Trilateral cooperation agreement on SMR deployment
WNN, 8 July 2026
The USA, Japan and South Korea have signed a memorandum of cooperation to support trilateral cooperation on accelerating small modular reactor deployments in third countries, with an initial focus on the Indo-Pacific region.
The memorandum was signed on Tuesday on the margins of the NATO Summit in Ankara, Turkey, by US Secretary of State Marco Rubio, Japan’s Foreign Minister Motegi Toshimitsu, and South Korea’s Foreign Minister Cho Hyun……………………………………………………..
Under the memorandum, the three countries will identify third-party countries that are interested in small modular reactors (SMRs) in the Indo-Pacific region and will support the construction of multiple SMRs through a standard fleet and simplified contracting procedures. For that purpose, the partners will encourage the formation of consortiums by their respective nuclear industries and foster project development through mobilising financing and investment.
In support of this initiative, the USA is committing more than USD10 million in new funding for the Department of State’s Foundational Infrastructure for Responsible Use of Small Modular Reactor Technology (FIRST) programme to provide technical support to countries in the Indo-Pacific region for the deployment of safe, secure, and reliable nuclear energy. It said the funds would advance SMR project development activities and establish an SMR Regional Training Hub for workforce development.
The USA also announced an industry initiative agreed upon by GE Vernova of the USA, Japan’s Hitachi, Samsung C&T of South Korea, and Poland’s SGE to advance deployment of the BWRX-300 SMR design across Europe. “This initiative will help achieve the ambitions set forth in the memorandum signed today and deepen government-industry partnerships to strengthen global energy security,” the Department of State said.
The BWRX-300 is a 300 MWe water-cooled, natural circulation SMR with passive safety systems that leverages the design and licensing basis of GE Vernova Hitachi Nuclear Energy’s (GVH’s) US Nuclear Regulatory Commission-certified ESBWR boiling water reactor design and its existing, licensed GNF2 fuel design. GVH’s first BWRX-300 is under construction at Ontario Power Generation’s Darlington site in Canada, with completion expected by the end of the decade.
SGE – part of the MS Galleon Group – is a co-investor in the standard design for the BWRX-300 and is in the process of establishing SMR partnerships and projects in a number of Central and Eastern European countries, including the Czech Republic, Hungary, Bulgaria and Romania. Its flagship project is being implemented in Poland in collaboration with Orlen, with work under way at three sites and the first unit expected to be commissioned in 2032.
Last week, SGE and a deployment team including Samsung C&T, Laing O’Rourke, Aecon Group and Google Cloud outlined plans for the privately financed deployment of 14 BWRX-300 SMRs across three sites in the UK. SGE submitted the application under the UK’s Advanced Nuclear Framework for reactors which could provide 4.2 GW of capacity, equivalent to 11% of current UK power demand.
https://www.world-nuclear-news.org/articles/trilateral-cooperation-agreement-on-smr-deployment
Consultation to strengthen UK nuclear manufacturing
HVM Catapult says more than £100bn of nuclear investment presents a major opportunity for UK manufacturing and supply chains
08/07/2026 , https://www.energylivenews.com/2026/07/08/consultation-to-strengthen-uk-nuclear-manufacturing/
The High Value Manufacturing (HVM) Catapult has launched a national consultation, to help UK industry capture the economic and industrial benefits of more than £100bn of expected investment in the country’s civil and defence nuclear programmes over the next decade.
The organisation is developing a ten-year Nuclear Manufacturing Strategy, arguing that the planned investment represents a “once in a generation” opportunity to strengthen the UK’s manufacturing base, improve energy security and create long-term economic growth.
The consultation will gather views from industry, government, academia and regional partners to identify how HVM Catapult can help accelerate industrial capability, strengthen supply chains and support businesses competing in future nuclear markets.
HVM Catapult Chief Executive Katherine Bennett said countries that succeed in the coming decade will be those that build advanced manufacturing ecosystems alongside new nuclear power stations.
She said: “Nuclear is both fundamental to the UK’s future energy security and one of the biggest industrial opportunities this country has seen in decades.
“It is a once in a generation moment to build a globally competitive manufacturing ecosystem that supports clean energy, strengthens defence, creates high-value jobs and delivers long-term economic prosperity across the country.
“Much of the capability needed to support the next generation of nuclear technologies already exists within UK manufacturing. The challenge is identifying it, connecting it to opportunity and giving businesses the confidence to invest.”
The consultation begins at the National Nuclear Manufacturing Conference on 9 July before continuing through a series of regional engagement events across the UK.
Feedback will inform HVM Catapult’s long-term strategy and wider discussions on strengthening domestic manufacturing capability, accelerating industrial growth and maximising the value of future nuclear investment.
Last Energy nabs $40M to realize vision of super-small nuclear reactors
These investors are joining the wave in public and private financing of nuclear energy that has swelled to $14 billion so far this year — double last year’s total, according to Axios. Investment in new fission technologies, such as microreactors, has increased tenfold from 2023.
