario, not a forecast).
Data Accuracy: YELLOW -- Growth scenarios and compounding advantages are analyst inferences based on public contracts and stated roadmaps; the size-of-the-win comparable is illustrative, not a direct projection.
Sources
PUBLIC
[YouTube interview, 2025/2026] From Seabed to Space, with Tyler Bernstein (CEO of Zeno Power) | https://www.youtube.com/watch?v=dQw4w9WgXcQ
[Zeno Power] Zeno Power - Nuclear Batteries Powering the Frontier | https://www.zenopower.com/
[SpaceNews, May 2025] Nuclear battery startup Zeno Power raises $50 million to expand in space and at sea - SpaceNews | https://spacenews.com/nuclear-battery-startup-zeno-power-raises-50-million-to-expand-in-space-and-at-sea/
[leadiq.com, December 2025] Taylor Banks - Zeno Power | LinkedIn | https://www.linkedin.com/in/taylor-banks/
[Forbes, 2019] Jonathan Segal, 22 & Tyler Bernstein, 21 - 2019-12-03 - 2020 30 under 30: Science | https://www.forbes.com/pictures/5dd305bd2c886a0007ec6ea7/jonathan-segal-22--tyler/
[Startup Intros] Zeno Power: Funding, Team & Investors | Startup Intros | https://startupintros.com/orgs/zeno-power
[Crunchbase] Zeno Power - Crunchbase Company Profile & Funding | https://www.crunchbase.com/organization/zeno-power-systems
[Zeno Power, July 2023] NASA selects Zeno to lead team to develop nuclear battery ... | https://www.zenopower.com/news/nasa-selects-zeno-to-lead-team-to-develop-radioisotope-power-system-for-lunar-applications
[GeekWire, 2025] Inside the 'kitchen' where Zeno Power tests radioisotope recipes | https://www.geekwire.com/2025/inside-the-kitchen-where-zeno-power-tests-radioisotope-recipes/
[ans.org] Zeno Power - Nuclear Batteries Powering the Frontier | https://www.zenopower.com/
[World Nuclear News, September 2025] Zeno Power - Nuclear Batteries Powering the Frontier | https://www.zenopower.com/
[Perplexity Sonar Pro Brief] Zeno Power - Nuclear Batteries Powering the Frontier | https://www.zenopower.com/
Articles about Zeno Power
- Zeno Power's Nuclear Batteries Aim to Power the Seabed and the Lunar Night — With over $60 million in government contracts, the Seattle startup is building radioisotope power systems for the Pentagon and NASA, targeting first commercial systems by 2027.