U.S. Army Awards Phoenix Nuclear Labs $3.6M in Contracts
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Phoenix runs and tests its machines. Sengbusch said his company plans to build or retrofit a facility in the next few years, but remain in the Madison, WI, area. If Phoenix elects to construct a new headquarters, the company will not have to go through the same permitting process as Shine, which plans to use radioactive material at its plant and is therefore more strictly regulated, he said.
The total amount of money that has come into Phoenix is “past the $20 million mark,” Sengbusch said. That figure includes about $10 million in grants, $5 million in equity funding, and at least $5 million in commercial contracts, he said, adding that the company expects to be profitable or come “very close” to breaking even in 2016. Sengbusch declined to say what Phoenix’s revenues were in 2015, or share sales projections for the current year.