The startup wants to mass-manufacture 20MW nuclear reactors that can be built and shipped within 24 months. It’s looking to get its first reactor online in Europe.
By Eric Wesoff, 29 August 2024
A startup looking to build really small nuclear reactors just announced a big new funding round.
Last Energy, a Washington, D.C.–based next-generation nuclear company, announced that it closed a $40 million Series B funding round, a move that will add more financial and human capital to the reinvigorated nuclear sector.
The startup aims to eventually deploy thousands of its modular microreactors, though to date it has not brought any online. The first reactor might appear in Europe as soon as 2026, assuming Last Energy manages to meet its extremely aggressive construction, financial, and regulatory timelines — not a common occurrence in the nuclear industry. Venture capital heavyweight Gigafund led the round, which closed early this year but was revealed only today. The startup has raised a total of $64 million since its 2019 founding.
Last Energy is part of a cohort of companies betting that small, replicable, and mass-produced reactors will overcome the economic challenges associated with building emissions-free baseload nuclear power — and restore the moribund U.S. nuclear industry to its former glory. But the microreactor dream has yet to be realized; few of these small modular reactors (SMRs) have been built worldwide. None have been completed in the U.S., though one design from long-in-the-tooth startup NuScale Power has gotten regulatory approval.
The 20-megawatt size of Last Energy’s microreactor stands in stark contrast to that of a conventional nuclear reactor like the recently commissioned Vogtle units in Georgia, which each generate about 1,100 megawatts. A Last Energy microreactor, the size of about 75 shipping containers, might power a small factory, while a Vogtle unit can power a city.
Instead of the cathedral-style stick-built construction of modern large reactors, SMRs and microreactors are meant to be manufactured at scale in factories, transported to the site, and assembled on location. Rather than develop an advanced reactor design with exotic fuels — an approach taken by other SMR hopefuls, including the Bill Gates–backed TerraPower — Last Energy chose to scale down the well-established light-water reactor technology that powers America’s 94 existing nuclear reactors.
“We came to the conclusion that using the existing, off-the-shelf technology was the way to scale,” CEO Bret Kugelmass said in a 2022 interview with Canary Media. “We don’t innovate at all when it comes to the nuclear process or components — we do systems integration and business-model innovation.”
The startup claims that its microreactor is designed to be fabricated, transported, and built within 24 months, and is the right size to serve industrial clients. Under its business model, Last Energy aims to build, own, and operate its power plant at the customer’s site, avoiding the yearslong wait times to plug a new generation project into the power grid.
Like an independent power producer, Last Energy doesn’t sell power plants; instead, it sells electricity to customers through long-term power-purchase contracts.
“Data centers and heavy industry are trying to grapple with a very complex set of energy challenges, and Last Energy has seen them realize that micro-nuclear is the only capable solution,” said Kugelmass, who claims in today’s press release that the startup has inked commercial agreements for 80 units — with 39 of those units destined to serve power-hungry data center customers.
Last Energy isn’t the only microreactor company attracting venture funding. There are several other examples from this month alone: Aalo Atomics raised $27 million from 50Y, Valor Equity Partners, Harpoon Ventures, Crosscut, SNR, Alumni Ventures, Preston Werner, Earth Venture, Garage Capital, Wayfinder, Jeff Dean, and Nucleation Capital to scale up a 85-kilowatt design from the U.S. Department of Energy’s MARVEL program. While Deep Fission, a startup aiming to bury arrays of microreactors 1 mile underground, just raised $4 million led by 8VC, a venture firm founded by Joe Lonsdale.
These investors are joining the wave in public and private financing of nuclear energy that has swelled to $14 billion so far this year — double last year’s total, according to Axios. Investment in new fission technologies, such as microreactors, has increased tenfold from 2023.
Investors happen to be backing startups in a heavily subsidized market. Tens of billions of dollars from the Bipartisan Infrastructure Law, the U.S. DOE’s Loan Programs Office, and the Inflation Reduction Act support the development of a non-Russian supply of enriched uranium; the IRA also introduced a ridiculously generous $15-per-megawatt-hour production tax credit, meant to keep today’s existing nuclear fleet competitive with gas and renewables, as well as a similarly charitable investment tax credit to incentivize new plant construction.
The flood of funding comes as nuclear power enjoys the most public support it has had in years. Nuclear now has a favorable public opinion, with the majority of Americans supporting atomic energy and its record of safety and performance. And nuclear energy is one of the few topics that Democrat and Republican politicians have been able to agree on in recent memory.
Still, despite the rising financial, political, and public support, the U.S. nuclear industry remains frozen, plagued by a legacy of cost and timeline overruns for conventional reactors and regulatory challenges around new designs. It’s unclear when the country will get another nuclear reactor online — as of last year, the leading contender was an SMR project from NuScale, but that fell apart due to cost. In all likelihood, the next reactor to plug into the grid will be the mothballed Palisades nuclear plant in Michigan, which won government support for an unprecedented effort to recommission the plant by the end of next year.
