SHINE, Phoenix merger focused on advancing fusion technology
20.4.2021 21:00:00 EEST | Business Wire | Press release
SHINE Medical Technologies LLC and Phoenix LLC today announced that the companies have completed a merger under which Phoenix has become a wholly owned subsidiary of SHINE.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210420006038/en/
Greg Piefer, CEO of SHINE (left), talks with Evan Sengbusch, general manager of SHINE's Phoenix division, and Ross Radel, chief technology officer and chief operating officer of the Phoenix division, at the Phoenix headquarters and manufacturing center in Fitchburg, Wis., on April 16, 2021. (Photo: SHINE Medical Technologies)
SHINE is a next-generation nuclear technology company focused on unlocking the power of fusion technologies to benefit the planet and humankind. The company’s goal is to deliver on the long-term promise of clean fusion energy by advancing fusion technology starting with the commercialization of medical isotopes. Phoenix designs and manufactures the world’s strongest steady-state fusion neutron generators used for advanced industrial imaging and other applications for improving safety and quality in the aerospace, defense, medical and energy sectors.
The combined company represents the first two phases of the long-term vision of Greg Piefer, the founder of both companies, for producing clean energy from fusion (see “SHINE’s Four-Phase Progression to Clean Energy Production” below). The goal of each phase of SHINE’s approach is to build additional capacity and capability, and deepen scientific understanding of fusion technology as it progresses to clean fusion energy production. Each step through the four phases is expected to provide further proof of the technology’s robustness, a foundation for ongoing innovation in the next phase and the creation of value for the company, its customers, and shareholders.
“SHINE and Phoenix have shared a common long-term vision and operated in close collaboration during the past 11 years, but it’s always been inefficient to operate as separate companies,” said Greg Piefer, CEO of SHINE. “Coming together will enable us to advance fusion technology more quickly by aligning interests and combining complementary core competencies. Through the four phases, we are taking a deliberate approach to building a company that can ultimately deliver cost-effective, clean fusion energy to billions, while serving important near-term market needs like advanced industrial imaging and medical isotopes, along the way.” For a video of additional comments from Greg Piefer, please click here (:46 broadcast-quality available for the media).
Phoenix has developed a strong track record of commercialization and revenue generation by applying its fusion-based technology to applications such as advanced industrial imaging, which can image modern materials in great detail, addressing quality assurance and safety needs in the aerospace, defense, energy, and other industries. These applications are part of Phase 1 of the four-phase approach.
The second phase of the approach involves applications of nuclear fusion to replace nuclear reactors used in the production of life-saving medical isotopes for diagnostic imaging, like molybdenum-99 (Mo-99), and with potential use as cancer therapeutics like lutetium-177 (Lu-177). This month, SHINE kicked off Phase 2 commercialization when it began producing Lu-177. In 2022, SHINE expects to commence production of up to 20 million doses of Mo-99 per year in its fusion-powered production facility in Janesville, Wis. The facility is expected to be the world’s largest-capacity medical isotope production plant.
“This merger is a natural evolution of our strong existing partnership with SHINE, rooted in our common origin and shared mission,” said Evan Sengbusch, general manager of SHINE’s Phoenix division. “Phoenix’s track record of successfully deploying our core neutron generation technology across multiple demanding market sectors has provided important commercial validation and risk reduction for critical technologies that underpin execution in Phase 2. We are excited to join with SHINE and leverage our complementary nuclear capabilities to advance towards clean fusion energy production.” For a video of additional comments from Evan Sengbusch, please click here (1:24 broadcast-quality available for the media).
Phoenix was founded in 2005 by Piefer to develop and commercialize a unique technology that generated neutrons through fusion. He spun SHINE out of Phoenix in 2010 to apply that technology to medical isotope production and other applications through the four-phase approach.
Evercore Group L.L.C. served as exclusive financial advisor to SHINE. Foley & Lardner served as lead legal counsel to SHINE. SVB Leerink served as exclusive financial advisor to Phoenix. Godfrey & Kahn S.C. served as lead legal counsel to Phoenix.
SHINE’s Four-Phase Progression to Clean Energy Production
- Phase 1: Advanced industrial imaging – uses neutrons for detailed imaging to improve the quality and safety of products in the aerospace, defense, energy, and other industries.
