SHINE Europe B.V. (SHINE Europe), a subsidiary of SHINE Technologies, LLC, (SHINE), a next-generation nuclear technology company, today announced the company has secured funding to begin designing an advanced medical isotopes facility in Veendam, the Netherlands. This new facility will leverage SHINE’s innovative production systems to safely produce medical isotopes including molybdenum-99 (Mo-99), which is currently used in millions of diagnostic imaging procedures each year to help diagnose various life-threatening diseases in patients across the globe. The new facility is expected to develop medical isotopes in a very reliable, environmentally-friendly and less wasteful process than the legacy methods, also without adding exponential taxpayer burden to construct new European reactors.
“Once operational, SHINE Europe demonstrates an innovative EU initiative that delivers critical medical care through new technology,” said Greg Piefer, SHINE founder and CEO. “It’s like comparing travel in Mercedes-Benz’s first gasoline-powered car in the 1880s to an innovative journey inside today’s Tesla. Simply, we believe our technology will provide a state-of-the art solution for producing medical isotopes. We believe that in just a few years, and with a significant portion of investment from private funding, SHINE Europe will be providing critical Mo-99 for millions of European patients without dependency on aging reactors.”
SHINE Europe marks the second such nuclear facility for the company as SHINE’s Janesville, Wis (U.S.A.) plant also plans to begin the production of Mo-99. SHINE is also exploring potential production of additional isotopes such as iodine-131 and xenon-133, among others. Once SHINE Europe is fully operational, SHINE anticipates the two facilities’ combined output of Mo-99 can serve up to 70 percent of the global need for Mo-99 used in daily diagnostic imaging.
The current phase of SHINE’s European project is being funded by the Province of Groningen, and the Federal State of the Netherlands. SHINE’s other investors include leading global private and public entities such as Baillie Gifford, Koch Disruptive Technologies, Fidelity, Deerfield Management Company, and Oaktree Capital Management.
“We are very pleased to see this breakthrough technology in nuclear medicine coming to the Province of Groningen in the Netherlands, and especially with a cause to help so many Europeans with critical diagnostic procedures,” said Commissioner of the King, René Paas. “SHINE Europe is a great community partner helping to bring global innovation and technology to Veendam.”
The supply of Mo-99 to support millions of diagnostic imaging procedures continues to be a challenge. SHINE Europe’s innovative approach demonstrates an efficient path to help solve this challenge.
“Europe has consistently struggled with unstable, aging reactors leading to supply issues and shortages of Mo-99,” said Harrie Buurlage, SHINE’ General Manager of European Operations. “We believe the SHINE Europe facility will greatly improve the supply chain, reduce potential shortages of various fission-based isotopes, and empower medical professionals to deliver a higher level of patient care. Delivering Mo-99 for millions of diagnostic procedures across Europe and beyond is at the core of SHINE’s efforts.”
“We are delighted about the company’s plans to build another advanced facility, providing additional capacity and reliable consistent supply of critical diagnostic and therapeutic isotopes. This will help medical professionals caring for tens of thousands of heart and cancer patients every day across the globe” said Julia Casey, General Manager – Molecular Imaging of GE Healthcare, based in Europe.