For its part, Last Energy is not banking on the U.S. to lead the charge; it’s targeting industrial customers in Poland, Romania, and the U.K. for its initial sites, in the hopes that it will find a more favorable regulatory and financial environment.
Ryan McEntush of investment firm a16z suggests in an essay that “the success of nuclear power is much more about project management, financing, and policy than it is cutting-edge engineering or safety.”
That’s Last Energy’s philosophy too — and it’s going to need more money and more years to prove it’s the right one.
Local protests derail US data centre ‘monstrosity’ backed by Wall Street giant
Local protesters have hailed victory after a US investment giant abandoned
plans for a data centre “monstrosity” that would have been built on the
edge of a historic battlefield in Virginia. QTS, which is owned by Wall
Street investor Blackstone, dropped a proposal for what would have been the
world’s largest data centre after a wave of protests and local lawsuits.
The termination represents a landmark win for local activism as protesters
across the US attempt to turn the tide against AI data-centre construction
projects worth hundreds of billions of dollars.
Telegraph 3rd July 2026,
https://www.telegraph.co.uk/business/2026/07/03/local-protests-derail-us-data-centre-monstrosity/
Nuclear Propulsion in Shipping: Challenges Ahead
June 30, 2026, https://www.seanews.com.tr/article/nuclear-ships-seen-as-pipe-dream-mqzpc3uq
Nuclear propulsion for commercial shipping faces significant hurdles, including regulatory issues and a lack of viable business cases, says Lloyd’s List.
Nuclear propulsion for commercial shipping remains far from reality, with no viable business case and unresolved regulatory, insurance, and political hurdles, reports London’s Lloyd’s List.
Advocates such as British start-up Core Power argue that small modular reactors are the only alternative to fossil fuels. However, experts say the technology is decades away from being viable. Norwegian and UK academics note that no Gen-IV designs have been commercially deployed, and fuel supply chains for HALEU remain limited to Russia.
The industry has yet to settle on a reactor design, leaving unanswered questions regarding refueling, waste disposal, and costs. Professor Steve Thomas of the University of Greenwich warned that it will be the late 2030s before any experience with SMRs is available worldwide.
Even if modular shipyard production could reduce costs, governments would have to fund the first reactors and assume liability. Shipowners would face high capital expenditure and decommissioning costs, while charterers would benefit from lower fuel bills.
Political and regulatory barriers compound the challenge. Nuclear ships would be restricted to flags of nuclear-equipped states, limiting trade routes. The IMO and IAEA have yet to clarify oversight, and there is no international convention on liability for nuclear shipping.
Analysts say the real customers for SMRs are more likely to be warships and submarines, where governments absorb costs. For commercial shipping, nuclear remains an unproven technology promoted more for its political cachet than its economic feasibility.
CNBC Helps SpaceX Pull Off Trillion-Dollar Pump-and-Dump
SpaceX’s public offering has all of the hallmarks of a pump-and-dump scheme, using a “staggered lock-up” schedule that allows insiders to sell off shares much earlier than most other publicly traded firms—enabling them to cash out while the stock is still grossly overvalued. This gambit is also called a “bagholder” scheme, as retail investors are left holding a rapidly depreciating asset.
Wilson Korik, FAIR, July 3, 2026
Elon Musk became—at least temporarily—the world’s first trillionaire on June 12 after his space, telecommunications and AI company SpaceX had the largest initial public offering in history. Initially priced at $135 per share for a valuation around $1.77 trillion, shares opened at $150 and peaked on June 16 at $225.64 (a valuation of nearly $3 trillion). The price spiked after Musk announced, before markets reopened on June 15, that he believes “SpaceX might be able to reach approximately $1T revenue in 2030” (CNBC, 6/15/26).
Since its June 16 peak, however, SpaceX’s share price has fallen, steadily declining until June 22 and settling around $160 since. Markets closed on Thursday, July 2, with a share price of $162.00.
SpaceX’s big slump coincided with a mass tech sell-off last week, prompted by mounting concerns that tech firms cannot generate the returns necessary to pay off the colossal debts financing massive AI infrastructure buildouts, especially as companies are beginning to rein in their spending on AI (404 Media, 6/24/26; TechCrunch, 6/24/26).
That was likely a surprise to viewers of CNBC, whose full-day IPO coverage pumped the stock by inviting sources with vested interests to celebrate Musk’s cult of personality and obfuscate the magical thinking behind the company’s projections.
All in on business-facing Grok
According to its own S-1 filing with the SEC, SpaceX anticipates that its greatest earnings potential does not come from the rocket business for which it is famous, but from selling AI to other businesses. The breathless CNBC discussions entirely omitted the dubious origins of SpaceX’s gargantuan estimate of its maximum potential revenue—a key investor metric known as total addressable market (TAM).
In its S-1 prospectus, SpaceX claims a TAM of $28.5 trillion, larger than the entire GDP of China.
