What can venture capital bring to nuclear innovators?

August 25, 2022, 7:06AMNuclear NewsRod Adams

Rod Adams

In 1993, after a decade in the nuclear navy during which time I fell in love with nuclear power, I left the service and founded Adams Atomic Engines (AAE) to develop a small, portable engine powered by fission. Today, AAE would be seen as a venture developing an SMR, but back then, I couldn’t find enough investors who understood or believed in my vision.

That was deeply disappointing, but over the next several decades I stayed connected with other innovators who had similar visions. I found great satisfaction interviewing members of the industry through the Atomic Show podcast and publishing news about advanced nuclear developments on my website, Atomic Insights.

Fast forward, and the world is in a very different place. A few years ago, I was contacted by an investor who saw the potential of advanced nuclear designs to meet the world’s needs for a clean energy revolution, and I was thrilled. Even in 2019, there were almost no venture capitalists focusing on what was happening in the nuclear industry—probably because nuclear had never fit the venture capital model, which involves investing in the equity of a growing private venture.

Pact signed to advance IMSR development in western Canada

August 12, 2022, 9:29AMNuclear News

Evidence that Canada is serious about becoming a world leader in small modular reactor deployment continues to mount. Ontario-based SMR developer Terrestrial Energy yesterday inked a memorandum of understanding with Invest Alberta—a crown corporation of the government of Alberta that promotes the province internationally—to support commercialization of the company’s Integral Molten Salt Reactor (IMSR) in western Canada.

X-energy, DOW to collaborate on SMR deployment

August 9, 2022, 12:27PMNuclear News

Small modular reactor developer X-energy and materials science giant Dow this morning announced the signing of a letter of intent aimed at deploying X-energy’s Xe-100 reactor technology at one of Dow’s U.S. Gulf Coast facilities. The companies expect the SMR plant, which would provide power and process heat to the Dow facility, to be operational by approximately 2030.

Dow is the first manufacturer to declare its intention to develop SMR technology options and intends to take a minority equity stake in X-energy, according to the announcement.

News of the collaboration broke at the American Nuclear Society’s Utility Working Conference and Vendor Technology Expo, being held through August 10 at Marco Island, Fla.

Breaking news: Dow, X-energy sign letter of intent for SMR

August 9, 2022, 12:26PMNuclear News

X-energy and Dow announced today a collaboration with intent to deploy an advanced small modular reactor at one of Dow’s U.S. Gulf Coast facilities. The SMR, which would be operable by about 2030, would provide heat and power to the Dow facility.

The announcement was made at the American Nuclear Society's Utility Working Conference and Vendor Technology Expo (UWC 2022), being held through August 10 at Marco Island, Fla.

TVA, GEH advance SMR plans for Clinch River site

August 8, 2022, 7:20AMNuclear News
Rendering of the proposed GEH Nuclear Energy BWRX-300 SMR at the Clinch River site. (Image: GE Hitachi)

The Tennessee Valley Authority and GE Hitachi Nuclear Energy (GEH) have signed an agreement to support planning and preliminary licensing for the potential deployment of a BWRX-300 small modular reactor at the Clinch River site near Oak Ridge, Tenn., the utility’s president and chief executive officer, Jeff Lyash, announced last week.

An evolution of GEH’s 1,520-MWe Generation III+ ESBWR design, the BWRX-300 is a 300-MWe water-cooled, natural-circulation SMR with passive safety systems.

Last Energy signs up for SMR project in Polish industrial zone

August 2, 2022, 2:56PMNuclear News
Signing the letter of agreement, from the left, are Damian Jamroz, Last Energy Polska general manager; Ryszard Wawryniewicz, LSSE vice president; Piotr Danielski, DB Energy vice president; and Dominik Brach, DB Energy CEO. (Photo: LSSE)

Last Energy, a Washington, D.C.–based small modular reactor startup, has signed a letter of intent with Poland’s Legnica Special Economic Zone (LSSE) and DB Energy for a power plant featuring 10 small modular reactors with 200 MWe of capacity to fuel the region’s industrial activities. (Established in 1997, the LSSE covers 18 subzones located in the central part of southwestern Poland’s Dolnośląskie Province and is home to more than 75 companies providing some 16,000 jobs.)

X-energy picks constructor collaborators

July 22, 2022, 12:09PMNuclear News

Rockville, Md.–based X-energy announced yesterday that it has selected Zachry Group and a combined team from Burns & McDonnell and Day & Zimmermann to work with the company on the next phases of design and deployment for its Xe-100 small modular reactor fleet.

Rolls-Royce picks potential sites for first SMR factory

July 15, 2022, 9:30AMNuclear News
Artist’s rendering of a Rolls-Royce SMR plant. (Image: Rolls-Royce SMR)

U.K.-based reactor developer Rolls-Royce SMR last week announced a list of six potential sites for its first small modular reactor factory. According to the company's announcement, the factory—the largest and most complex of three such facilities envisioned by the company—will manufacture the SMR vessels.

