How to get filthy rich via Small Modular Nuclear Reactors.
30 August 2026 Noel Wauchope AIM Extra, https://theaimn.net/how-to-get-filthy-rich-via-small-modular-nuclear-reactors/
Well, I hasten to warn you that you need to be already rich, for this to work. It has already worked for some alert rich investors. What they did was – they noted the soaring share prices of small nuclear reactor companies, a soaring that was accompanied by an awful lot of media hype.
And then they noted some salient facts about those companies – for example:
OKLO – has a market cap of $8 billion, and its shares jumped more than 12% on Aug. 25 Sounds great doesn’t it? BUT:
- OKLO had a net loss of $81.6 million in the second quarter this year.
- It went public through a SPAC (special purpose acquisition company) in 2025.
- It generates no commercial energy income today.
- Its first Small Modular Reactor (SMR), the Aurora Powerhouse, isn’t expected to enter commercial operation for years.
- Oklo is incurring tens of millions in operating losses annually.
- It is $78.6 million in debt, so interest and loan payments eat into its earnings.
- OKLO is still in discussions with the regulator NRC, regarding the fuel, high-assay low-enriched uranium, or HALEU, and other supply chain issues.
Similarly, stocks of both NuScale Power, and Nano Nuclear have soared over the past year. Yet both are making little or no money, and both have suffered operational losses over this year. NuScale is now facing a class action by investors who claim that the company misrepresented the prospects for small nuclear reactors.
So – what have the smart rich investors done? Basically, they’ve gambled on these stocks being over-priced, and soon to go down. Investment strategies are not my strong point, but it seems that short selling is one hedge fund strategy. So these clever investors, noting the unsustainable rise in share prices, borrow shares and soon sell them at the inflated price, and can buy them back later as the price plunges down.
So , it’s estimated that investors made over $2 Billion over the past months by short selling shares in these three small nuclear reactor companies – OKLO, NuScale, and Nano Nuclear.
The rage for investing in SMRs is still on, as the world is gripped by the mania for AI hyperscalers. (AI hyperscalers are companies investing grotesque amounts of money in building data centres world-wide)
Neither the hyperscalers nor the small reactor companies are actually making money at present. But the hype is all-consuming.
This is the prevailing hype –
The AI Boom Is Making Nuclear Power Bankable Again – America’s nuclear power landscape is undergoing a dramatic transformation, driven by the immense energy needs of artificial intelligence. Tech giants like Microsoft, Google, Amazon, and Meta are directly financing nuclear projects, committing billions to secure nearly 10 gigawatts of capacity. ………..
Almost everything tech companies are funding—Meta, Amazon, most of Google’s bets—is small modular reactors: compact designs.
Will AI kickstart a new age of nuclear power? IAEA Director General Manuel Grossi believes that the nuclear industry is destined to be the energy partner of the AI revolution. “Only nuclear energy can meet the five needs of low-carbon power generation, round-the-clock reliability, ultra-high power density, grid stability and true scalability”……………………..the IAEA is working closely with regulators and the industry to make them a viable proposition and we could soon be seeing large numbers of small reactors being deployed to meet the demand.
So- we have the Trumpian process in the USA, of the weakening of radiation and safety regulation of nuclear reactors, and of the government already funding 8 SMR companies.
With the claim that nuclear power combats climate change, with the accepted belief in the necessity for AI hyperscale, governments, academia, the corporate media, and the UN all promote this new marriage of nuclear and Big Tech. So – all the stars are aligned for the rise and rise of small nuclear reactors.
Incidentally, don’t look to the UN, the World Health Organisation (WHO)or anyone like that to cry foul. I think that most people have forgotten, if they ever knew it , but the 1959 agreement between the WHO and the International Atomic Energy Agency (IAEA) effectively prevents the WHO from criticising things nuclear.
One important part – “Whenever either organization proposes to initiate a programme or activity on a subject in which the other organization has or may have a substantial interest, the first party shall consult the other with a view to adjusting the matter by mutual agreement.”
And, in this time of vulnerability of nuclear sites, to war and terrorism, you wonder how Rafael Grossi, Director of the IAEA reconciles his conflicting duties, that of promoting nuclear power and of assuring of its safety.
But I digress. We are talking about money, and how to get rich through investing in small nuclear reactors. Well, that is still a goer. But perhaps you’d better be quick, as investment advisors are now dithering about the share price of commercial SMR companies, even though the Big Tech- SMR teams are apparently still booming.
However, the global nuclear lobby is now turning its attention to military microreactors, so there’s hope for future stock market gains as governments splurge tax-payers money into companies in that area.
This is how we can regulate data centres in Scotland
There’s an increasingly loud uprising happening in Scotland around AI data
centres. Possibly the biggest I’ve seen since the 2016 uproar over shale
gas fracking. Data centre companies are actively lobbying the Scottish
Government as we speak and are basically asking for John Swinney to open
the gates to them to flood Scotland with as many data centres as he’s
willing to make us all swallow.
It’s easy to see what the companies get out
of it. Scotland has plenty of space, a good amount of water and while
electricity prices are high they can often negotiate preferential rates
that we could only dream of. What does Scotland get out of it? Higher
energy prices, higher demand on increasingly scarce water, about
three-and-a-half jobs, and the Scottish Government gets to claim that the
“inwards investment” line goes up? Perhaps I can see why Swinney would
take that deal.