The document separates this figure into SpaceX’s three sectors: space, connectivity and AI. Although the filing argues that space “represents the largest economic frontier in human history,” space makes up just $370 billion, or 1.3%, of SpaceX’s supposed TAM. Meanwhile, AI makes up $26.5 trillion, or 93%, the vast majority of which is for “enterprise applications.”
Enterprise AI is a broad category of business-oriented applications for firms looking to simplify and accelerate workflows, like converting text files into presentation formats, writing and debugging string code, and automating some sales, marketing, HR and IT functions. The most popular AI assistant by far is OpenAI’s ChatGPT, followed by Google’s Google Gemini and Anthropic’s Claude (TechCrunch, 6/16/26).
A closer reading of SpaceX’s S-1 filing reveals that its $22.7 trillion estimate for enterprise AI applications does not actually represent the TAM of the company’s enterprise AI, but is instead an estimate of the size of the entire digital economy—posing a hypothetical wherein xAI’s Grok Business and Grok Enterprise monopolize all digital commerce. It’s worth noting that xAI currently has extremely limited enterprise AI market share, with a March Enterprise Technology Research survey finding that just 7% of respondents use Grok (Wall Street Journal, 5/11/26).
Note also that subscriptions to xAI‘s consumer AI, SuperGrok, on X (labeled “consumer subscriptions” in the chart) alone make up $760 billion, or 2.7% of SpaceX’s TAM. That’s calculated
based on the global population of individuals aged 10 and over in 2025 … multiplied by the weighted average monthly subscription revenue of $12, resulting in an annualized market opportunity of approximately $760 billion.
So if every person on the planet over the age of 9 sends SpaceX $12 every month to use Grok, the X chatbot that spent four days last year calling itself MechaHitler and promoting the Great Replacement Theory, SpaceX will take in $760 billion per year. Sounds like a business plan!
SpaceX’s public offering has all of the hallmarks of a pump-and-dump scheme, using a “staggered lock-up” schedule that allows insiders to sell off shares much earlier than most other publicly traded firms—enabling them to cash out while the stock is still grossly overvalued. This gambit is also called a “bagholder” scheme, as retail investors are left holding a rapidly depreciating asset.
While most IPOs prevent insiders from selling shares for the first 180 days of public trading, SpaceX uses an expedited schedule that allows most insiders to sell much sooner—selling off overvalued shares to retail customers.
While this pump-and-dump began with retail consumers who bought shares on the first day of public trading, these massive wealth transfers are being thrust upon working people whether they like them or not, as Musk successfully negotiated new rules that fast-track SpaceX’s inclusion in major index funds, including the Russell 1000 and NASDAQ funds—transferring rapidly devaluing stock from SpaceX insiders to working people’s retirement accounts.
But none of this was explored on CNBC the day of the SpaceX IPO launch. FAIR could find not a single guest or anchor that mentioned that “Elon Musk’s rocket company” valued the potential for SuperGrok X subscriptions at more than twice the total projected TAM for the space industry, nor that SpaceX’s TAM is based on a scenario in which business-facing Grok controls all e-commerce—and certainly not that the IPO would essentially serve as a massive wealth transfer from retail investors to SpaceX insiders.
‘You should have bought as much as you could’
Instead, in the hours leading up to SpaceX’s first trade, CNBC viewers were primed by Squawk Box co-host Joe Kernen (6/12/26) lamenting that orders were being snatched up by large institutional investors, and hoping that trades would begin at under $300 per share. He assured viewers that, although he’s nervous, “whenever we’ve worried about any of these great tech companies…wherever it was on opening day, you should have bought them as much as you could.”
The rest of the influential three-hour morning program was as much of a commercial for SpaceX as this opening scene. Squawk Box‘s guests included SpaceX COO Gwynne Shotwell (interviewed by Morning Call host Morgan Brennan), Elon Musk biographer Walter Isaacson, long-time Musk investor David George, head of financial technology research at Citizens Bank Devin Ryan, and venture capitalist and investor Ben Narasin.
All but one of these guests have vested interests or are members of Musk’s inner circle, and used their airtime to generate excitement around the stock by focusing on Musk as a visionary key man. Kernen, co-host Andrew Ross Sorkin and guest host Melissa Lee offered no pushback………………………………………………………………………………………………………………………………………………………………………………….
‘A number so large it destroys your credibility’
This isn’t to say that CNBC’s coverage of SpaceX’s IPO was completely without critical perspectives: Squawk on the Street’s David Faber (6/12/26) spent much of his onscreen time grilling insider guests on whether they’ll sell early, and pushing back on vague, aspirational framing around the AI and space industries.
Faber repeatedly reminded his audience that the S-1 prospectus specifically sees most of SpaceX’s potential in enterprise AI. He skeptically took the projected $22.7 trillion TAM for enterprise AI as given, but pointed out that “it’s not clear” how SpaceX’s Grok could compete with other enterprise AI products:
It’s interesting, as much as we talk about SpaceX, as much as we hear Musk talking about space and then Starlink, the real opportunity in terms of addressing this enormous number is actually still the same opportunity that’s being sought after by Anthropic, and OpenAI, and Alphabet and others.
