The Fund
A defined route to a demonstrated asset.
Deployable Energy Fund Limited (ACN 701 609 387 | ABN 31 701 609 387) is a special purpose vehicle created to take up an investment mandate secured from Deployable Energy and to make it available to eligible wholesale investors in Australia. It is managed by Deployable Energy Funds Management Pty Ltd.
The mandate
One allocation, on terms not available elsewhere.
Under a Financing Mandate Agreement executed in September 2026, Deployable Energy must accept up to US$75m from the Fund through a SAFE in its Series A on fixed terms, and must grant the Fund a pro rata right to participate in later rounds. The Manager understands these to be the most favourable terms the company has offered to any investor group anywhere in the world. The Fund exists to hold that allocation for wholesale investors in Australia.
Investment highlights
Six things the IM sets out in full.
A demonstrated reactor, not a concept
Unity reached criticality at Idaho National Laboratory on 30 June 2026, 155 days from programme start, and is in the US Department of Energy's Nuclear Energy Launch Pad; two full-power units are targeted for 4 July 2027 and 2028.
A negotiated entry to the Series A
Under the executed mandate the Fund's SAFE carries preferential pricing terms negotiated by the Manager. Deployable Energy pays the Manager no placement fee. The terms are set out in the IM.
Aimed at the world's most expensive electricity
Diesel-generated power costs US$250 to US$830 per MWh where it matters most. Deployable Energy has publicly reported more than US$10 billion of non-binding letters of intent, with GridMarket, Solaris and Hornbeck as announced partners.
A simple, aligned structure
93.7% of each Subscription Amount is intended for DEFL's SAFE purchase. The proposed distribution waterfall returns each investor's Subscription Amount and applies an 8% to 9% simple hurdle before 20% of the remaining profit is allocated to the Management Shareholders as Carried Interest, with no catch-up.
Money and assets held independently
Subscription Amounts are paid into custody with a licensed custodian, not to a DEFL-controlled account outside custody or to the Manager. Subscription Offers are made through MSC under an executed Intermediary Authorisation Agreement, and the constitution gives Distribution Shareholders class rights that cannot be varied without a 75% class vote.
People close to the company
The Board and Manager include a former Federal Minister who had oversight of Australia's nuclear regulator and Directors who hold beneficial interests in Deployable Energy from earlier rounds. Their interests are disclosed on the About page and in the IM.
Company statements as described by Deployable Energy; letters of intent are non-binding.
Strategy
Single-asset exposure, deliberately narrow.
The Fund exists to do one thing: hold a Series A position in Deployable Energy and make it available to eligible wholesale investors in Australia in a governed structure.
The strategy is concentrated by design. There is no attempt to build a diversified energy portfolio, no leverage overlay and no trading mandate. Investors receive a direct line of sight to a single company whose technology is aimed at the power-supply problem facing millions of people and much of industry — replacing diesel generation and firming grids with factory-built nuclear units.
Key indicative parameters — how investor money is applied, held and returned — are summarised below and on How to Invest. Structure, pricing and rights are dealt with in the IM.