The National 27th Aug 2026,
https://www.thenational.scot/news/26498669.can-regulate-data-centres-scotland/
Army reaches agreement with private industry for nuclear micro-reactors
By U.S. Army Communication and Outreach OfficeAugust 26, 2026, https://www.army.mil/article/294891/army_reaches_agreement_with_private_industry_for_nuclear_micro_reactors
WASHINGTON — The Department of the Army is announcing today that the Janus Program has selected five nuclear energy vendors, and five initial locations.
In partnership with the Department of War Innovation Unit (DIU), the Army is awarding up to a combined $2.2 billion to own, construct, and operate nuclear microreactors on military installations. These vendors will deliver safe, secure, and reliable nuclear power, strengthening the Army’s ability to project power globally, while supporting the revitalization of American industrial capacity and technological leadership. With the private sector funding expected along with these government dollars, the Army expects more than 20 total nuclear microreactors will be built and operated across Department of War installations.
The five selected vendors and installations are as follows:
- Antares Nuclear, Inc. – Fort Bragg, North Carolina
- BWXT Advanced Technologies, LLC – Fort Campbell, Kentucky
- General Atomics Electromagnetic Systems – Fort Hood, Texas
- Radiant Industries, Inc. – Fort Benning, Georgia
- Westinghouse Government Services – Fort Drum, New York
“Since launching the Janus Program, our mandate from President Trump and Secretary Hegseth has been clear: secure the power our warfighters need to train, deploy and win,” said Dan Driscoll, Secretary of the Army. “Awarding these contracts accelerates our ability to deliver safe, reliable baseload power directly to our installations. We are building the energy resilience necessary to project combat power globally, without relying on potentially vulnerable external grids.”
“The Janus Program is grabbing the baton from Project Pele and the [Department of Energy’s] Reactor Pilot Program,” said Dr. Jeff Waksman, principal deputy assistant secretary of the Army for Installations, Energy and Environment. “We are seeking not just reactors capable of turning on for a brief demonstration, but rather systems able to deliver power with high-capacity factors for years of operation. The Janus Program will be a complete success when and only when we have assisted multiple nuclear companies in developing truly reliable and affordable nuclear microreactors which they can sell to other buyers beyond just the military
After gathering technical and operational information from industry via an Area of Interest released by DIU, the Army down-selected potential industry awardees for negotiation of Other Transactions Authority-based agreements. A decision board and panel of top nuclear and technical experts from the Department of Energy, national laboratories and representatives across the services provided deeply rigorous input on the technical risks, financial situation, and management capabilities of the solutions. The close collaboration with technical experts and service representatives ensured selected vendors would provide solutions to enhance energy resilience for specific operational needs at military installations.
“When DOE created an authorization pathway for the demonstration of advanced reactor designs, we quickly began to realize how valuable these technologies could be for fortifying our national defense infrastructure,” said Assistant Secretary of Nuclear Energy Ted Garrish. “We are honored to work in lockstep with the Army to leverage nuclear energy innovation in support of our country’s military operations at home and abroad.”
The alignment of these vendors with Army installations represents the culmination of a year-long effort to evaluate and prioritize installations based on a multitude of factors from energy needs to seismic and hydrological considerations, all with a primary focus on safety. As the Janus Program moves forward, it is intended that these vendors will also site nuclear technologies on other service installations for continued energy resilience across the entire DOW. Additional Army and other Service sites will be announced at a later date. The Army continues to drive towards the September 2028 target outlined in President Trump’s Executive Order 14299 for operation of a first reactor, regulated by the Army, on a military installation.
“The Army is leading the nation in its return to nuclear preeminence via the Janus Program,” said Jason Craft, Janus Program manager. “Our selected industry awardees represent the most viable technologies to achieve this capability, setting conditions for both installation energy resilience and operational energy solutions.”
Using a milestone-based payment model, vendors will receive government funding only after successfully hitting specific technical goals. This investment model brings together approximately $2.2 billion across FY2027-2031 along with significant capital investment from each vendor. This technology development model will speed up the delivery of next-generation energy solutions to the warfighter and promote innovation while ensuring accountability. The prototype reactors will be contractor-owned and operated.
“We need more power. We need it delivered faster and cheaper, and we need it to be more reliable,” said Owen West, director, DIU. “With Janus, DIU is assisting the Army’s micro reactor build — speeding military energy production to protect the nation.”
Collaboration with utility providers is essential to the success of Army’s nuclear power strategy and the Janus Program. The Army will work closely with serving utilities and privatized utility providers on the Janus Program to ensure the best possible outcomes. The Army also invites continued collaboration with utilities both now and in the future on utility-scale, grid-facing power generation opportunities sited on Army installations.
“The Army’s Janus Program has my full support, said Emil Michael, the War Department’s Chief Technology Officer. “The War Department is acting swiftly to implement President Trump’s Executive Order, Deploying Advanced Nuclear Reactor Technologies for National Security, to deploy a nuclear reactor on a military installation by September 2028. We are unleashing America’s domestic nuclear industrial base to ensure a more resilient and secure energy supply for the joint force.”
Reliable energy underpins national defense. The down-selection to these five vendors represents a critical step forward in securing the operational readiness of our forces. The Army is committed to fortifying the defense and strength of the nation now and for future generations.
Newcleo-Led Consortium Chosen For French Project On Floating Nuclear Power Plants
By David Dalton, 27 August 2026, https://www.nucnet.org/news/newcleo-led-consortium-chosen-for-french-project-on-floating-nuclear-power-plants-8-4-2026
Maritime sector a ‘largely unexplored opportunity’ for reactor industry
A consortium led by France-based advanced reactor and nuclear fuel company Newcleo has been selected to take part in a project supporting the decarbonisation of the French maritime sector.