Squawk on the Street also featured the most critical guest by far, NYU business school professor Aswath Damodaran, who came closest to questioning the origin of the TAM of any host or guest on any of the programs:
When I read [the S-1], I thought Grok had written the prospectus, because we know AI is subject to hallucinations…. I don’t know if it’s a banker who wrote it, I would be embarrassed to even put that number out. I mean, it’s a big market. Why do you need to make up a number, a number so large it destroys your credibility?
But even in scrutinizing SpaceX’s prospects, or the true size of the enterprise AI market, Squawk on the Street’s criticism missed the bigger picture: SpaceX’s record-setting IPO is a pump-and-dump, and retail investments provide the exit liquidity for insiders looking to get out of a failing AI company.
Every day, dozens of guests representing various companies advertise their stock on CNBC for retail consumers, who trust the judgment of their favorite program hosts to give completely uncontentious interviews, essentially constituting a series of infomercials, rather than actual financial journalism. FAIR (3/18/09, 2/3/20) has criticized CNBC on this basis for decades.
So when CNBC invites SpaceX insiders with vested interests to pump the valuation of their stock on the air shortly before dumping it on retail consumers, it seems obvious why even the most critical host cannot alert his viewers to what is really going on: because CNBC’s reporting exists to boost stock, rather than protect consumers. https://fair.org/home/cnbc-helps-spacex-pull-off-trillion-dollar-pump-and-dump/
SGE unveils plans for 4.2GW UK Small Modular Reactor fleet
News provided by SGE 01 Jul, 2026, https://www.prnewswire.co.uk/news-releases/sge-unveils-plans-for-4-2gw-uk-small-modular-reactor-fleet-302816135.html
Programme of 14 Small Modular Nuclear Reactors could accelerate UK new nuclear and power almost eight million UK homes
LONDON, July 2, 2026 /PRNewswire/ — SGE, a European Small Modular Reactor (SMR) development and investment platform, yesterday announced its plans to build fourteen GE Vernova Hitachi BWRX-300 Small Modular Reactors on three sites in the UK. The deployment team includes SGE, GE Vernova Hitachi Nuclear Energy, Samsung C&T, Laing O’Rourke, Aecon Group Inc., Google Cloud, Fermi Development, Etara and an experienced nuclear operator.
The company has submitted an application under the UK’s Advanced Nuclear Framework (ANF) to develop a combined 4.2GW fleet which could deliver enough clean power for 11% of UK power demand or equivalent to an estimated almost eight million homes for at least sixty years. To support this ambition, SGE has established SGE SMR UK Limited as its dedicated UK-based project vehicle.
SGE’s proposal reflects a fleet-based development model, centred on repeatable deployment at scale. The project is targeting three multi-unit sites, the first to host six BWRX-300 units, with two further sites to follow in quick succession. In total, the programme represents a significant addition to the UK’s future nuclear capacity and supports the country’s long-term energy security, clean power and industrial growth ambitions.
The UK project builds on significant regulatory groundwork already in place for the BWRX-300, a tenth generation, proven technology that draws on the experience of 67 successful reactor deployments. The technology is under licensed construction in Canada and is on schedule to be the first SMR to operate in the OECD. In December 2025, the BWRX-300 successfully completed Step 2 of the UK’s Generic Design Assessment.
The partnership brings together proven reactor technology, significant project development experience, industrial capability and supply chain expertise and financing structure experience to support the deployment of the BWRX-300 in the UK. SGE is presenting a privately financed, commercially-led investment, supported by strong delivery partners. SGE plans to deploy under a Contract for Difference framework with National Wealth Fund engagement, meaning there will be no charges to consumers prior to operations.
Michał Sołowow, Founder of SGE, said: “We are focused on delivering efficient, safe, affordable, and clean nuclear energy power at fleet scale. The UK is home to one of the world’s most experienced nuclear workforce and the British Government has provided a clear path to market with the Advanced Nuclear Framework. Because of this, I am confident we will set a new standard for nuclear development by combining our disruptive business model with the BWRX-300’s tenth generation proven technology. We will rely strongly on the UK supply chain; it is a critical element for our project. Our project will create a distinct competitive advantage for UK economy.”
Rafał Kasprów, CEO of SGE, said: “The submission of our application under the Advanced Nuclear Framework marks a major milestone in our ambition to develop a fleet of BWRX-300 small modular reactors across the UK and the European Union. The United Kingdom is one of Europe’s most important and capable nuclear markets, with a highly skilled workforce, a strong industrial base, and a strategic need to lead the next generation of nuclear deployment. With a clear requirement for substantial new nuclear capacity over the coming decades, we believe our approach can make a meaningful contribution at scale. Standardisation, repetition, modularisation, and a fleet deployment strategy are the most effective ways to deliver new nuclear projects successfully, reducing costs, construction risk, and delivery times. We are committed to working with UK partners to provide secure, affordable, and clean electricity to millions of British households for generations to come.”
