Astral Systems EIS

Astral Systems (the trading name of Astral Neutronics Ltd, “Astral” or “the Company”) has developed a compact nuclear fusion device that can help hospitals and researchers create on demand radioisotopes to identify and treat cancer – bypassing a global radioisotope supply bottleneck.

The problem

Cancer cases are on the increase, driving the urgency for research, early diagnosis and treatment. The World Health Organisation estimates that there were 20 million new cancer cases worldwide in 2022, expected to rise to 35 million in 2050.

Major pharmaceutical companies are investing heavily to develop radiopharmaceuticals – drugs that use small amounts of radioactive material, called radioisotopes, to help diagnose areas of disease or to precisely target and destroy cancer cells.

These critical therapies rely on specific radioisotopes. But there is a threefold problem.

1. Global supply tends to depend on a handful of ageing nuclear fission reactors rapidly approaching retirement; it is estimated 64% of global production capacity is due to come offline by 2030. The impending shortfall is an international concern.
2. Transporting radioactive materials is complex and very costly. They must be carefully sealed in lead containers and shipped - sometimes internationally from one of these nuclear facilities.
3. Radioisotopes are perishable and some of them must be used within a few hours or days after being produced. This means they cannot be stockpiled, and any supply chain issues could lay to waste a precious batch and stall lifesaving treatment or research.

In short, the demand for cancer-treating radioisotopes is urgent and rising, but supply is increasingly tenuous.

Astral's solution

Astral has invented a compact nuclear reactor that can serve as a local and on-demand supply of radioisotopes to hospitals and labs.

The device’s Multi-State Fusion (not fission) technology draws on principles discovered by NASA – enabling it to generate a continuous output several magnitudes’ greater than that of large, competitor facilities. It also requires less energy and could fit in the space of a broom cupboard.

Astral’s price point is approximately $1 million, compared to over $100 million for larger systems. Furthermore, its reactors have a lead time of 3-9 months, compared to the 5-10 years typically needed to deliver large fusion systems.

Astral is already manufacturing six commercial fusion reactors – two to be delivered by this summer. Its broad list of clients include the UK Atomic Energy Authority, the National Nuclear Laboratory and universities in the UK and Germany.

Why consider investing?

Founded in 2021, Astral is one of only a handful of companies to have commercialised nuclear fusion. Most of the 50 or so private fusion companies globally are reportedly still in the R&D phase.

Not easily replicable, Astral’s technology could allow it to become a leader in the isotope production market.

Astral’s initial target is the radiopharmaceutical market. Leading isotopes are expected to grow at a 50% CAGR – with demand for some projected to increase tenfold by 2030.

Beyond nuclear medicine, it also has potential applications in nuclear waste reduction and hybrid fusion-fission systems.

To date, the Company has generated around £3 million in delivered, contracted, and agreed revenue from research contracts, neutron irradiation services and reactor sales.

The Company is manufacturing six commercial reactors – targeting delivery of the first by Q2 2026. It plans to produce a further 30-50 reactors within the 18 months following the close of its Series A funding round – not guaranteed.

Astral also intends to use Series A funding to build the world’s first privately-owned fully vertically integrated (i.e. controlling every stage of its own supply chain) radioisotope production facility in the UK.

Management forecasts £7.5 million in revenue for 2026, and £20 million by 2027 with a 2x year-on-year growth – not guaranteed.

Astral’s co-founder and CEO Talmon Firestone has over 20 years of experience in nuclear fusion and defence. Talmon was previously partner at NSD-Fusion GmbH, the first company to commercialise fusion reactor technology.

Co-founder and CTO Dr. Tom Wallace-Smith is the inventor of Astral’s MSF fusion technology. Chief Research Officer Dr. Theresa Benyo was co-discoverer of a key principle now used in Astral’s technology, during her 36-year career at NASA.

The opportunity

Astral has previously raised £5 million in pre-seed and seed funding.

Now to help support product development, expand production – and build a fully-vertically-integrated radioisotope production site to capture more of the value chain in the market – the Company is seeking to raise £25 million in Series A funding.

Existing investors Playfair Capital (early investors in Stripe and Thought Machine) and Speedinvest (one of Europe’s largest and most active early-stage investors) are participating again in this round, along with high-profile investor Oliver Buck (founder of ITM Isotopes Technologies Munich, world leader in next-gen medical isotopes and theranostics), and Mercia Asset Management.

Wealth Club investors have access to an allocation of £1 million, managed under the Haatch EIS fund structure. The minimum investment is £20,000 and you can apply online. This is likely to be the only chance to invest in the Company under EIS.

Haatch and Mercia believe the investment could potentially deliver a return in the region of 7x before EIS tax relief but after fees in five to seven years – high risk and not guaranteed.

Please carefully read all investment documents prepared by the Company and Haatch to form your own view.

As can be expected when investing at this early stage – before full product launch and commercialisation – the potential rewards are very significant, but so are the risks. You should form your own view.

This is a single company offer with no diversification. It involves investing in an early-stage, loss-making business, which is by nature high risk and prone to failure. There is a risk that the capital raised may not be sufficient to achieve the Company’s objectives. You could lose all the amount you invest.

Like all investments available through Wealth Club, it is only for experienced investors happy to make their own investment decisions without advice.

There is no ready market for unlisted EIS shares: they are illiquid and hard to sell and value. There will need to be an exit for you to receive a realised return on your investment. Exits are likely to take considerably longer than the three-year minimum EIS holding period; equally, an exit within three years could impact tax relief.

To claim tax relief, you will need an EIS3 certificate, normally issued once shares have been allotted. This can take several months: please check the deployment timescales carefully. Tax reliefs depend on company maintaining its EIS-qualifying status. Remember, tax rules can change and benefits depend on circumstances. Before you invest, please carefully read the Information Memorandum which contains further details on the considerable risks – alongside the Wealth Club Risks and Commitments.

Investors will invest in Astral Neutronics Ltd only via the Haatch EIS fund, an Alternative Investment Fund. The fund is managed by Haatch Ventures LLP, whilst Apex Unitas Limited (Mainspring) will act as the custodian and administrator. Wealth Club Limited is the introducer of this offer.

The investment is expected to be EIS-qualifying – not guaranteed.

Wealth Club investors will invest at the same price and on the same terms as the other investors in this round.

All the services Wealth Club and, where applicable, its subsidiaries provide are governed by the Terms and Conditions of the Wealth Club Services.

Fees

A set-up and management fee of 6% will be payable to Haatch. This fee will be deducted from your subscription and will reduce the amount invested and on which tax relief can be claimed.  There is also a fee of 4%, charged to the company.

Haatch will also receive a performance fee on returns over £1 per £1 invested: 25% on proceeds between 1x and 5x, 30% on proceeds over 5x. 

Haatch will share these fees 50/50 with Wealth Club. This will not involve any additional costs to investors.

The fees and charges above are stated exclusive of VAT, which applies in some cases, as determined by the manager. Please check the VAT position carefully in the offer documents.

This financial promotion has been communicated and approved by Wealth Club Ltd on 18 February 2026

Wealth Club aims to make it easier for experienced investors to find information on – and apply for – investments. You should base your investment decision on the offer documents and ensure you have read and fully understand them before investing. The information on this webpage is a marketing communication. It is not advice or a personal or research recommendation to buy any of the investments mentioned, nor does it include any opinion as to the present or future value or price of these investments. It does not satisfy legal requirements promoting investment research independence and is thus not subject to prohibitions on dealing ahead of its dissemination.