The project, managed by France-based investment bank Bpifrance and named “n-Floating”, aims to demonstrate the relevance and technical feasibility of an innovative floating nuclear power solution, consisting of a non-self-propelled floating unit housing multiple Newcleo-developed LFR-AS-200 reactors, each offering an electrical output of 200 MW.
The consortium brings together Newcleo, Bureau Veritas Marine & Offshore, a leading classification society, and ABMI Groupe, a French engineering company with expertise both in maritime and nuclear sectors.
The project has been awarded almost €1m ($1.1m) in funding under the programme.
Work has already begun and is expected to run for approximately 18 months.
“Maritime deployment of advanced reactors opens a broader and still largely unexplored market for nuclear energy” said Newcleo chief executive officer Stefano Buono.
“Floating nuclear offers an opportunity to bring reliable, low-carbon power to applications at sea and in coastal locations.”
Newcleo said the project aims to develop a standardised, deployable and competitive solution for low-carbon energy generation at sea and in coastal locations.
The initial phase of the n-Floating project will focus on conceptual studies for a nuclear barge, assessing its potential to deliver reliable, low-carbon and competitive energy across a range of applications. These include supplying isolated regions, ports and associated industrial hubs, and coastal areas, as well as supporting energy-intensive applications such as desalination and the production of low-carbon fuels.
The project will also define the subsequent development programme and roadmap towards potential industrial deployment by 2036, with the ambition to design and build the solution in France.
Army to spend $2B to build nuclear microreactors at 5 bases as US seeks to ramp up nuclear power
By JENNIFER McDERMOTT and MATTHEW DALY , August 27, 2026
WASHINGTON (AP) — The U.S. Army announced Wednesday that it plans to add nuclear microreactors at five military bases from New York to Texas as a reliable source of energy independent of the commercial electric grid.
The announcement comes as the Trump administration pushes hard to develop the next generation of nuclear power, including billions in loans for large nuclear reactors to meet skyrocketing power demand from data centers and a pilot program to boost advanced reactor designs and projects for military and civilian use. No nuclear microreactors are supplying power to the commercial electric grid in the United States today.
Five companies selected by the Army will be awarded up to $2.2 billion in total over five years to own, construct and operate the microreactors, if they hit set milestones along the way for their performance. The Army expects that more than 20 nuclear microreactors will be built and operated………….. https://apnews.com/article/nuclear-trump-army-microreactors-janus-200edd5fb98b6fe04d029a3c1dba1a4a
Army Selects Vendors, Sites for Nuclear Microreactors
Aug. 27, 2026 | By U.S. Army Communication and Outreach Office , https://www.war.gov/News/News-Stories/Article/Article/4584583/army-selects-vendors-sites-for-nuclear-microreactors/
The Army announced yesterday that the Janus Program selected five nuclear energy vendors and five initial locations to build and operate nuclear microreactors.
In partnership with the War Department’s Defense Innovation Unit, the Army is awarding up to $2.2 billion in total for these microreactors. The project will deliver safe, secure and reliable nuclear power, strengthening the Army’s ability to project power globally, while supporting the revitalization of American industrial capacity and technological leadership.
“Since launching the Janus Program, our mandate from President [Donald J.] Trump and Secretary [Pete] Hegseth has been clear: secure the power our warfighters need to train, deploy and win,” said Dan Driscoll, Army secretary. “Awarding these contracts accelerates our ability to deliver safe, reliable baseload power directly to our installations. We are building the energy resilience necessary to project combat power globally, without relying on potentially vulnerable external grids.”
With private sector funding expected alongside government investment, the Army expects to build and operate more than 20 nuclear microreactors across War Department installations.
The five selected vendors and installations are:
- Antares Nuclear Inc. at Fort Bragg, North Carolina.
- BWXT Advanced Technologies LLC at Fort Campbell, Kentucky.
- General Atomics Electromagnetic Systems at Fort Hood, Texas.
- Radiant Industries Inc. at Fort Benning, Georgia.
- Westinghouse Government Services at Fort Drum, New York.
………………………………………………………………………………………………………………………………………………………………As the Janus Program moves forward, vendors will bring nuclear technologies to other military installations for continued energy resilience across the entire War Department. The Army will announce additional military sites at a later date and continues to drive toward the September 2028 target outlined in Executive Order 14299 for operation of a first reactor.
“The Army is leading the nation in its return to nuclear preeminence,” said Jason Craft, Janus Program manager. “Our selected industry awardees represent the most viable technologies to achieve this capability, setting conditions for both installation energy resilience and operational energy solutions.”
Using a milestone-based payment model, vendors will receive government funding only after successfully hitting specific technical goals. This investment model brings together approximately $2.2 billion across fiscal years 2027-2031, along with significant capital investment from each vendor.
This technology development model will speed up the delivery of next-generation energy solutions to the warfighter and promote innovation while ensuring accountability, Craft said. The prototype reactors will be contractor-owned and operated. Collaboration with utility providers is needed for the success of the Army’s nuclear power strategy and the Janus Program. The Army will work closely with providers on the program to ensure the best possible outcomes, while continuing to collaborate with them now and in the future.
