Scaling Clean: Thomas Jam Pedersen on Building a Nuclear Startup in Europe

How Copenhagen Atomics is using recycled nuclear waste and thorium to build a new generation of molten salt reactors, and a funding model to match.

Thomas Jam Pedersen, the CEO of Copenhagen Atomics, is developing compact molten salt reactors fueled by recycled nuclear waste and thorium for greater efficiency and scalability.

Thomas joined me on Scaling Clean to talk about what it really takes to lead a nuclear startup in Europe, a region that hasn’t always made life easy for entrepreneurs in new technologies. What struck me most was his candor about both the technical breakthroughs Copenhagen Atomics is pursuing and the business realities of funding a company in such a long-cycle industry.

Europe’s Difficult Innovation Climate

(15:05) Thomas doesn’t sugarcoat the challenges. He describes how Europe has wrestled with economic stagnation and even hostility to new technologies over the past decade. While countries like Norway and Poland have fared better thanks to oil and gas exports, the broader environment has been difficult for innovators in fields like nuclear.

For Copenhagen Atomics, that has meant looking beyond Europe for its growth story. Thomas envisions the company’s future production and sales happening mostly abroad, while still maintaining a research and development footprint in Denmark.

It’s a striking reminder that policy and economics are just as important as technology in determining where innovation flourishes.

Energy as the Foundation of Prosperity

(16:32) Thomas also makes a compelling case for why the stakes are so high. Energy isn’t just another sector of the economy. It’s the foundation of every product we use and every industry that grows.

China and India have seized this opportunity, rapidly scaling every form of energy generation to secure their industrial advantage. Today, China dominates in energy-intensive industries such as aluminum, steel, and ammonia, industries that power global supply chains.

Europe, on the other hand, risks losing ground in areas like EV manufacturing and agriculture if it cannot secure low-cost, reliable energy. 

This broader framing, that energy is the enabler of prosperity, helps explain why Copenhagen Atomics is betting on small, modular reactors as a way to give industries affordable, sustainable power at scale.

Funding a Nuclear Startup vs. Software

(19:50) Thomas had an interesting perspective on raising capital.

Most venture investors are trained in the rhythm of software: scale fast, acquire customers quickly, and exit in about 10 years. Nuclear doesn’t fit that model. It’s closer to pharmaceuticals, with decades-long development cycles and a far heavier lift in R&D and regulation.

Copenhagen Atomics knew it couldn’t survive by relying only on repeated funding rounds that eventually wear down investors. Instead, the company designed a model to generate early revenue streams, a way to keep money flowing in while the long-term reactor technology matures.

By selling test systems, reactor salts, and now lithium-6 and lithium-7, Copenhagen Atomics established steady collaborations with universities, labs, and industry partners worldwide, proving their ability to grow revenue even before commercial reactors come online.

That strategy has already reassured investors, and the company projects $50 million in annual revenue by 2028, with a demonstration reactor expected in 2027. Thomas believes this will multiply the company’s valuation tenfold and give investors confidence that Copenhagen Atomics is built for the long haul.

It’s a bold funding model, and one that could become a template for other startups trying to bridge the gap between visionary science and real-world business.

Why This Conversation Matters

For me, this episode uncovers two things:

• The future of energy isn’t just about new technology. It’s about savvy business models. Copenhagen Atomics shows that innovation in finance and funding can be just as important as innovation in physics.
• Leadership in long-cycle industries requires a unique mindset. Patience, resilience, and the ability to reassure investors for decades are critical skills.

Note - in this episode, Thomas mentions an article he wrote where he predicts how much energy different sectors will consume by 2050, noting that AI will experience the largest growth in energy demand. Here is the link.

Listen to the full conversation on Apple, Spotify, Radio Public, Amazon Music, and iHeart.