The Global Thorium Fuel Market was valued at US$ 255 Million in 2025 and is projected to reach US$ 511 Million by 2034, growing at a Compound Annual Growth Rate (CAGR) of 10.7% during the forecast period. In 2024, global thorium fuel production reached approximately 55 tons, with an average market price of around US$5,000 per kilogram and a total production capacity of 68 tons, reflecting an industry average gross profit margin of 46%.

As the global energy landscape pivots towards safer, more sustainable, and proliferation-resistant nuclear power, thorium fuel technology is emerging as a transformative solution. This growth is driven by increasing investments in advanced nuclear reactor designs, government support for clean energy R&D, and the urgent need to decarbonize power generation. In this blog, we profile the Top 10 Companies in the Thorium Fuel Industry—a dynamic mix of nuclear energy pioneers, research institutions, and industrial partners shaping the future of next-generation nuclear fuel cycles.

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🔟 1. Thor Energy

Headquarters: Oslo, Norway
Key Offering: Thorium-plutonium mixed oxide (Th-MOX) fuel, Fuel Testing and Qualification Services

Thor Energy is a frontrunner in the commercial development of thorium-based nuclear fuels. The company is actively testing its thorium-plutonium mixed oxide fuel in a commercial nuclear reactor, a critical step towards commercialization. Their focus is on utilizing thorium to consume existing stocks of plutonium, thereby addressing waste and proliferation concerns while generating clean energy.

Innovation & Development Initiatives:

• Leading the world’s first thorium fuel test in a commercial reactor (Halden Reactor, Norway)

• Developing advanced fuel pellet manufacturing processes

• Strategic partnerships with European nuclear research organizations

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Thorium Fuel Market – View in Detailed Research Report

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9️⃣ 2. Clean Core Thorium Energy

Headquarters: Chicago, Illinois, USA
Key Offering: ANEEL™ Fuel (Advanced Nuclear Energy for Enriched Life)

Clean Core Thorium Energy is developing a proprietary thorium-based nuclear fuel called ANEEL™, which is a blend of thorium and High-Assay Low-Enriched Uranium (HALEU). This fuel is specifically designed for existing CANDU and advanced heavy-water reactors, offering enhanced safety, reduced waste, and greater fuel efficiency.

Innovation & Development Initiatives:

• Pioneering the ANEEL™ fuel design for near-term deployment

• Collaborating with Canadian Nuclear Laboratories for fuel testing and qualification

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8️⃣ 3. Baogang Group (Baotou Steel)

Headquarters: Baotou, Inner Mongolia, China
Key Offering: Rare Earth and Thorium Co-production, Thorium Dioxide (ThO₂)

Baogang Group, one of China’s largest steel producers, is also a key player in rare earth elements, which are often found alongside thorium. The company possesses significant thorium resources and is involved in the extraction and initial refining of thorium, supplying ThO₂ for research and development purposes within China’s ambitious thorium reactor program.

Innovation & Development Initiatives:

• Strategic position in the thorium supply chain through rare earth mining

• Supporting China’s national thorium molten salt reactor (TMSR) project

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7️⃣ 4. Ultra Safe Nuclear Corporation (USNC)

Headquarters: Seattle, Washington, USA
Key Offering: Fully Ceramic Micro-encapsulated (FCM®) Fuel, Micro-Modular Reactor (MMR®) Technology

Ultra Safe Nuclear Corporation is advancing nuclear technology with a strong emphasis on inherent safety. While its primary focus is on its Micro-Modular Reactor, the company’s Fully Ceramic Micro-encapsulated fuel technology is compatible with thorium. This robust fuel form can encapsulate thorium-based fuel kernels, enhancing safety and performance for next-generation reactors.

Innovation & Development Initiatives:

• Development of inherently safe FCM® fuel technology adaptable for thorium

• Designing micro-reactors that could utilize thorium fuel cycles in the future

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Thorium Fuel Market – View in Detailed Research Report

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6️⃣ 5. NRG (Nuclear Research & Consultancy Group)

Headquarters: Petten, Netherlands
Key Offering: Nuclear Fuel Irradiation Services, Research Reactor Operations, Materials Testing

NRG, operating the High Flux Reactor in Petten, is a European leader in nuclear research and fuel testing. The organization plays a crucial role in the irradiation testing of advanced fuels, including thorium-based compositions, for clients worldwide. Their work is essential for qualifying new fuel types for safety and performance.