“The Army’s Janus Program has my full support,” said Emil Michael, undersecretary of war for research and engineering and War Department chief technology officer. “The War Department is acting swiftly to implement President Trump’s executive order. … We are unleashing America’s domestic nuclear industrial base to ensure a more resilient and secure energy supply for the joint force.”
Beyond China’s humanoid robots, a quieter machine revolution is unfolding
Laura Bicker, 25 Aug 26,
https://www.bbc.co.uk/news/articles/c62m4zn1q6mo
“I take a nap and the world changes,” says Chen Tianyu.
His world certainly does. The 28-year-old keeps up with the latest technology by spending his spare time in factories that are switching to automation. That way he knows what to prioritise when teaching his class about artificial intelligence (AI) and robotics.
In front of him, around 30 college students are studying code. One of them is typing furiously as his eyes dart from the screen to the robot: “The idea is it will grab that cylindrical piece and move it over there.”
A line of industrial robots are waiting to be programmed, and in another part of the classroom, students are trying to develop robotic medical instruments. As he guides them, Chen declares: “If you are not needed by the world of AI and robotics, then you’ll definitely be among those eliminated”.
For the people in this room, this is a step – or rather a leap – towards a future that China is meticulously building: Xi Jinping’s $20bn (£14.7bn) plan to put his country at the forefront of innovation and in direct competition with the US.
The evidence is all around them. They are in the Hangzhou Technician Institute, one of several huge, purpose-built vocational schools that want to churn out the next generation of tech-savvy engineers. The campus sits on the outskirts of Hangzhou, a former imperial capital whose futuristic skyline is just the first hint of its role as a global tech hub.
Across the country, there are more than two million robots working in China’s factories – which is more than anywhere else – and they are continuing to scale up at extraordinary speed.
It is a commitment that will surely change the world, much like the last time the Chinese economy underwent a massive transformation. It is already shipping its robots across the globe: more than half of the world’s industrial robots are now made in China.
What is less clear is the impact of such sweeping automation in a country that sits at the heart of global manufacturing, trade and innovation. What does this mean for China’s human workforce, for instance? And how would we be able to truly measure the cost of this transformation in a regime that controls information so tightly?
The future of China’s workers is uncertain in the industrial revolution the world has been watching: gleaming solar grids, peak hours made noiseless by electric vehicles, machines that run faster than Usain Bolt. Over the weekend, China hosted the second edition of the World Humanoid Games where robots boxed, sprinted and marched.
What is fuelling this spectacle is another, less visible revolution happening inside factories and classrooms.
The BBC has visited industrial sites where we have been shown robots that do not look human, or dance or leap on stage but weld, paint, lift, assemble and work around the clock without a break or benefits. Some are designed to build more robots. We have also been inside academies where China is training the people who will work alongside its robotic workforce.
This is a front-row seat to what Xi calls China’s “new productive forces” – and how they could reshape the country.
On a factory floor in the southern city of Chengdu, the old and and the new are working side by side.
An assembly line of around 30 middle-aged men and women is screwing, drilling and polishing CRP Technology’s signature product: a robotic arm which performs various industrial tasks. Also in the room are four young engineers crowded around a console, trying to crack the code for a prototype, a new robot that they hope will help build other robots.
One of them, 31-year-old Pang Kai, who is part of the research and development team, pushes the sleek skeleton across the room. Because China’s future workforce is not quite ready to strut out. For now, it can only do simple repetitive movements, such as scan a QR code.
“Maybe in another half year, it can do another task,” Pang says, smiling wistfully. It’s a long road and the team are celebrating every small win.
CRP Technology, which employs around 300 people, has been building robot arms for nine years. Each arm can be tailored to a factory’s needs to help build cars, electronics or wind turbines. The firm says a single arm can be programmed to perform more than 90% of repetitive tasks.
The engineers also wonder if, one day, they can replace the company’s workforce. “We want our new robot to be like human beings. We hope it can think by itself,” says Pang. “We need these kinds of robots because maybe in 10 years, we won’t have enough workers in China.”
A shrinking population and an ageing workforce is another reason Beijing is in a hurry to revolutionise its factories. By 2035, more than a third of China’s population will be over 60, according to official estimates. The country will also lose nearly 60 million people in the next decade – almost equivalent to the population of France – according to some estimates.
The hope is that increased automation will fill this looming gap in the workforce before it starts to affect an already sluggish economy. But the speed of the transition is key. Around 120 million people still work in the manufacturing sector. If China moves too quickly, job losses could follow dealing a catastrophic blow to millions who depend on factory wages.
“In theory, machines can work 24 hours a day, which is certainly an advantage compared with human workers. But machines also require maintenance. Every day we need time for that, and each month the production line also requires inspection and repair,” says Cao Li, vice-president of EV maker Leapmotor.
Increasingly popular in Europe and the UK, the company’s budget-friendly, tech-focused cars come together at the Hangzhou factory with robots aiding the process at every step. At the end of the assembly line, more humans emerge.
The company has more than 25,000 workers and hundreds of them make the final checks as the sparkling new vehicles roll past. Will there be a day when they are no longer needed?
“It’s entirely possible,” Cao says. “And it may come relatively quickly. In workshops, including stamping, welding, and painting, we’ve basically achieved 100% automation.”
China has the edge over the US due to its enormous manufacturing base. Motors, batteries, electronics, gears, sensors – everything needed to build the body of a robot is all at hand.
“China also has an idea. It has a plan. They know where they want to be in five years. They plan at a top level, but they break it down to the regions, to the municipalities,” says Dr Susanne Bieller, General Secretary of the International Federation of Robotics.
