A leader in nuclear technology obtains funding to produce medical isotopes in Europe and to help meet growing demands to provide diagnostic imaging for life-threatening diseases on a global scale.
SHINE Europe B.V. (SHINE Europe), a subsidiary of SHINE Technologies, LLC, (SHINE), a next-generation nuclear technology company, today announced the company has secured funding to begin designing an advanced medical isotopes facility in Veendam, the Netherlands. This new facility will leverage SHINE’s innovative production systems to safely produce medical isotopes including molybdenum-99 (Mo-99), which is currently used in millions of diagnostic imaging procedures each year to help diagnose various life-threatening diseases in patients across the globe. The new facility is expected to develop medical isotopes in a very reliable, environmentally-friendly and less wasteful process than the legacy methods, also without adding exponential taxpayer burden to construct new European reactors.
SHINE’s founder and CEO, Greg Piefer said:
Once operational, SHINE Europe demonstrates an innovative EU initiative that delivers critical medical care through new technology.It’s like comparing travel in Mercedes-Benz’s first gasoline-powered car in the 1880s to an innovative journey inside today’s Tesla. Simply, we believe our technology will provide a state-of-the art solution for producing medical isotopes. We believe that in just a few years, and with a significant portion of investment from private funding, SHINE Europe will be providing critical Mo-99 for millions of European patients without dependency on aging reactors.
The current phase of SHINE’s European project is being funded by the Province of Groningen, and the Federal State of the Netherlands. SHINE’s other investors include leading global private and public entities such as Baillie Gifford, Koch Disruptive Technologies, Fidelity, Deerfield Management Company, and Oaktree Capital Management.
SHINE’s General Manager of European Operations, Harrie Buurlage said:
Europe has consistently struggled with unstable, aging reactors leading to supply issues and shortages of Mo-99. We believe the SHINE Europe facility will greatly improve the supply chain, reduce potential shortages of various fission-based isotopes, and empower medical professionals to deliver a higher level of patient care. Delivering Mo-99 for millions of diagnostic procedures across Europe and beyond is at the core of SHINE’s efforts.
The supply of Mo-99 to support millions of diagnostic imaging procedures continues to be a challenge. SHINE Europe’s innovative approach demonstrates an efficient path to help solve this challenge.