SHINE, Phoenix merger focused on advancing fusion technology
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
MUSASHI JAPAN Launches “Gift Campaign 2025” - A Holiday Tradition Honoring Craftsmanship Through Meaningful Gifts2.12.2025 16:07:00 EET | Press release
MUSASHI JAPAN by TAIMATSU announces the return of its year-end celebration, Gift Campaign 2025, a seasonal tradition that transforms holiday shopping into an experience of appreciation, craftsmanship, and cultural generosity. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251202812444/en/ Rather than focusing on discounts, MUSASHI embraces the philosophy that true value lies in tools that last and in the gestures that accompany them. This year’s campaign invites customers to discover gifts that enrich their craft in the kitchen, each thoughtfully chosen to support the longevity and performance of every Musashi blade. Inspired by the Japanese principle of omotenashi, the campaign offers customers tiered gifts based on their total purchase amount, ensuring that every contribution is met with gratitude and purpose. From December 2 to December 25, 2025, customers shopping in MUSASHI JAPAN stores will receive: Tier 1: Oil and Rus
Invisible IT Emerges as Workplace Transformation Evolves, Lenovo Research Finds2.12.2025 16:00:00 EET | Press release
The next step in workplace transformation is invisible technology that fades into the background so that support is automated and seamless, according to a Lenovo global survey of IT leaders released today. Most employees only notice IT when it slows them down and interrupts processes. Invisible IT is the opposite. It means technology that anticipates needs, prevents issues before they happen, and personalizes support automatically. Achieving Invisible IT, the newest report in Lenovo’s ongoing Work Reborn series, explores how AI and automation are redefining the digital workplace and employee experience. Of the IT leaders who participated, 79% aspire to deliver seamless, proactive support that minimizes disruption for employees, but only 21% have achieved predictive issue resolution. The results underscore an urgent need for organizations to remove digital barriers, simplify IT ecosystems, and adopt AI-enabled, hyper-personalized support that delivers a truly effortless employee experie
Xsolla Advances Global Gaming Education and Innovation in Collaboration With HP2.12.2025 16:00:00 EET | Press release
Xsolla, a leading global video game commerce company that helps developers launch, grow, and monetize their games, today announced a strategic relationship with HP to connect education, technology, and entrepreneurship across the global games industry. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251202381208/en/ Rytis Joseph Jan, SVP Global Strategic Initiatives & Partnerships at Xsolla The collaboration combines HP’s Gaming Garage learning platform with Xsolla’s Accelerator to create an end-to-end ecosystem that enables aspiring creators to learn, build, and launch their own studios. The integration acts as a catalyst for global opportunities for innovation, introducing new models for game education, incubation, and professional development on a large scale. The program includes pilot programs starting in Saudi Arabia, Azerbaijan, and the United Arab Emirates with a goal to reach over 100,000 students and young creators
Wasabi Launches Covert Copy, a Completely Invisible and Indestructible Copy of Data for a Higher Level of Cloud Storage Security2.12.2025 16:00:00 EET | Press release
Wasabi Technologies, the hot cloud storage company, has expanded its cyber resilient cloud storage capabilities with Covert Copy, a patent pending, advanced ransomware-resistant storage solution that allows users to create a locked, hidden copy of storage buckets to ensure critical data remains untouchable, even in the event of a cyberattack. The selected data is logically air gapped and cannot be seen, accessed, modified or deleted, without multi-user authentication approval, protecting it from any type of malicious attack. Covert Copy strengthens and simplifies traditional air gap strategies by creating a copy of data that is not only isolated, but unable to be detected at all. As the AI boom continues to escalate the criticality and sensitivity of enterprise data, cybercriminals are increasingly targeting backup infrastructure and cloud storage, recognizing their vital role in an organization’s daily operations. The demand for cyber-resilient data protection and recovery capabilitie
Incode Launches Deepsight, the World’s Most Accurate Deepfake Defense2.12.2025 16:00:00 EET | Press release
Incode Technologies, the global leader in identity security and fraud prevention, today announced the launch of Deepsight, a breakthrough AI defense that detects and blocks deepfakes, injected virtual cameras, and synthetic identity attacks with unmatched accuracy. When Identity Can Be Faked, Everything Breaks As AI systems increasingly interact and transact autonomously, the ability to instantaneously separate real people from AI-generated fakes becomes critical. Deepsight’s multi-modal AI analyzes video, motion, and depth data to expose inconsistencies that synthetic media cannot reproduce, all in under 100 milliseconds and without adding friction. “Deepfakes have evolved beyond novelty. They are now a major fraud weapon,” said Ricardo Amper, Founder and CEO of Incode. “When identity can be faked, everything breaks. Deepsight restores trust by ensuring every capture shows a human user in front of the camera, not a deepfake.” Deepsight anchors Incode’s broader investment in frontier A
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