Irvine-based Kurion Inc., which played a key role in stabilizing the contaminated Fukushima Daiichi Nuclear Power Plant in Japan nearly four years ago, has been sold for $350 million to Paris-based nuclear cleanup specialist Veolia.
The acquisition still must be approved by U.S. antitrust regulators.
The strategic buy allows Veolia to offer a full-service offering and expertise in nuclear facility cleanup and low- and medium-level radioactive waste treatment.
Kurion was founded in 2008 by John Raymont, former president of Nukem Corp. who built the unit of Germany-based Nukem GMBH into one of the largest waste management companies in the U.S. that deploys water treatment systems on-site.
It was initially funded by New York venture capitalists at Lux Capital, so its sale could be one of the highest valued exits in the clean-tech sector in recent years.
Kurion is also backed by Firelake Capital Management in Palo Alto and New York-based Acadia Woods Partners.
The company employs more than 200 in California, Washington, Colorado, Idaho, Texas, the United Kingdom and Japan.
Kurion was established to solve technical waste-management challenges impeding adoption and acceptance of nuclear power. The business targeted commercial markets but found early success stabilizing and removing waste from Cold War weapons sites in the U.S. and overseas.
It’s estimated to bring more than $100 million in annual revenue from long-standing contracts with Tokyo Electric Power Co. and others.
The company has maintained a low profile in OC but built a name for itself in the industry for its cleanup work of radioactive substances in the aftermath of Japan’s nuclear crisis in March 2011, when a 9.0-magnitude earthquake jolted the country, unleashing a tsunami more than 100 miles wide that washed away coastal towns and killed more than 15,000 people.
It’s the only international service provider with a contract to work at Fukishima for Tepco, the Japanese nuclear operator.
Kurion acquired a U.K. company in December that specializes in robotics and remote systems for handling hazardous materials. Financial terms of the transaction for Abingdon, England-based Oxford Technologies Ltd. were undisclosed.
The buy added more than 60 employees to Kurion’s Robotic Systems & Services team; a suite of technologies; and a growing customer base in Europe.
