Tustin-based Mifti has taken another step forward in its race to harness the sun’s power for energy on Earth, according to its partner and investor US Nuclear Corp.
The process is called fusion energy, smashing atoms together to make nearly limitless supplies of power to create electricity.
US Nuclear said Dec. 26 that Mifti—officially known as Magneto-Inertial Fusion Technologies Inc.—had recently demonstrated its fusion technology at the L3 Harris Lab in San Leandro, outstripping other private companies in the production of subatomic particles known as neutrons that are needed for the process.
Bob Goldstein, the CEO of Canoga Park-based US Nuclear (OTC-QB: UCLE), said his company has made “substantial strategic investments” in Mifti and its medically focused sister company Miftec, which aims to provide medical isotopes needed for cancer screening.
US Nuclear, which counts a market cap under $10 million, said it owns about 12% of Miftec and 0.5% of Mifti.
Goldstein said the ownership stake “may sound small, but when you consider how many billions of dollars, each of these companies may be worth in the relatively near future, the value of US Nuclear’s investments could eventually be huge.”
US Nuclear’s specialties include systems for nuclear power and nuclear medicine safety.
MIFTI was founded in 2008 by scientists from University of California, Irvine.
“Making predictions is always hard, but my opinion is that Miftec could start providing medical isotopes and saving lives and making money within two or three years. And with sufficient funding Mifti could start building a fusion power generator in five- plus
years,” Goldstein told the Business Journal on Jan. 3.
