FinancialBuzz.com News Commentary

NEW YORK, Feb. 13, 2023 /PRNewswire/ — Transformative developments in the field of nuclear energy have led to a growing interest in Small Modular Reactors (SMRs), which are nuclear reactors with a capacity of less than 300 MWe. The development of SMRs has been driven by the need for clean, safe, and flexible energy sources to meet the growing energy demands of the world. Generally, modern small reactors for power generation, and especially SMRs, are expected to have greater simplicity of design, economy of series production largely in factories, short construction times, and reduced siting costs. Such reactors are also designed for a high level of passive or inherent safety in the event of malfunction. The development of SMRs has not gone unnoticed by investors. Back in 2021, NuScale Power completed its merger with Spring Valley Acquisition Corp to create the world’s first publicly traded SMR technology company. NuScale Power Corporation (NYSE: SMR), ArcelorMittal S.A. (NYSE: MT), Brookfield Business Partners L.P. (NYSE: BBU), BWX Technologies, Inc. (NYSE: BWXT), Rolls Royce Holdings plc (OTC: RYCEY)

The benefits of nuclear energy, and SMRs in particular, are numerous and substantial. Firstly, nuclear energy provides a clean source of energy that does not produce greenhouse gas emissions or contribute to air pollution. Secondly, SMRs are designed with enhanced safety features and can operate in a variety of environments, making them safer than conventional nuclear reactors. Furthermore, the compact size of SMRs means they can be deployed in areas where large-scale power generation is not feasible. Finally, the use of nuclear energy, including SMRs, is critical in the fight against climate change, as it provides a reliable source of low-carbon energy and play a role in mitigating the impacts of global warming.

NANO Nuclear Energy Inc. just announced breaking news that, “it has closed an oversubscribed $4.14 Million funding round led by former senior freight and logistics executives. The largest of these investors include a former c-suite level executive of the largest transportation company in the world and their colleagues.

The nuclear industry has had a growing presence on Wall Street in the past few years. NuScale Power, having went public via a $1.9 Billion SPAC in late 2021, competed its Standard Plant Design (SPD) project ahead of schedule. Additionally, X Energy Reactor inked a deal to go public via $2 Billion SPAC deal with Ares Acquisition and a consortium led by Cameco and Brookfield Renewable formed a strategic partnership to acquire Westinghouse Electric Company, one of the world’s largest nuclear services businesses, for approximately $7.8 Billion.

“There has been a lot of development and growth in the nuclear energy industry in the recent months,” said James Walker, NANO Nuclear Energy’s CEO and Board Member. “With the $4.14M funding, NANO Nuclear is well positioned to capitalize on the market’s rapid expansion, as it will allow us to make further advancements in our proprietary reactor design, fund addition research and development initiatives and ensure that we remain on the cutting-edge of this dynamic industry.”

In the U.S., Barron’s notes that nuclear power “accounts for about 19% of total U.S. electricity production, a level that hasn’t changed much in the past decade.” This stagnation is, in part, due to the fact that most of the country’s plants were built in a 20-year span between 1970 and 1990 and “six have closed since the end of 2017, with three more expected to go out of operation by 2025.” Meanwhile, France, a country famously reliant on nuclear power for its energy needs, saw its nuclear industry underperform during the recent energy crisis, with long maintenance outages and an ageing fleet blamed for the deficit.

Furthermore, government support has grown throughout the year, as appropriators released the long-expected fiscal 2023 omnibus spending package, worth an estimated $1.7 Trillion, in December. As per the bill, $300 Million are to be allocated to the U.S. Department of Energy to secure U.S. nuclear fuel supplies. On top of that, the DOE’s nuclear energy program would be funded at $1.7 Billion, with the bill supporting a high-assay low­ enriched uranium (HALEU) program for advanced reactor fuel development. In fact, the Department of Energy, through the Idaho National Laboratory (“INL”) and the National Reactor Innovation Center (“NRIC”), is enabling developers of µSMR and ANR by providing technical resources, capabilities, and demonstration sites to viable designs.

