nuclear-news

Grand plan to triple nuclear energy with small nuclear reactors, but where’s the funding?

1 US nuclear start-ups battle funding challenge in race to curb emissions.
Reactors pioneered by Oklo, X-energy and NuScale suffer financing setbacks
as well as regulatory headwinds.

US plans to build up its nuclear industry
face big funding and regulatory challenges which could delay a new
generation of smaller, more efficient reactors touted by advocates as
critical to fighting climate change.

Industry experts told the Financial
Times a declaration signed last week by Washington and 21 other nations at
the COP 28 climate summit to triple the amount of installed nuclear energy
by 2050 was a step forward, given the sector’s ability to provide
(?)emissions-free power.

But a sharp fall in market support for start-ups
developing so-called small modular reactors and other advanced nuclear
facilities threaten US ambitions, they said. Last month NuScale Power Corp
cancelled plans to build the first SMR in the US, despite receiving $1.4bn in government cost-sharing pledges.

Not enough power utilities expressed an
interest in purchasing electricity from the facility in Idaho when NuScale
increased power prices by more than 50 per cent over two years to $89 per
megawatt hour. The setback followed the collapse of a $1.8bn deal agreed
between X-energy and special purpose acquisition company Ares Acquisition,
which was intended to enable the developer of nuclear technologies to go
public.

Now the industry is focused on whether Oklo, a start-up chaired by
OpenAI chief executive Sam Altman, can successfully go public via a
blank-cheque company announced in July with AltC Acquisition Corp. The
merger was proposed at a valuation of $850mn and would provide Oklo with
$500mn to develop and commercialise its reactor design.

FT 12th Dec 2023

https://www.ft.com/content/c0700a01-c1e8-4e5e-8300-ac264bd25293

December 14, 2023 - Posted by Christina Macpherson | business and costs, Small Modular Nuclear Reactors, USA