Industrial technology company Silex Systems has completed a $120 million institutional placement to further its move into the nuclear fuel industry.

Earlier this month Silex said it was accelerating the commercialisation of its Silex laser uranium enrichment technology to take advantage of an emerging global nuclear fuel supply chain.

Silex is also developing the production of zero spin silicon used to manufacturing quantum computing chips.

The placement at $4.05 per share received strong support from local and international markets, including new institutional investors, according to the comppany.

The focus of the use of the new funds will be ‘significant strategic market opportunities’ in uranium production and enrichment via its GLE joint venture in the United States, its zero spin silicon and the production of medical isotopes.

CEO and Managing Director Michael Goldsworthy said: “This is an exciting and transformational juncture in our company’s development.

“This capital underpins a highly accretive acceleration in our various technology commercialisation activities, at a time of increasing impetus to improve the security of the global nuclear fuel supply chain and to support a smooth transition toward decarbonisation.”

Silex has rights to reprocess spent nuclear material in the United States, with its technologies said to be suited to producing uranium fuels needed for small modular reactors (SMRs).

The company’s shares closed on the ASX on Friday at $5.13, valuing Silex and $1.05 billion.