NANO Nuclear is in technical development and working to progress its proprietary portable and on-demand capable advanced nuclear micro reactor, or micro-Small Modular Reactor (µSMR), “ZEUS”. The “ZEUS” design will be modular and enable it to connect with local power grids or power systems, revolutionizing recovery from natural disasters and how remote communities, mining project, and military bases, among others, obtain consistent electricity.

“Creating the next generation advanced nuclear micro reactors requires a lot of effort and manpower,” said Dr. Jeffrey L. Binder, NANO Nuclear Energy’s Head of Nuclear Laboratory and Technologies. “With this funding, we are able to ensure that the best and brightest continue to work on this innovative initiative and that the relationships we have established with regulatory agencies and laboratories continue to deepen.”

Additionally, NANO Nuclear has hailed the Fueling Our Nuclear Future Act, which seeks to establish a program to accelerate the availability of commercially produced High-Assay, Low-Enriched Uranium (HALEU) in the United States and make it available for use in advanced nuclear reactors.”

NuScale Power Corporation (NYSE: SMR) announced last month that the Project Management Committee (PMC) for the Carbon Free Power Project (CFPP) reaffirmed its commitment to NuScale’s industry-leading small modular reactor (SMR) technology by approving a new Budget and Plan of Finance (BPF) and an update to the Development Cost Reimbursement Agreement (DCRA). This key milestone was reached with the receipt and acceptance of the CFPP’s Class 3 Project Cost Estimate (PCE), which further refines the anticipated total cost of the project.

ArcelorMittal S.A. (NYSE: MT) reported last year announced that it has invested $25 million in nuclear innovation company TerraPower through its XCarb® Innovation Fund. The investment is part of an $830 million equity raise TerraPower has concluded, which is the largest private raise among advanced nuclear companies. TerraPower, which was founded by Bill Gates in 2008, entered the nuclear energy arena because the company’s founders saw clean energy as the pathway to lift billions out of poverty. It has spent the last decade investing in and developing ground-breaking nuclear technologies.

Brookfield Business Partners L.P. (NYSE: BBU) reported back in October together with its institutional partners (collectively “Brookfield“), today announced an agreement to sell its nuclear technology services operation, Westinghouse Electric Company (“Westinghouse”), to a strategic consortium led by Cameco Corporation and Brookfield Renewable Partners (the “Consortium”) for a total enterprise value of approximately $8 billion (the “transaction”) including proceeds from the disposition of a non-core asset expected to be received prior to closing the transaction. Westinghouse is a global leader in providing mission critical technologies, products and services to the nuclear power industry. The business was acquired by Brookfield out of bankruptcy in 2018. Since its acquisition, Brookfield appointed a new world-class management team and successfully repositioned the business by strengthening the organizational structure, refocusing its product and service offerings, optimizing the global supply chain and investing in new technology.

BWX Technologies, Inc. (NYSE: BWXT) reported last year that will build the first advanced nuclear microreactor in the United States under a contract awarded by the U.S. Department of Defense (DoD) Strategic Capabilities Office (SCO). The Project Pele full-scale transportable microreactor prototype will be completed and delivered in 2024 for testing at the Idaho National Laboratory. The prototype will be built under a cost-type contract valued at approximately $300 million, depending on options selected, by BWXT Advanced Technologies LLC in facilities in Lynchburg, Virginia and Euclid, Ohio. Over the next two years, BWXT expects that approximately 120 employees will work on the project, including roughly 40 skilled trades, engineers and other positions that will be hired to support this effort and other projects.

Rolls Royce Holdings plc (OTC: RYCEY) reported last week that Industria has selected Rolls-Royce SMR technology to fulfil the zero-emission energy goals of the Central Hydrogen Cluster in Poland, and as part of their plans to produce 50,000 tonnes of low-carbon hydrogen every year. Industria is part of the Group of Industrial Development Agency JSC. Tom Samson, Rolls-Royce SMR CEO, said: “This is an important step in our relationship with Industria – setting out the basis on which we’ll work together to develop joint plans for using our SMR technology in Poland to decarbonise energy intensive industry and produce clean power for generations to come. “Poland is one of the key international markets for our factory-built nuclear power plant which provides 470MW of clean, affordable electricity from a sustainable source. This partnership has enormous potential and could support thousands of high-skilled, long-term jobs in Poland and the UK – both directly and in the supply chain.”

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