Sweden to study SMRs at Ringhals

July 11, 2022, 12:00PMNuclear News
The Ringhals nuclear power plant. (Photo: Wikipedia)

Vattenfall has initiated a study to look into the feasibility of building at least two small modular reactors adjacent to its Ringhals nuclear power plant, the Swedish state-owned power company announced recently.

Located on Sweden’s west coast about 37 miles south of Gothenburg, Ringhals holds two operating power reactors: Unit 3, a 1,074-MWe pressurized water reactor; and Unit 4, a 1,130-MWe PWR. The facility is also home to two retired units: Unit 1, a boiling water reactor shut down in December 2020; and Unit 2, a PWR taken off line in December 2019.

U.S. to provide $14 million for Romanian SMR study

July 5, 2022, 12:09PMNuclear News

At the recent G7 summit in Germany, President Biden and other world leaders launched the Partnership for Global Infrastructure and Investment—described by the State Department as an effort “to narrow infrastructure gaps around the world, strengthen the global economy and supply chains, and advance international security through strategic investments.”

Saskatchewan picks BWRX-300 for potential deployment

June 29, 2022, 9:28AMNuclear News
A cutaway image of the BWRX-300. (Image: GE Hitachi Nuclear Energy)

Following an assessment of several small modular reactor technologies, SaskPower has chosen GE Hitachi Nuclear Energy’s (GEH’s) BWRX-300 SMR for potential deployment in Saskatchewan in the mid-2030s, the Canadian utility announced earlier this week.

Groups prod G7 to support nuclear for climate, security

June 27, 2022, 7:00AMNuclear News

A group of six organizations have issued a statement to world leaders currently gathered at the G7 summit in Germany that highlights nuclear energy’s strengths in addressing the current global challenges of environmental sustainability and energy security and urges additional support.

X-energy partners with Maryland for coal-to-nuclear study

June 17, 2022, 9:30AMNuclear News

The Maryland Energy Administration (MEA) has awarded grants to Rockville, Md.–based X-energy—developer of the Xe-100 small modular reactor—and Frostburg State University for a collaborative study to determine the potential for siting an SMR at a state coal site. A joint analysis of the study’s findings is to be delivered to MEA later this year.

Authors of SMR study reply to NuScale comments

June 13, 2022, 3:01PMNuclear News

On June 2, Nuclear Newswire published a letter from Jose Reyes, chief technology officer at small modular reactor developer NuScale Power, to May R. Berenbaum, editor-in-chief of Proceedings of the National Academy of Sciences, regarding a research article published by PNAS two days previous. The article, “Nuclear waste from small modular reactors,” has grabbed more than a few headlines for its claim that SMRs will actually generate more nuclear waste than a standard large pressurized water reactor.

NUWARD SMR to be test case for European regulatory review

June 10, 2022, 9:30AMNuclear News
Concept art for the NUWARD plant. (Image: TechnicAtome)

French utility giant EDF has announced that its NUWARD small modular reactor design will be the case study for a European early joint regulatory review led by the French Nuclear Safety Authority (ASN). Also participating in the review process will be the Czech Republic’s State Office for Nuclear Safety (SUJB) and Finland’s Radiation and Nuclear Safety Authority (STUK).

NuScale responds to SMR critique

June 2, 2022, 9:30AMNuclear News

A Stanford University–led research article on small modular reactors published Tuesday in Proceedings of the National Academy of Sciences (PNAS) is not sitting well with SMR developers or, for that matter, with much of the largely pro-SMR nuclear community.

Pact signed on potential BWRX-300 deployment in Saskatchewan

May 27, 2022, 12:00PMNuclear News
Artist’s rendering of a BWRX-300 plant. (Image: GE Hitachi Nuclear Energy)

Ontario-based GEH SMR Technologies Canada Ltd. and the Saskatchewan Industrial and Mining Suppliers Association (SIMSA) announced yesterday the signing of a memorandum of understanding focused on the potential deployment of the BWRX-300 small modular reactor in Saskatchewan.

The MOU calls for engaging with local suppliers to maximize the role of the Saskatchewan supply chain in the nuclear energy industry.

U.S. nuclear capacity factors: A smaller fleet invested in the future

May 13, 2022, 2:59PMNuclear NewsSusan Gallier

The United States has just 93 operating power reactors at this writing. The fleet last numbered 93 in 1985, when nuclear generation topped out at 383.69 TWh, less than half of the 778.2 TWh produced in 2021.

While the 93 reactors operating today have more capacity, on average, than in 1985, most of that increased productivity is down to operational improvements that pushed the fleet’s average capacity factor from just 57.5 percent in the three-year period 1984–1986 to near 90 percent by the early 2000s.

NuScale and U.S. Reactor Forging Consortium to collaborate on SMR deployment

May 3, 2022, 9:30AMNuclear News

NuScale Power has signed a collaboration agreement with the U.S. Reactor Forging Consortium (RFC) to leverage the nation’s forging supply chain to prepare for the deployment of NuScale’s small modular reactor technology and to support, maintain, and expand U.S. manufacturing jobs.