US Nuclear Corp. has acquired a stake in a company to manufacture its thermonuclear fusion power generator, a development that sent its shares higher.
The Canoga Park detection equipment maker has an option to acquire up to 10 percent of Magneto-Inertial Fusion Technologies Inc. in Tustin.
US Nuclear has non-exclusive worldwide rights to make the power generators for the U.S. and foreign power grids to power cities, transportation, space vehicles, military vehicles and ships from fusion.
Magneto-Inertial Fusion Chief Executive Jerry Simmons said an advantage of fusion power is that it creates no nuclear waste that can be used in nuclear weapons.
“In addition, (Magneto-Inertial’s) fusion generators are scalable and compact compared to all other energy production footprints,” Simmons said in a statement.
In late 2017, US Nuclear signed an agreement with MIFTEC, owned by Magneto-Inertial Fusion Technologies, to manufacture medical isotope generators.
US Nuclear has three subsidiaries – Technical Associates in Canoga Park, which makes radiation detection equipment; Overhoff Technologies in Milford, Ohio, which specializes in tritium detection equipment; and Electronic Control Concepts, also in Milford, which makes voltmeters to check industrial and medical X-ray machines.
Shares of US Nuclear (UCLE) closed up 21 cents or 18.3 percent, to $1.36 on the over-the-counter market.