RX Raises $7.6M for Industrial Heat SMR Development

South Korean startup RX has successfully closed a $7.6 million (10 billion won) bridge funding round, propelling its development of small modular reactors (SMRs) designed for industrial heat supply. This latest infusion of capital, which brings the company's total funding to $18 million (23.9 billion won), underscores growing investor confidence in decarbonized thermal energy solutions.

The funding round saw participation from prominent new investors, including the Korea Development Bank, Smilegate Investment, and Kiwoom Investment. Existing backer Company K Partners also contributed, demonstrating continued support for RX's innovative approach. This financial boost is critical for RX as it aims to advance to Phase 2 of the Ministry of SMEs and Startups' Deep Tech Challenge Project (DCP).

RX is focused on developing the RX-50, a pressurized water heat-supply SMR. This technology is engineered to replace traditional fossil fuel-based heat sources in industrial settings, offering a stable and zero-emission alternative. The company is collaborating with the Korea Atomic Energy Research Institute (KAERI) on this ambitious project, having already completed the conceptual design for the RX-50 under the DCP Phase 1 initiative.

The successful completion of this bridge round, which met the 3 billion won minimum follow-on investment requirement, allows RX to proceed with full-scale research and development if it passes the upcoming Phase 2 evaluation. The company, founded by former KAERI engineers with deep expertise in SMR design, has been on a consistent growth path since securing initial seed funding from accelerator Bluepoint Partners in 2024.

RX's CEO, Kang-Heon Lee, expressed gratitude for the investors' recognition of the emerging market for SMR-based heat solutions. "We will refine the RX-50’s technological maturity and grow into a company that leads the transition to decarbonized thermal energy," Lee stated. The company's focus on industrial heat aligns with global trends toward electrification and decarbonization in heavy industries, a sector ripe for innovative energy solutions.

The market for industrial heat is substantial, with many processes relying on high-temperature thermal energy typically derived from natural gas or coal. SMRs offer a compelling pathway to reduce the carbon footprint of these essential operations. RX's progress positions it as a key player in this evolving energy infrastructure sector, attracting significant backing from both public and private investment entities.