Lifeboat Foundation

Transatomic Power, an MIT spinout that drew wide attention and millions in funding, is shutting down almost two years after the firm backtracked on bold claims for its design of a molten-salt reactor.

High hopes: The company, founded in 2011, plans to announce later today that it’s winding down.

Transatomic had claimed its technology could generate electricity 75 times more efficiently than conventional light-water reactors, and run on their spent nuclear fuel. But in a white paper published in late 2016, it backed off the latter claim entirely and revised the 75 times figure to “more than twice,” a development first reported by MIT Technology Review.