- ObjectiveExposure to the commercialisation of the Unity Nuclear Battery
- ApproachSingle-asset, concentrated, unlevered
- Investor eligibilityAustralian-resident Wholesale Clients who are also accredited investors under Rule 501(a) of the US Securities Act of 1933. DEFL, through the Manager, verifies the Chapter 7 wholesale-client requirements, section 708 eligibility and accredited-investor status, and provides the evidence to MSC before a Subscription Offer is made
- ManagerDeployable Energy Funds Management Pty Ltd, Corporate Authorised Representative (CAR No. 1322961)
- InvestmentA SAFE in Deployable Energy's Series A, capped at US$75m under the Manager's executed mandate with the company, bought at a single closing timed for the close of Deployable Energy's Series A, which the company expects in the fourth quarter of 2026
- Use of money93.7% of each Subscription Amount to the SAFE; 6.3% held in cash and term deposits as DEFL's reserves for administration and expenses
- Custodian and intermediaryMelbourne Securities Corporation Ltd (MSC), AFSL No. 428289, acts as custodian under the executed Custodian Agreement and, separately, as licensed intermediary under the Intermediary Authorisation Agreement executed on 12 October 2026. Subscription Amounts are paid in US dollars into DEFL's custody account held by the Sub-Custodian, Certane CT Pty Ltd, and held in custody until the shares are issued
- AdministratorMSC Abacus Pty Ltd (ACN 630 730 684), appointed under the Administration Agreement executed on 2 October 2026, maintains the register and handles investor administration
- Issue and SAFE purchaseOnce the conditions in the Subscription Agreement are met, DEFL issues Distribution Shares through its Administrator immediately before acquiring the SAFE it has executed with DE USA. DEFL then instructs payment to DE USA from custody. Investors subscribe for DEFL shares; DEFL purchases the SAFE, not DE USA shares at that stage
- ConstitutionThe only DEFL control document; there is no shareholders' agreement. Investors hold fully paid Distribution Shares with dividend and winding-up rights by reference to their class account; they vote as a class on any adverse change to those rights (75% written consent or a class special resolution) but not at general meetings
- BoardThree to ten Directors nominated by the Management Shareholders (up to two each). Quorum of three; decisions by majority when all Directors attend and unanimously among those present when any Director is absent; no casting vote. The Board determines net asset value and oversees the Manager
- After pay-outOnce investors have received their capital, hurdle and 80% share, their Distribution Shares are cancelled by buy-back or capital reduction and DEFL continues under its Management Shareholders, which retain the carry
- Offer termsThe IM describes the investment. Subscription Offers are made by MSC through an Offer Letter and Subscription Agreement; the definitive transaction documents govern
Economics
How value returns to investors.
If the SAFE converts and the resulting shares are realised, proceeds are applied in a fixed order. Carried Interest is allocated to the Management Shareholders only after investors have received their capital and a hurdle return. No performance fee is paid to the Manager.
1. Costs, then capital
Realisation costs and any expenses advanced or fees deferred by the Manager are settled first. Investors then receive back their Subscription Amount, excluding any capital already returned.
2. Hurdle
A simple (non-compounding) annual hurdle of 8% on each investor's first US$10m and 9% on any excess, measured from the date the SAFE is purchased.
3. 80 / 20 split
Remaining profit is split 80% to investors and 20% allocated to the Management Shareholders as Carried Interest, with no catch-up. Proceeds may be distributed in cash or, where lawful, in specie, at the Board's discretion.
- Carry basisHurdle and Carried Interest are calculated on each investor's Subscription Amount at each distribution date. Allocated to the Management Shareholders; no performance fee to the Manager. DEFL's current view is that no GST applies to the carry; if that view changes or proves incorrect, the GST is borne by investors from the proceeds
- TaxDEFL pays Australian company tax. Amounts in the IM are in US dollars; an Australian return requires conversion to Australian dollars. Australian tax statements reflect DEFL's understanding only; no US tax analysis has been undertaken. Each investor must obtain independent Australian and, where relevant, US tax advice
- ConversionOn an Equity Financing the SAFE converts into preferred stock on the pricing terms in IM section 6.3; on a Liquidity Event it converts into cash and/or other assets, never less than the Purchase Amount. DEFL may agree to an earlier conversion only where the Board reasonably considers it is in the best interests of Distribution Shareholders. No timetable for conversion has been set and none should be assumed; investors should plan to hold the SAFE, and then unlisted shares, for some years
- Realisation policyThe Board decides when DEFL sells, distributes or winds up, and proposes to adopt the realisation policy in IM section 7.1. In outline: on a listing, sale, change of control or dissolution of DE USA, distribute the proceeds to investors in cash or in specie as soon as practicable, subject to any lock-up or other restrictions; while the holding is unlisted preferred stock, hold it, report its carrying value at least annually and put any proposed sale below the most recent priced-round price to a meeting of Distribution Shareholders; if no listing, sale or conversion has occurred seven years after the SAFE purchase, convene a meeting of Distribution Shareholders to consider the options. No distribution is made until the SAFE converts
The Unity Battery
Third to criticality. Built to change the cost of nuclear power.