“If you want to build a robot in Shenzhen – there’s an entire ecosystem. It takes you less than one hour to source the components you need to make a robot. In Europe it can take you up to a week.”
However, she acknowledges that while China is good at building the body, the US is still leading at building the “brain”, which includes developing the AI to programme robots. And yet Chinese firms, from DeepSeek to Moonshot, have been unveiling new AI models that they say can compete with top US firms.
Driven by an “open-source” approach, where AI start-ups share their code, Chinese innovation has been able to catch up faster than expected, despite US export controls over critical advanced chips. Analysts now believe that the next leg of this race will be determined not by who has the best language model, but who can put this intelligence into millions of machines.
And that is why China is also investing in producing a generation of students learning to imagine what could come next.
At the Hangzhou Technician Institute, for example, children can start from the age of 15. And the scale of what is being taught can feel staggering. There is an entire building dedicated to engines and aeronautics, and a restricted floor for students who will work to keep China at the forefront of processing rare earths – another crucial commodity in the battle with Washington.
Some see this as a solution to China’s stubbornly high youth unemployment rate, with one in five struggling to find a job. “Our students are in demand and can even be pre-booked by companies. They don’t need to worry about employment at all, and we hold competitions as part of their training,” Chen, the young teacher, says.
“It’s better to find your position within the technological wave. In the process of progress, structural changes are bound to occur, and these structural changes are exactly where students’ future employment opportunities lie.”
But China still faces serious economic challenges, from a property crisis that continues to drag on to huge local government debt and persistently low consumption.
Big Oil Is Betting Billions On Nuclear Fusion
Oil Price, By Alex Kimani – Aug 25, 2026,
- Fusion is shifting from research toward commercialization, with private investment hitting a record $4.48 billion in 2025 and commercial plants targeted for the 2030s and 2040s.
- Eni is making one of Big Oil’s biggest fusion bets, backing Commonwealth Fusion Systems, committing $1+ billion to its future electricity and developing critical tritium fuel-cycle technology.
- Chevron, Equinor, Shell and Cenovus are also investing heavily, spreading bets across competing fusion technologies that could eventually transform global power generation.
After decades confined largely to laboratories, nuclear fusion is beginning to attract the kind of money and industrial planning normally reserved for technologies expected to make it onto the grid. Global private investment in fusion hit a record $4.48 billion in 2025, up 69% from a year earlier, while some of the world’s largest energy companies are moving beyond simply backing fusion startups.
Italian energy giant Eni S.p.A. (NYSE:E) now plans to deploy a commercial fusion power plant in Europe by the early 2040s or sooner, building on its investment in Commonwealth Fusion Systems and a more than $1 billion agreement to buy electricity from the startup’s first commercial U.S. plant. Eni is also looking beyond power generation, using decades of experience processing hydrocarbons and hydrogen to build a business around the fuel systems future fusion plants will need to operate.
“Competition is growing in the fusion industry after the technology and expectations had changed significantly in the past 5-6 years,” Francesca Ferrazza Eni’s head of magnetic fusion initiatives, told the Financial Times in an interview. “It was always considered research. Now we are considering it as an industry.”
Commonwealth Fusion Systems raised another $1 billion in July, bringing its total funding to $4 billion as it targets the early 2030s for its first commercial power plant. The planned 400-MW ARC facility in Virginia became the first fusion project to apply for interconnection with PJM earlier this year, while Google has agreed to buy 200 MW of its output. Eni has committed more than $1 billion to buying electricity from the plant.
Eni also wants to build a business supplying the fuel systems necessary to keep commercial fusion reactors running. The company plans to use its experience processing hydrocarbons and hydrogen to recover, purify and recycle deuterium and tritium, the two hydrogen isotopes used as fuel by many fusion reactor designs. To that end, Eni has formed a JV with the UK Atomic Energy Authority to develop and sell those services globally, giving the Italian company a potential source of fusion revenue beyond owning plants or selling electricity.
Tritium is much harder to extract than deuterium. Deuterium is stable and abundant enough to be extracted from seawater, where roughly one in every 6,700 hydrogen atoms is deuterium. Tritium is radioactive, has a half-life of just 12.3 years and exists naturally only in tiny quantities. A 1-GW deuterium-tritium fusion plant could consume roughly 55 kilograms of tritium per year, far beyond what could be supplied from naturally occurring sources.
That means commercial reactors will need to produce much of their own tritium and continuously recover and recycle unused fuel. In turn, that requires closed-loop systems capable of extracting tritium from reactor breeding blankets and exhaust, purifying it and feeding it back into the reactor. Eni is developing a large-scale tritium fuel-cycle facility at the UKAEA Culham Campus in Oxfordshire to test those processes under conditions designed to replicate future fusion plants. The facility is scheduled for completion in 2028.
Fusion’s Other Big Oil Backers
Equinor, Chevron, Shell and Cenovus have spent years building positions across the fusion industry, backing competing reactor technologies before any of them have produced commercial electricity. …………………………….
https://oilprice.com/Alternative-Energy/Nuclear-Power/Big-Oil-Is-Betting-Billions-On-Nuclear-Fusion.html
New nuclear plan could deliver up to 6 GW of power to data centers by 2040
NANO Nuclear and Tillman are planning up to 6 GW of advanced nuclear power for future data-center campuses.