Jason Cooper, CEO of GE Vernova Hitachi Nuclear Energy, said: “SGE’s vision reflects the growing momentum behind new nuclear across Europe and the critical role SMRs can play in strengthening energy security while delivering reliable, lower-carbon electricity. With construction already underway at the Darlington New Nuclear Project in Ontario, Canada, the first commercial-scale SMR under construction in the Western world, the BWRX-300 offers the confidence that comes from real project execution. We are proud to support SGE as they pursue this important opportunity in the UK.”
John O’Connor, Group Commercial Director of Laing O’Rourke, said: “Laing O’Rourke brings the power of its nuclear experience and pioneering industrialised construction methods to the development of Small Modular Reactors, like this programme, of which we are pleased to play a part. We are applying lessons learned from the use of advanced manufacturing in the construction of large-scale and other complex infrastructure to boost safety and certainty for our partners and clients.”
Aaron Johnson, Senior Vice President, Nuclear, Aecon Group Inc., said: “Aecon is proud to serve as a leading partner on Ontario Power Generation’s Darlington New Nuclear Project, supporting the first-of-a-kind BWRX-300 deployment in Canada. Drawing on deep expertise in construction management, advanced automation, fabrication, and modularization, Aecon is helping to drive meaningful improvements in safety, quality, schedule certainty, and cost efficiency. Early involvement in this landmark project positions Aecon to leverage first-of-a-kind experience and tailor proven approaches for SGE in the UK and in other international markets. We are building capabilities and insights that will enable us to support efficient and scalable deployment across North America and in global markets, including the UK.”
SGE anticipates this project will enter the Advanced Nuclear Pipeline in November 2026, with site selection and government support scheme negotiations completed in the first half of 2027; after which major investment, site preparation and licensing work would begin within approximately a year, with first commercial operation of the first unit targeted for 2034.
Media contact
Paulina Chorazewska
SGE
Communications Director
+48 539 992 967
paulina.chorazewska@sge.eu
Billionaire to invest £35bn in small modular nuclear reactors rollout across UK
Consortium led by Michał Sołowow planning enough SMRs to power equivalent of 8m homes for more than 60 years.
Jillian Ambrose, 2 July 26
A consortium led by the billionaire industrialist Michał Sołowow has announced plans to build 14 small modular nuclear reactors on three sites across the UK, including the location of a former nuclear plant in Gloucestershire..
The Polish entrepreneur and rally driver plans to use £35bn of private capital to roll out enough small modular reactors (SMRs) to power the equivalent of 8m UK homes for more than 60 years, or even power datacentre investments alongside Google.
Sołowow’s nuclear development company, SGE, plans to make the “significant investment” of between £2.2bn to £2.5bn in each 300 megawatt reactor alongside a string of industrial partners including the US manufacturer GE Vernova and Japanese industrial conglomerate Hitachi, which are responsible for the design.
The consortium, known as SGE SMR, hopes to secure three sites for the boiling water reactors (BWRs) by this time next year as well as a government support contract which would guarantee a “competitive” price for its electricity once it starts generating in 2034.
It has not disclosed which sites it hopes to use for the GE Vernova Hitachi BWRX-300 design, or which energy company would be the operator. However, the Guardian understands the consortium has submitted an application to use the Oldbury site in south Gloucestershire which was earmarked earlier this year for the development of SMRs under the government’s advanced nuclear framework.
Sołowow said the government’s framework, which aims to fasttrack the rollout of nuclear technologies, had created “a clear path to market” in the “home to one of the world’s most experienced nuclear workforces”.
Because of this, I am confident we will set a new standard for nuclear development by combining our disruptive business model with the BWRX-300’s 10th-generation proven technology. We will rely strongly on the UK supply chain; it is a critical element for our project. Our project will create a distinct competitive advantage for the UK economy,” he said.
The Labour government unveiled plans for a historic expansion in nuclear power across England and Wales within months of coming to power, with Keir Starmer calling for tech companies to work alongside the government to build SMRs to power energy-intensive AI datacentres across Britain.
SGE’s plans will put it in competition with Rolls-Royce to be the first to roll out SMEs in the UK, after the British engineering company won a government competition earlier this year to allow it to start generating power by 2032 at the earliest.
SGE’s joint venture agreement, signed this week in London, includes Google Cloud, which Sołowow hopes will also partner on investing up to £4.5bn in datacentres to make use of the nuclear output. The Guardian understands this is viewed as an accompanying proposal which is not part of its current application.
Instead, the consortium hopes to secure a similar deal to the contract offered to the Hinkley Point C nuclear project. It has opted for the contracts for difference scheme, which pays a fixed rate from energy bills once the project begins generating electricity, rather than the controversial model used to fund the Sizewell C project. Under that scheme the developer is paid during the construction phase, meaning billpayers risk bigger costs if there are delays.
Tom Greatrex, chief executive of the nuclear industry association, said SGE’s SMR plans showed the government’s nuclear framework “has really revived and spurred interest in privately led nuclear projects”.