Deployable Energy’s Unity Battery was the third micro-modular reactor to reach zero-power criticality — controlled and sustained nuclear fission — at Idaho National Laboratory, on 30 June 2026. It was selected for the US Department of Energy’s Nuclear Energy Launch Pad programme, and Deployable Energy is now proceeding to demonstrate full-power generation and electricity on two further units, also at Idaho National Laboratory, targeting 4 July 2027 and 4 July 2028.
Deployable Energy’s design philosophy is to change the paradigm of nuclear energy, its cost and its capital intensity, to facilitate the whole decarbonisation agenda and to deliver energy security and affordability where it is needed. Unity uses commercially available materials and known supply chains so that it can eventually be manufactured at automotive scales of production in a factory, at vastly reduced capital cost, targeting cheaper electricity at about a 92% capacity factor for a single unit. Multiple units or a spare are expected to provide higher site-level availability during maintenance and fault time. Unique design features allow it to match the energy efficiency of larger SMRs and traditional large-scale nuclear units, and factory production and fuelling deliver vastly reduced capex and build time.
The designers avoided the exotic and expensive fuel forms and materials that many competitors labour under — TRISO, HALEU, molten salts, graphite and other specialist metals. Standard metal fabrication predominates, with no need for massive forgings, and Unity has inherent passive safety features by design.
Unity can be configured to produce AC or DC power continuously for five years, after which a fresh Unity Battery replaces it and the original is returned to the factory — like a swap-a-bottle LPG exchange — for refuelling and for recycling of used fuel at a central location. Electricity from diesel-fuelled generators is some of the most expensive electricity in the world, and the Unity Battery is intended to be the paradigm disrupter and replacement in that market.
Company statements as described by Deployable Energy; demonstration dates are the company’s targets.
Why now
A physics milestone reached. Further development ahead.
Zero-power criticality
Criticality was achieved on 30 June 2026 at Idaho National Laboratory. DOE announcement.
Regulatory work continues
Deployable Energy is engaged with the US Nuclear Regulatory Commission on pre-application work for commercial licensing. NRC pre-application record.
Demand ahead of supply
Deployable Energy has publicly reported more than US$10 billion of non-binding letters of intent, against a production facility planned in phases from 2028.
Institutional validation
Strategic investment from Solaris Energy Infrastructure. Deployable Energy reports an Approval in Principle with a maritime classification society (company statement).
Scale mechanics
Series manufacturing converts each new order into a production slot rather than a new construction programme.
Australian relevance
Remote industry, island communities and data centres are potential applications if Australian law permits civilian nuclear power.
Investor education
SAFE agreements, explained in plain English.
Investors subscribe for Distribution Shares in DEFL. DEFL proposes to purchase a Simple Agreement for Future Equity issued by Deployable Energy Limited (DE USA), rather than DE USA shares at that stage. The updated explainer distinguishes those investments and explains the SAFE's pricing, event outcomes and risks against the current Information Memorandum.
Explainer video
6 minutes 14 seconds · Updated 30 October 2026
Written guide
SAFE Agreements — a Plain-English Guide
The companion written guide: conversion triggers, the post-money valuation cap, dilution mechanics and the risks, stated plainly for Australian wholesale investors.
30 October 2026 · 11 pages
Investor education prepared by the Manager; the Fund's SAFE terms are in the Information Memorandum.
Opportunity and risk
What prospective investors should weigh.
The opportunity is an early position in a company that has already reached zero-power criticality, reports an Approval in Principle with a maritime classification society (company statement), and has publicly reported more than US$10 billion of non-binding letters of intent — with the Fund's entry secured on preferential terms under the executed mandate. The exposure is early-stage, illiquid and concentrated in a single private company in a regulated industry, and wholesale investors will weigh both sides for themselves.
- Licensing, regulatory and permitting outcomes are outside the company's control.
- Commercial production and gigawatt-scale targets are dates the company is working towards, not commitments.
- Letters of intent and memoranda of understanding are non-binding and may not convert to contracts.
- There is no established secondary market for the exposure and no assured exit.
- Concentration means the entire investment depends on one company and one product line.
- Total loss of capital is possible.
The full statement of risks is in the Information Memorandum. See also the Disclaimers page.
Next step
Review first. Enquire when ready.
Read the current IM, then register your interest or contact the Manager.