Interesting Engineering. By Neetika Walter, Aug 24, 2026
US-based nuclear technology company NANO Nuclear Energy has signed a non-binding commercial framework with Tillman Global Holdings to explore deploying advanced nuclear reactors across large AI data-center developments in the US.
The companies are targeting at least 2 gigawatts of advanced nuclear capacity by the mid-2030s and 6 GW or more by 2040. The plans remain subject to definitive agreements, customer commitments, financing, regulatory approvals and other project requirements.
The framework identifies NANO Nuclear as Tillman’s anticipated preferred nuclear technology provider for its planned AI industrial zones. Tillman is developing a multi-state pipeline of sites designed around the large power requirements of hyperscale and AI customers.
The companies plan to evaluate potential sites, licensing requirements, customer demand, and project financing as individual developments move forward. The broader strategy is to reserve space for nuclear generation alongside other power sources as data-center campuses expand.
Nuclear enters the data-center mix
NANO Nuclear’s KRONOS MMR Energy System is a 15-megawatt high-temperature gas-cooled reactor designed for modular and phased deployment. The companies say that architecture could allow nuclear capacity to be added in stages as electricity demand grows across large data-center campuses.
The arrangement pairs Tillman’s experience in developing and financing large digital and energy infrastructure with NANO Nuclear’s reactor technology and nuclear licensing capabilities. The proposed model could also allow Tillman or its affiliates to own and finance qualifying power projects while NANO Nuclear supplies reactors and fuel and supports development and operations………………….
Gigawatts planned for AI
The proposed deployment pathway would start with 2 GW or more of advanced nuclear capacity by the mid-2030s before expanding to at least 6 GW by 2040. The companies are also evaluating potential projects in selected international markets where Tillman has digital infrastructure interests.
The framework contemplates a milestone-based equity arrangement as well. Tillman could receive warrants to purchase up to $100 million of NANO Nuclear stock, with most of the warrants tied to future reactor purchase commitments and project-development milestones.
It also includes a proposed $5 million initial restricted stock grant to Tillman, with most of that grant subject to additional milestones. The terms remain subject to definitive agreements.
Tillman Co-President Sachit Ahuja said the company is planning for the long-term electricity requirements of its AI campuses…………
The companies now need to move from the commercial framework to site-specific development, licensing and financing agreements before any reactors can be deployed. https://interestingengineering.com/energy/advanced-nuclear-power-ai-data-centers
Could nuclear fusion become economically viable?
Prototype fusion power plants are under construction. And now scientists
have come up with a measure called “economic Q” to assess their
commercial viability. The idea — published last month in the Journal of
Fusion Energy and taking in such factors as construction costs and energy
price — aligns with growing investor confidence.
Privately held fusion
companies raised $4.5bn over the past year alone, according to the Fusion
Industry 2026 report. There are now more than 50 such companies. Last
month, General Fusion, a Canadian outfit backed by Jeff Bezos, became the
first publicly listed fusion company. These signals hint at an important
shift: fusion energy is gradually being perceived less as a scientific
challenge and more as an economic one. External factors — energy shocks,
geopolitical instability, climate change, energy-intensive AI — have also
cast this perpetually fledgling technology in a flattering light.
FT 25th Aug 2026, https://www.ft.com/content/9a1f39cf-e622-4c68-bb80-0fb93bcec3ec
The Race to Power AI Is Reviving America’s Nuclear Ambitions
By Haley Zaremba – Aug 25, 2026, https://oilprice.com/Alternative-Energy/Nuclear-Power/The-Race-to-Power-AI-Is-Reviving-Americas-Nuclear-Ambitions.html
- Surging AI and data-center electricity demand is attracting billions of dollars to advanced nuclear technologies.
- SMRs could offer a cheaper and more flexible alternative to traditional nuclear plants, but none are commercially operating in the United States yet.
- Applied Atomics is reviving BWXT’s shelved mPower technology and Virginia test infrastructure in an effort to commercialize modular nuclear power.
The artificial intelligence boom is supercharging the development of next-gen nuclear energy technology. Big Tech and private equity are catalyzing the research and development of cutting-edge approaches to round-the-clock clean energy production as hyperscalers add power-hungry data centers to the grid at a blistering rate.
“A single hyperscale data center can consume as much electricity as 50,000 homes,” writes the MIT Energy Initiative. “U.S. data centers consumed more than 4% of the country’s total electricity in 2023, and by 2030 that fraction could rise to 9%,” MIT goes on to warn. This means that the expansion of data centers to fuel the integration of AI into everything from your email provider to your electric toothbrush is seriously changing the way we consume – and therefore the way we produce – energy in the United States and beyond. Not only do we need to expand energy production capacity at a breakneck pace, but we also need to find a way to do so without throwing climate goals out the window.
As a result, venture capital funding is going gangbusters for both nuclear fusion and fission startups. According to a recent report from Axios, global investment in both fission and fusion has topped USD $4.5 billion across 81 companies in 2026 so far. At this rate, projections show that 2026 will shatter the previous annual record of $6.2 billion for 93 companies in 2025.
Some of the biggest figures and deepest pockets in Silicon Valley are throwing their weight behind nuclear energy advancement as a silver bullet solution to the energy monster that AI is creating. Major investors include Microsoft’s Bill Gates and OpenAI’s Sam Altman. “There’s no way to get there without a breakthrough,” Altman said at the 2024 World Economic Forum in Davos, Switzerland. “It motivates us to go invest more in fusion.”
In addition to nuclear fusion, there is a lot of buzz around the potential for small modular reactors (SMRs) to transform the aging and ailing nuclear power sector in the United States. These smaller and cheaper reactors hold considerable promise for overcoming some of the hurdles that have been causing nuclear energy to fall out of fashion in the last several decades.
Traditional nuclear power plants are enormously expensive and time-consuming to develop. The United States’ newest traditional nuclear power plant, Georgia’s Plant Vogtle, finally came online in 2024, years late and billions of dollars over budget. While this has scared a lot of policymakers and investors away from large-scale nuclear power, there is hope that SMRs could allow for a more agile energy future at a time when carbon-free energy sources are sorely needed.
However, SMRs have been slow to deliver on the considerable hype behind them. While billions of dollars have gone toward developing the technology, and the Nuclear Regulatory Commission only approved NuScale’s uprated SMR design last year, there are still zero commercial SMRs operating in the country. Some experts think that the buzz has turned to bust. But others, buoyed by the new wave of investment interest driven by the AI boom, think that the timing is finally right for the SMR revolution.
For example, a duo of scientists with SpaceX pedigrees is taking advantage of an abandoned SMR test facility in Virginia, with the hopes of being the team to push the SMR revolution over the finish line and into commercial reality. “We’re standing on the shoulders of giants here, right?” Applied Atomics co-founder Ben Kellie recently told the Washington Post. “We’re starting with something that had $400 million in investment put into it, and significant time and effort. That’s a leg up.”
Whether this project is the one that will ultimately serve as a proof-of-concept for SMRs, it will at the very least provide more data in a nascent field where hard numbers are sorely needed. “It is not just about whether the technology is viable,” David Schlissel, a ‘longtime nuclear consultant to consumer and environmental groups,’ told the Washington Post. “It is also whether the cost is viable. … The industry is running around with all this hype trying to sell nuclear broadly. But they still have not fully tested and built any of these new reactors.”
Polish billionaire’s financing plans for 14 UK SMRs analysed
“I think the price projections are utterly worthless. If you don’t know the construction cost and time, the cost of capital, the equity structure, not to mention the O&M (operation and maintenance) cost, you have no idea what the power price will be.”
“So if things don’t go to plan, it will be the government’s fault, not theirs. (SGE’s)”
– Stephen Thomas, professor at the University of Greenwich Business School, working in the area of energy policy.
25 Aug, 2026 By Tom Pashby, https://www.newcivilengineer.com/latest/polish-billionaires-financing-plans-for-14-uk-smrs-analysed-25-08-2026/
Financing plans from Polish billionaire Michał Sołowow’s SGE to enable the deployment of 14 small modular reactors (SMRs) in the UK have been revealed by NCE and analysed by an expert.
In July, SGE – described as a dedicated European SMR development and investment platform – announced its plans to build 14 GE Vernova Hitachi BWRX-300 Small Modular Reactors on three sites in the UK.
In total, the investment is expected to be around £35bn and the first SMRs are hoped to be operational in 2034.
To achieve that, SGE has submitted an application under the UK’s Advanced Nuclear Framework (ANF) to develop the combined 4.2GW fleet which, if successful, could deliver 11% of UK power demand for at least sixty years.
Using the Freedom of Information (FOI) Act, New Civil Engineer (NCE) has secured correspondence between SGE and the Department for Energy Security and Net Zero (DESNZ) where SGE set out more details about its ambitions to finance its SMRs.
SGE’s representatives at etara – a power, energy and infrastructure advisory firm – sent a letter from SGE to DESNZ deputy director for advanced nuclear Andrew Cooke dated 26 June.
The letter was addressed to the then DESNZ secretary of state Ed Miliband.
“We are writing to set out how SGE’s privately led SMR fleet deployment programme can support DESNZ’s priorities on clean power, energy security, industrial growth and reliable nuclear baseload, ahead of our application to the Advanced Nuclear Framework (ANF) which we plan to submit next week on the 1 July 2026,” it said.
SGE said it is “bringing forward one of the UK’s most mature privately led SMR propositions”, and this would be “on better value for money terms helping reduce the long-term impact on UK bill payers”.
It backed up the promise of value for money by saying: “Our fleet approach across Europe, including leveraging our regional exclusivity on the GE Vernova technology deployment and our 14 unit programme in Poland with our JV partner Orlen, gives us confidence that we can deliver on attractive economic terms
Their plans were shown to University of Greenwich emeritus professor of energy policy Steve Thomas, who shared his analysis with NCE. SGE provided NCE with responses to his analysis.
SGE’s letter said: “Our preliminary financial modelling is indicating that the CfD (contracts for difference) strike price is expected to be below that of Hinkley Point C with a lesser risk transfer than the Sizewell C Rab (regulated asset base) model, offering better value for money.”
Thomas said: “As I never tire of pointing out, CfD tells you nothing other than that the plant is not bidding into the market. Hinkley has one, so will Sizewell. The very big difference is that for Hinkley, the price is fixed and the investor income will be what it will be and for Sizewell, the investor income is fixed and the electricity price will be what it will be.
“I think the price projections are utterly worthless. If you don’t know the construction cost and time, the cost of capital, the equity structure, not to mention the O&M (operation and maintenance) cost, you have no idea what the power price will be.”
Responding to Thomas’s analysis, SGE said: “It is true that for Hinkley the CfD price is fixed and the pain of overruns is impacting the investors.