EDF agrees to sell US, Canada unit to KKR
EDF, which owns and operates France’s nuclear fleet, must raise cash to maintain its 57 aging reactors and finance the construction of six new units.
By Reuter, June 27, 2026, https://www.reuters.com/business/energy/edf-signs-deal-sell-us-canada-unit-kkr-2026-06-26/
June 26 (Reuters) – EDF signed an agreement to sell EDF Power Solutions in the United States and Canada to private equity firm KKR, the company said on Friday.
KKR will acquire the operations and assets. In the U.S. and Canada, EDF Power Solutions operates 5.6 gigawatts of renewable assets.
EDF, which owns and operates France’s nuclear fleet, must raise cash to maintain its 57 aging reactors and finance the construction of six new units.
In November EDF CEO Bernard Fontana told Reuters the company was considering selling between 50% and 100% of its U.S. renewable unit, a deal that could value the business at nearly €4 billion ($4.56 billion).
EDF has developed 26 gigawatts of wind, solar and battery storage projects plus electric vehicle charging sites and has 17 GW under service contracts in North America, which includes a small amount in Canada and Mexico, according to its website.
($1 = 0.8773 euros)
Reporting by Margaux Perrin in Gdansk, Editing by Louise Heavens
Sweden has agreed first financing package for new nuclear reactors, PM says
By Reuters, June 25, 2026, https://www.reuters.com/business/energy/sweden-has-agreed-first-financing-package-new-nuclear-reactors-pm-says-2026-06-25/
STOCKHOLM, June 25 (Reuters) – Sweden’s government has agreed on the details of a first financing package to build new nuclear power reactors with developer Videberg Kraft, Swedish Prime Minister Ulf Kristersson said on Thursday.
“The state will also go in as an owner in this project,” Kristersson told reporters.
Kristersson gave no details of the financing package, which has to be approved by the European Commission.
The government said in a statement it will take a 60% stake in Videberg Kraft, currently 80% owned by state utility Vattenfall and 20% by a consortium of industrial companies. Vattenfall’s stake will drop to 20%, the government added.
Sweden’s parliament last year passed legislation to finance a new generation of reactors, the first built in Sweden for more than 40 years and which the government says is necessary for energy security and achieving net zero emissions by 2045.
Earlier this month, Vattenfall selected Rolls-Royce SMR (RR.L), opens new tab to supply small modular nuclear reactors, choosing the British company over U.S. rival GE Vernova (GEV.N), opens new tab, in a deal worth several billion pounds.
Reporting by Simon Johnson, editing by Louise Rasmussen
US federal loan to jumpstart AP1000 reactor supply chain, with initial $17.5 billion
Last year, the US government – through the Department of Commerce – announced a strategic partnership with Westinghouse’s owners, Cameco Corporation and Brookfield Asset Management, centred on the construction of at least USD80 billion of new reactors across the USA using Westinghouse nuclear reactor technology.
.WNN, 24 June 2026
The US Department of Energy has conditionally committed to USD17.5 billion in loans to finance the purchase of long-lead items for up to 10 Westinghouse AP1000 reactors.
The loans, through the Department of Energy’s (DOE) Office of Energy Dominance Financing, advance last year’s Executive Order on Reinvigorating the Nuclear Industrial Base by supporting the objective of having 10 new large nuclear reactors with complete designs under construction by 2030, the department said.
Long-lead items are typically thought of as heavy forgings and castings for pressure vessels, steam turbines and generators. With a limited number of heavy engineering plants able to make to make such components, these – and other engineered components in the reactor supply chain, as well as items such as control software – often need to be ordered many years in advance of installation work.
Advance purchase of long-lead items is expected to accelerate project deployment timelines by up to three years and create significant supply chain efficiencies, Westinghouse said.
The DOE financing will support up to five loans, each supporting two reactors at a project site. Westinghouse will partner with up to five eligible utilities and energy companies nationwide to procure the long-lead items at a fixed price. Each project will be jointly owned by Westinghouse and a utility or energy company partner, with both required to fully commit USD500 million of project equity – USD1 billion total per project – upfront prior to accessing DOE loan funds. Purchasing for each project will be staggered based on the timing of equity commitments and other relevant factors, DOE said.
US Energy Secretary Chris Wright said: “These conditional loans will play an important role in reviving the supply chain needed for America to once again build large-scale commercial reactors. They will also help accelerate the timeline of building those large-scale reactors by up to three years, lowering construction costs and ensuring the United States is able to deliver on President Trump’s bold and ambitious energy addition agenda.”
Last year, the US government – through the Department of Commerce – announced a strategic partnership with Westinghouse’s owners, Cameco Corporation and Brookfield Asset Management, centred on the construction of at least USD80 billion of new reactors across the USA using Westinghouse nuclear reactor technology………………….. https://www.world-nuclear-news.org/articles/us-federal-loan-to-jumpstart-ap1000-reactor-supply-chain
Why X-Energy Stock Collapsed 19.2% This Week
COMMENT. Another dud Small Modular Nuclear Reactor fantasy?
Delays and downgrades are hurting X-Energy’s stock price this week.