- Phase 2: Medical isotopes (small-scale transmutation) – uses fusion technology to produce medical isotopes that diagnose and treat heart disease, cancer and a wide range of diseases
- Phase 3: Nuclear waste recycling (large-scale transmutation) – scale up of phase 2 processing and fusion technology to recycle nuclear waste
- Phase 4: Fusion Energy – establishes nuclear fusion as a technically and commercially viable global source of energy
About SHINE Medical Technologies
SHINE is a nuclear technology company committed to improving the lives of people and the planet. The company is focusing its fusion-based technology initially on advanced industrial imaging and the production of diagnostic and therapeutic isotopes. These isotopes include molybdenum-99, a diagnostic isotope used to diagnose heart disease, cancer, and other conditions, and lutetium-177, a therapeutic isotope that holds the promise of significantly improving the outcome of some cancer patients. SHINE has a long-term strategy to solve some of humanity’s biggest problems, including nuclear waste recycling and the production of clean fusion energy, in addition to advanced industrial imaging and medical isotopes, by pursuing our vision for progressively broad and impactful uses of fusion technology. For more information about SHINE, please visit our website at www.shinemed.com.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210420006038/en/
Contact information
MALLORY PROUTY
CORPORATE COMMUNICATIONS PROJECT MANAGER, MBA
P: 608-530-5606 | M: 630-945-2379
mallory.prouty@shinemed.com
ROD HISE
DIRECTOR OF STRATEGIC COMMUNICATIONS
P 608-530-5659 | M 608-770-7850
rod.hise@shinemed.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Svante and Integrated Packaging Company Advance U.S. Biogenic CDR Project to Feasibility10.3.2026 15:57:00 EET | Press release
Svante Technologies Inc. (“Svante”) announced today that its bioenergy with carbon capture and storage (BECCS) project at a paper mill in the Southeast U.S. has progressed to the feasibility study phase. The project is being developed in partnership with an integrated sustainable packaging company, following an extensive screening and pre-feasibility study conducted across several of the partner’s mills. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260310319382/en/ During the feasibility study phase, the companies will complete further engineering and design activities, cost and schedule estimates, and risk assessments required to evaluate commercial viability ahead of a future engineering study leading to final investment decision (FID). Svante’s subsidiary, Svante Development Inc., is co-investing in this phase with the mill owner. The project is designed to capture and permanently store more than 500,000 tonnes per year
Forbes 40th Annual World’s Billionaires List10.3.2026 15:43:00 EET | Press release
Forbes releases its 40th-annual World’s Billionaireslist, the definitive ranking of the planet’s richest people. Wealth surged to unprecedented levels over the past year, with fortunes climbing at a record pace. This year’s list features 3,428 billionaires, the most since the list’s inception in 1987. The world’s wealthiest people are worth a record $20.1 trillion combined, up from $16.1 trillion in 2025. Elon Musktops the Billionaires list for the second year in a row and is the richest person ever recorded, worth an estimated $839 billion. His net worth skyrocketed by half of a trillion dollars from last year, thanks to a rise in the value of Tesla, and SpaceX which is aiming to go public in 2026. Musk is the first person ever recorded to reach the $800 billion mark, as he moves toward becoming the world’s first trillionaire. “It’s the year of the billionaire,” said Chase Peterson-Withorn, Forbes Senior Editor, Wealth. “The planet added more than one billionaire per day over the past
Andersen Global Expands African Presence with Addition of Bravura10.3.2026 15:30:00 EET | Press release
Andersen Global strengthens its presence in Africa through a Collaboration Agreement with Bravura, a leading independent tax and financial advisory firm based in South Africa and Namibia. Founded in 1999, Bravura provides tax and financial advisory solutions to listed and private companies, entrepreneurs, and high-net-worth families across the region. Bravura combines deep financial expertise with an entrepreneurial mindset to deliver tailored strategies that drive value. The firm’s multidisciplinary team provides advisory services in mergers and acquisitions, capital raising, corporate restructuring, and succession planning. Additionally, the firm offers tax and accounting strategy, international tax structuring, global mobility, and exchange control compliance solutions. “At Bravura, we’re driven to redefine standards and deliver bespoke, results-driven solutions that create lasting value for our clients,” said Ian Matthews, head of business development at Bravura. “Our collaboration
Adtran sets intra-data center benchmark with all-new ultra-low-power LiteWave800™ LPO module10.3.2026 15:00:00 EET | Press release
Adtran today launched LiteWave800™, an ultra‑low‑power 800Gbit/s DR8 linear pluggable optics (LPO) module engineered to help data centers address the power, latency, thermal and bandwidth demands of modern AI and machine-learning (ML) workloads. As GPU clusters grow and short-reach links scale across dense server racks, operators need 800Gbit/s optics that deliver higher capacity within strict power and cooling limits. LiteWave800™ answers this challenge with a fully re-engineered architecture that significantly reduces energy consumption. Operating at just 1pJ/bit and consuming only 0.8W, it establishes a new power class for 800Gbit/s optics, delivering far lower energy per bit than today’s first‑generation LPOs and mainstream DSP-based pluggable transceivers. Adtran will showcase LiteWave800™ at OFC 2026 in Los Angeles from March 17 to 19. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260310344607/en/ Adtran's LiteWave800
Verifone and Thales Unlock Seamless Global Connectivity for Payment Terminals10.3.2026 15:00:00 EET | Press release
At the core of this partnership is Thales’s leadership in eSIM management for large-scale connected devices, enabling remote connectivity provisioning and management, in line with the latest GSMA SGP.32 IoT specifications. These standards support secure and interoperable management of connectivity profiles, making it possible to deploy devices globally while maintaining full control over connectivity choices at local level. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260310957492/en/ Thales today announced a partnership with Verifone, a global leader in payment terminal solutions, to connect Verifone’s next-generation point-of-sale (POS) terminals using Thales eSIM technology. For Verifone, this approach transforms manufacturing and logistics. Devices can be produced in a single, standardized configuration, shipped anywhere in the world, and activated remotely once deployed. This streamlines supply chains, accelerates tim
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom