Alva Energy announced it has launched with $33 million in funding led by Playground Global.
Alva aims to rapidly unlock 10 gigawatts of new electric power generation capacity from the existing U.S. reactor fleet to meet surging power demand from AI and other industrial uses. The company’s solution can deliver usable clean energy at scale from existing plants far faster and at much lower cost than new nuclear plants can be built – on a timeline and cost that is competitive with gas-fired generation.
Additional investors in the Series A included Segra Capital, NGP, Mercator Partners, and Alumni Ventures, as well as returning investors 8VC, Logos, Australian energy specialist Simon Holmes à Court, and philanthropist and environmental activist Isabelle Boemeke. Investors from the company’s initial funding round include Gigascale Capital, Safar Partners, Collaborative Fund, Activate Global, and Michael Anders, the founder of ICONIQ Capital.
“America can’t afford to wait decades to build new nuclear generation capacity or for next-generation technologies to meet today’s rising power demands,” said James Krellenstein, CEO and Co-Founder of Alva Energy. “By upgrading the nuclear infrastructure we already have, we can deliver gigawatts of clean, always-on power to meet the needs of AI data centers, and we can do it without burdening ratepayers with the cost. With our first projects online in five years, this is the fastest, most practical way to expand carbon-free energy capacity in the U.S.”
Alva is productizing upgrades to existing nuclear plants, turning complex retrofit projects into standardized, turnkey offerings. By replacing steam generators and adding a second turbine generator to plants, Alva maximizes their electrical generation capacity while maintaining or improving their safety margins. Drawing on engineering methods proven at plants worldwide, Alva manages the full uprate lifecycle–from regulatory compliance and procurement to installation and commissioning–reducing risk, shortening timelines, and delivering repeatable results across the fleet.
Alva can increase electrical generation capacity by 200-300 MWe per reactor – approximately the output of a small modular reactor (SMR) – with a combined potential of 10 GWe in new capacity across the U.S. grid. Its uprates can be deployed as quickly as gas turbines in today’s market, but with comparable long-term cost and without carbon emissions. Built on technologies with over 100 reactor-years of operating history, Alva’s standardized offering could yield a full 10 GWe through the 2030s, far outpacing any added capacity from new construction over the same timeframe. The Series A funding will enable Alva to advance multiple projects in parallel, scale its engineering teams, and secure regulatory pre-approvals for key uprate methods from the U.S. Nuclear Regulatory Commission (NRC).
“The biggest obstacle standing in the way of an AI-enabled future isn’t compute, it’s power,” said Pat Gelsinger, General Partner at Playground Global, who will join Alva’s Board of Directors. “Playground invested in Alva because they’re the only nuclear company designed to deliver at the speed, scale and certainty this moment demands. Their approach doesn’t rely on theoretical technologies or distant timelines, it unlocks gigawatts of clean power from existing infrastructure. It's real, it’s financeable and it’s deployable this decade.”
As part of an innovative financing model, Alva works directly with large-scale power consumers–including hyperscalers–and utilities to finance its nuclear plant retrofits without increasing costs for residential ratepayers. This approach solves a key issue confronting the AI industry: the growing community opposition to new data center development as consumers face steeply rising electricity costs.
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“Segra Capital has been involved with Alva since its founding because what gives us confidence is not theory–it’s execution,” said Arthur Hyde, Partner at Segra Capital Management, an energy-focused investment firm. “Members of the team have managed multi-billion-dollar nuclear projects, led NRC design certifications, and completed some of the most complex component replacements in the industry. That kind of delivery pedigree is extraordinarily difficult to replicate, and it’s why we’re excited to back Alva’s ambitious goals.”
Alva’s experienced team includes globally recognized engineers and project leaders with deep, hands-on nuclear delivery experience. Team members have led projects that set industry records in high-speed nuclear construction and licensing, including the fastest nuclear steam generator replacement and fastest and cheapest reactor design certification in NRC history. This real‑world experience executing complex upgrades and licensing work underpins Alva’s ability to scale uprates across the existing U.S. nuclear fleet.
"Alva Energy is unlocking the full potential of the existing U.S. nuclear power fleet," says Maritza Liaw, Partner at NGP. "By enhancing generation capacity at current plants, they can safely and affordably expand nuclear power before new plants are constructed. Alva's uprate solution delivers additional nuclear capacity with the cost-effectiveness and speed comparable to combined cycle gas plants. The team's exceptional project delivery experience, coupled with a standardized uprate design, ensures a thoughtful and secure expansion of U.S. nuclear power production. NGP is proud to support the talented team at Alva.”
