Nucleation Capital

Nucleation is a venture capital asset manager, not a family office. It operates Fund I as an evergreen vehicle for accredited investors and is raising Fund II as a traditional venture fund. The firm also runs a syndicate for pronuclear investors seeking individual deal allocations.

The firm targets advanced nuclear fission and fusion, carbon capture and utilization, and grid-enhancement technologies. Portfolio companies include Aalo Atomics, Blykalla, Copenhagen Atomics, Deep Isolation, Radiant Nuclear, Zeno Power, Twelve, and Planetary Technologies. A full list is published on the firm's website.

Deal flow draws from the deep industry networks of Managing Partners Rod Adams and Valerie Gardner — Adams through decades of Navy nuclear, startup and publishing experience via Atomic Insights, Gardner through Silicon Valley venture and investment-advisory relationships. The firm's syndicate structure also funnels opportunities from its investor network. Advisors spanning national labs, regulators and venture capital supplement origination.

Valerie Gardner and Rod Adams are co-Managing Partners responsible for investment decisions. Gardner contributes venture-investment, fund-structuring and impact-investing experience; Adams provides nuclear-engineering, industry and technical due-diligence expertise. CFO Jonathan Tiemann, who co-founded the affiliated RIA with Gardner, oversees financial operations and investment strategy.

Nucleation invests directly into private nuclear and carbon-innovation companies. The firm does not disclose making fund-of-fund commitments. Its syndicate offers selective direct co-investment opportunities, while Fund I and Fund II pool capital for diversified exposure to the same venture stage.

The firm's syndicate model suggests comfort with bringing external capital into portfolio deals. While Nucleation leads or participates in rounds alongside other VCs, details on specific GP co-investment relationships are not publicly disclosed beyond the syndicate's deal-by-deal invitations.

Rod Adams founded the Atomic Insights blog in 1995, which serves as an independent commentary platform on nuclear energy and likely provides reputational sourcing for Nucleation's deal flow. Tiemann Investment Advisors is a $300+ million RIA co-founded by Valerie Gardner and Jonathan Tiemann; Gardner's work there developed a pronuclear public-equity strategy that predates and complements Nucleation's private venture focus.