Polytechnique Ventures invest in Jimmy Energy’s first round of financing
Polytechnique Ventures, the seed fund created in 2020 and funded by Ecole Polytechnique alumni, has just completed its fourth investment by subscribing to the €2.2 millions fundraising of Jimmy Energy.
The start-up designs and operates mini-nuclear reactors to supply heat to industrial sites, without greenhouse gas emissions. Its ambition is to deliver in the short term an efficient and massively applicable solution to decarbonize industrial heat and fight global warming.
With this transaction, Polytechnique Ventures completes its fourth investment since its launch, after those made in Néolithe, Okomera and Silina.
Polytechnique Ventures, which has alredy raised €28 millions to date, completes the innovation and entrepreneurship support system developed by the Ecole Polytechnique to enhance its scientific and technological research, train young deep tech entrepreneurs, and contribute to the country's economic development.
"With this investment in Jimmy Energy, we are at the heart of Polytechnique Ventures' strategy: during more than a year of support provided by the fund, the founding team has shown us its talent, strategic vision, pugnacity and openness; the decarbonization of industrial heat represents a priority for the climate transition; the proposed solution is part of the revival of French excellence in the nuclear sector, and brings into play the technological multidisciplinarity of the School's ecosystem - nuclear physics, digital and cybersecurity," said Cécile Tharaud, managing director of Polytechnique Ventures.
EREN Groupe, Noria, Otium Capital and private investors also participated in the fundraising.
Jimmy uses nuclear fission - based on a proven technology - to replace fossil burners - still widely used in industry - with mini reactors that run on uranium and do not emit CO2. They can be connected directly to existing installations.
In France, more than 500 industrial sites could be affected by this technological breakthrough. The founders' goal is to accelerate the decarbonization of industry by offering the best alternative to hydrocarbons, thanks to this new application of fission.
"The issue of carbon pressure is very topical. Today, manufacturers are short of the means to meet their "Net Zero" decarbonization objectives in 2030 or 2050. With Jimmy, we want to bring them French nuclear know-how to create the world's first competitive decarbonized industry," said Antoine Guyot.
The fundraising will allow Jimmy to recruit a dozen new talents, including technical profiles, and to improve the design of its system. At the same time, the company will quickly initiate the first regulatory procedures with the French Nuclear Safety Authority (ASN). Finally, this fundraising should enable the company to develop partnerships with industrial suppliers for the production of its generator, and to finalize the discussions underway with a dozen or so prospects.