By Brett Schafer – Jun 26, 2026 , https://www.fool.com/investing/2026/06/26/why-x-energy-stock-collapsed-192-this-week/
Key Points
- X-Energy does not have a reactor design approved today.
- Its construction projects keep getting delayed, causing an analyst downgrade.
- The company does not generate much in revenue today.
Shares of X-Energy (XE+2.17%) fell 19% this week, according to data from S&P Global Market Intelligence. The nuclear energy start-up saw a delay in its construction timeline and an analyst downgrade, which has dragged down the stock since its April IPO.
Delayed projects
X-Energy is designing advanced nuclear reactors, partnering with Amazon for future reactor builds. Amazon is also a shareholder in X-Energy, providing upfront capital to build projects to power Amazon data centers.
The roadblock to development stems from the United States government’s lack of official approval for any X-Energy reactor, which has delayed the breaking ground of X-Energy’s first project with Amazon until 2027. On top of this, Jeffries downgraded the stock this week, from $30 to $22, sending shares sharply lower.
Should you buy the dip?
Modern nuclear reactors can be a valuable source of electricity for powering the AI revolution. However, today, X-Energy does not have much of an actual business and will need to spend massive amounts of money upfront in order to get its reactor designs approved and its manufacturing facilities built.
Even after this drawdown, X-Energy stock trades at a market cap of $7.7 billion with barely any revenue. That should keep all investors away from the stock today.
The hidden reality behind Britain’s homegrown nuclear age
Rolls-Royce’s contract to build small modular reactors may not always mean manufacturing jobs in the UKThe hidden reality behind Britain’s homegrown nuclear age
Matt Oliver, Industry Editor
When Rolls-Royce was chosen to build the country’s first mini nuclear power plants, Labour ministers promised the scheme would help to “revive Britain’s industrial heartlands”.
Three small modular reactors (SMRs) are expected to be built in Anglesey, Wales, by
the mid-2030s – proving the concept and triggering what could become a massive
global industry.
But a year later, exactly just how British those SMRs will
be is turning into a thorny subject. Senior backbench MPs have claimed
there were “serious questions” for Rolls-Royce to answer after the
company began a process to buy “key nuclear island components” –
including reactor pressure vessels – from either South Korea or the Czech
Republic last month.
Nuclear plants are usually divided into two parts: a
reactor “island” housing the most sensitive nuclear equipment and a
separate site where the conventional turbine sits. The companies in the
running for the nuclear island contracts are Korea’s Doosan and CEZ, the
Czech state energy giant that has its own nuclear programme and is an
investor in Rolls-Royce SMR.
Insiders say the lack of a British bidder was
inevitable, because only a handful of businesses in the world can make the
specialist equipment and because of a need to begin construction within the
next five years.
Lord Vallance, the minister for nuclear, said: “Great
British Energy-Nuclear is making excellent progress against its ambition
for 70pc of British built content across the small modular reactor fleet,
and we fully support their work with Rolls Royce to unlock UK supply chain
benefits providing thousands of jobs in our community. “This is part of
our commitment to delivering a golden age of nuclear and developing world
leading-nuclear expertise and UK supply chains, supporting thousands of
jobs in our community.”
Telegraph 21st June 2026, https://www.telegraph.co.uk/business/2026/06/21/the-hidden-reality-behind-britains-homegrown-nuclear-age/
Root Cause of Criminal War Against Iran: Islamic Law Prohibits Usury.
April 10, 2026, Source: ScheerPost.com, Article republished by Jerry Alatalo, https://onenessofhumanity.wordpress.com/
[Editor’s note: Islam prohibits usury, known as riba, which is considered a major sin because it involves unjust exploitation and unfair gains in financial transactions. (Usury inculcates man with corruption and takes him from the main objective of his existence and makes him a slave of money. It turns him from a human being into a money seeker who is blinded by money and for whom money is the most important thing in life.) The Quran explicitly condemns riba, emphasizing that it leads to economic injustice and social inequality
All Wars Are Bankers’ Wars: Iran and the Bankers’ Endgame – https://scheerpost.com/2026/04/10/all-wars-are-bankers-wars-iran-and-the-bankers-endgame/…………………………………………………………………………………………………..
Governments would have to foot the bill for nuclear shipping
‘Essentially, the government stands behind the operator with an open chequebook’No global liability framework in place, and getting one could take decadesFinance and insurance give nuclear a chicken-and-egg problem
Declan Bush, 19 Jun 2026,
Governments would have to foot the bill for nuclear shipping
- ‘Essentially, the government stands behind the operator with an open chequebook’No global liability framework in place, and getting one could take decadesFinance and insurance give nuclear a chicken-and-egg problem
Governments will be on the hook for the potentially unlimited liability created by a nuclear incident at sea, Core Power’s annual nuclear conference was told. There are doubts they are keen to take such a burden on…………………… (Subscribers only) https://www.lloydslist.com/LL1157569/Governments-would-have-to-foot-the-bill-for-nuclear-shipping
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