Innovation & Development Initiatives:

• Providing critical irradiation testing services for thorium fuel developers

• Participation in European research initiatives like the SAMOFAR project (Safety Assessment of the Molten Salt Fast Reactor)

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5️⃣ 6. Atomic Energy of Canada Limited (AECL)

Headquarters: Chalk River, Ontario, Canada
Key Offering: CANDU Reactor Technology, Nuclear Research & Development, Waste Management Expertise

AECL is a cornerstone of the global nuclear industry, renowned for its CANDU reactor technology. CANDU reactors are uniquely suited for thorium fuel cycles due to their neutron economy and online refueling capability. AECL’s research initiatives have historically included thorium fuel cycle studies, positioning it as a key knowledge holder and potential future partner for thorium deployment.

Innovation & Development Initiatives:

• Historical and ongoing R&D into thorium utilization in CANDU reactors

• Operating world-class research facilities that can support advanced fuel testing

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4️⃣ 7. Shanghai Institute of Applied Physics (SINAP) – Chinese Academy of Sciences

Headquarters: Shanghai, China
Key Offering: Thorium Molten Salt Reactor (TMSR) Technology, Fuel Cycle R&D

SINAP is at the forefront of thorium energy development globally, leading China’s ambitious TMSR project. This program aims to develop liquid-fueled reactors that use a thorium fuel cycle, offering inherent safety and efficient fuel utilization. SINAP’s work encompasses the entire fuel cycle, from fuel salt chemistry to reactor engineering.

Innovation & Development Initiatives:

• World-leading TMSR research and development program

• Pilot-scale testing of thorium-based molten salt fuels

• Targeting commercial demonstration of TMSR technology by the 2030s

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3️⃣ 8. Bhabha Atomic Research Centre (BARC)

Headquarters: Mumbai, India
Key Offering: Advanced Heavy Water Reactor (AHWR) Design, Thorium Fuel Cycle R&D

BARC is India’s premier nuclear research facility and a global leader in thorium fuel cycle research. With one of the world’s largest thorium reserves, India’s three-stage nuclear program has a clear roadmap to ultimately utilize thorium. BARC is developing the AHWR, a reactor designed specifically to demonstrate the commercial viability of the thorium fuel cycle.

Innovation & Development Initiatives:

• Design and development of the thorium-fueled Advanced Heavy Water Reactor (AHWR)

• Comprehensive R&D on thorium fuel fabrication and reprocessing

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2️⃣ 9. Flibe Energy

Headquarters: Huntsville, Alabama, USA
Key Offering: Liquid Fluoride Thorium Reactor (LFTR) Design, Molten Salt Reactor Technology

Flibe Energy is dedicated to developing the Liquid Fluoride Thorium Reactor, a specific type of molten salt reactor optimized for the thorium fuel cycle. The company focuses on small modular reactor designs that promise enhanced safety, reduced waste, and the ability to provide both electricity and industrial process heat.

Innovation & Development Initiatives:

• Championing the LFTR concept for decentralized, safe nuclear power

• Engaging with regulatory bodies to advance the licensing pathway for molten salt reactors

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1️⃣ 10. Lightbridge Corporation

Headquarters: Reston, Virginia, USA
Key Offering: Metallic Nuclear Fuel Technology, Fuel Performance Modeling

Lightbridge Corporation is developing a proprietary metallic nuclear fuel technology that significantly improves the safety and economics of existing and new nuclear reactors. While their initial focus is on uranium-based fuels, their advanced fuel design platform has the potential to be adapted for thorium-based compositions in the future, offering a pathway to higher performance and safety.

Innovation & Development Initiatives:

• Development of high-performance metallic fuel designs

• Exploring adaption of fuel technology platform for advanced fuel cycles, including thorium

Get Full Report Here:
Thorium Fuel Market – View in Detailed Research Report

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🌍 Outlook: The Future of Thorium Fuel Is Safe and Sustainable

The thorium fuel market is transitioning from foundational research to demonstration and early commercialization. While significant technical and regulatory milestones remain, the industry is gaining momentum, driven by the compelling benefits of thorium: enhanced safety, abundant fuel supply, and reduced long-lived waste.

📈 Key Trends Shaping the Market:

• Accelerated R&D in molten salt reactor technology, particularly in China and the U.S.

• Government and private sector investment in advanced nuclear technologies as part of decarbonization strategies

• Growing interest in hybrid energy systems combining nuclear power with hydrogen production and industrial heat applications

• International collaborations to establish safety standards and licensing frameworks for next-generation reactors

Get Full Report Here:
Thorium Fuel Market – View in Detailed Research Report

The companies listed above are not only advancing a new fuel technology—they are pioneering a safer, more sustainable pathway for nuclear energy, potentially reshaping the global energy mix for decades to come.