SHINE Technologies has received a conditional commitment for a loan of up to $263M from the U.S. Department of Energy to support construction of Chrysalis, a medical isotope production facility in Janesville, WI.
The financing would support completion of a high-volume facility intended to establish the first domestic commercial supply of molybdenum-99, according to SHINE.
Mo-99 is used in more than 40,000 diagnostic procedures daily to diagnose heart disease, cancer, and other conditions, according to the company and DOE. The U.S. currently relies on imports from Europe, South Africa, and Australia for supply.
Because Mo-99 decays at about 1% per hour, SHINE said roughly 1/3 of its volume and value is lost during cross-continental transport. The company said domestic production would reduce logistics-related supply vulnerability.
Chrysalis uses SHINE’s fusion technology platform and a liquid uranium target to produce Mo-99. The company said the facility is also designed to produce iodine-131, xenon-133, and other medical isotopes.
Once fully operational, Chrysalis is expected to be the largest medical isotope production facility in the world, according to SHINE. DOE said the project would create a reliable and secure supply of medical isotopes made with fusion and fission technology.
The loan has not been finalized. DOE said the conditional commitment depends on SHINE satisfying technical, legal, environmental, and financial conditions before closing.
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