“For Sizewell it is true that the consumer will pay whatever it costs, but it is not quite right that there will be a CfD, there already are charges to consumers under the Rab model – well before the plant is constructed or produces power.
“The CfD model proposed by SGE, as with Hinkley pre-sets at FID the strike price, so keeps the completion risk and majority of cost outturn risk with the investors, hence the projections do matter for the investors and for the value for money evaluation by the government.
“As with all standard project appraisals, our financial model underpins the indicative strike price. It is informed by live data from construction of the first BWX300 SMR in Canada and benefits from economies of scale from our projects across Europe.”
The letter said SGE’s offer would involve “lesser risk transfer than the Sizewell C Rab model”.
Thomas said it was “interesting that this is implicit criticism of the Sizewell deal and I wonder how that will go with DESNZ, which sold Sizewell on the basis it was better for consumers than Hinkley, now we are going back to the Hinkley model because it is better than Sizewell.”
Responding to Thomas’s analysis, SGE said: “There is no criticism of the Sizewell model, just a factual reference to the relative risk allocation – the CfD model keeps a greater level of risk (e.g. completion risk) with the investors, not with taxpayers or consumers.
“It is common practice to benchmark, and this is all that the reference does. The proposed model draws on lessons from Hinkley Point C, Sizewell C and other reference projects across Europe.”
SGE’s letter said the success of its proposition is “subject to supportive government engagement” and said, “our delivery team with the capability of GE Vernova and Samsung is capable of delivering first power to the grid by 2034”.
Thomas said: “So if things don’t go to plan, it will be the government’s fault, not theirs.”
SGE responded, saying: “This is not a fault allocation point but a simple point that nuclear projects require state engagement – self-evidently, the CfD agreement needs the state’s agreement and signature.
“Delivery of any major infrastructure project requires close collaboration between government and the client organisation across planning, regulation, financing and delivery.”
The letter said: “To convert this mature proposition into delivery, we are seeking government support that is practical, targeted and designed to be off government balance sheet to mobilise our private capital.”
Thomas analysed, saying: “That sounds like the Rab process which didn’t go well as the government ended up having to take near enough half the project, so definitely not off the government balance sheet.”
SGE responded, saying: “The support proposed is not Rab but CfD. The ANF is seeking a structure that mobilises private capital. SGE is offering such private capital under CfD terms.
“Our proposal is designed to mobilise private capital through a structure that is intended to remain off the government balance sheet, subject to the final model and accounting treatment.”
Finally, the letter also said: “Utilising the CfD and SoSIA (Secretary of State Investor Agreement) contractual frameworks with specific modifications that take the lessons learnt from Hinkley Point C (HPC) and from a number of new nuclear projects across Europe that have since HPC been enabled under CfD structures.”
Thomas said: “I will give very good odds that one of the specific modifications is that the strike price is not fixed at the time of FID (final investment decision), but if costs go up, so will the strike price.”
SGE said: “As per the CfD structures in Europe that are referred to, there are pain share mechanisms, as well as gain share mechanisms, but not full pass-through to the strike price.
“SGE is an equity investor into a new nuclear programme and, along with its strategic partners, it intends to take development and construction risks – it will not simply transfer any cost increase into the CfD.
“Any modifications to the CfD and SoSIA frameworks would be subject to agreement with government and reflected in the agreed contractual and regulatory framework and be subject to the controls that exist for any state support regarding value for money considerations.”
Later in the correspondence between SGE and DESNZ officials, public relations staff working on behalf of SGE asked DESNZ officials to attend their press launch event in July and for a minister to provide a quote for their press release.
Officials were unavailable for the launch event.
In response to the request for a quote, a DESNZ official said: “As the submission of a proposal is part of a routine administrative process, consistent with the department’s approach to comparable processes such as entry into the Generic Design Assessment (GDA), DESNZ does not provide public quotes or commentary at the point of application.
“This approach helps ensure that the department remains impartial throughout the assessment process and avoids any perception that a submission has been endorsed or prejudged prior to the completion of the relevant assessment and decision-making processes.
“Should a proposal be successful, there may be opportunities for communications and stakeholder engagement at the appropriate stage. However, at the point of submission, the department will not be providing a quote.”
An SGE spokesperson told NCE: “SGE’s interactions with DESNZ have been and remain positive and constructive.
“We understand the department’s approach that reflects its standard policy in relation to the ANF process. We look forward to continuing our engagement with DESNZ as we progress our UK project.”
Russia builds 15 small marine nuclear reactors with 175-MWt capacity for icebreakers
Russia has built 15 RITM-200 reactor units. Rosatom chief
Alexey Likhachev outlined plans to use these small-scale systems for
broader energy needs during a government meeting on nuclear infrastructure.
He reported that Russian factories have manufactured 15 of these reactors
so far, while workers are building 13 more.
Interesting Engineering 23rd Aug 2026,
https://interestingengineering.com/energy/russia-builds-15-small-marine-reactors
Oil major bets on nuclear fusion becoming its ‘next refinery’
Italian oil major Eni is widening its bet on nuclear fusion, arguing the
technology could become its “next refinery” and aiming to be among the
first energy companies to commercialise fusion in Europe. Francesca
Ferrazza, head of magnetic fusion initiatives at Eni, told the FT that
“competition is growing” in the fusion industry, after the technology
and expectations had changed significantly in the past five to six years.
“It was always considered research. Now we are considering it as an
industry.” Ferrazza said Eni aimed to open a commercial fusion plant in
Europe by the early 2040s or even sooner.
FT 23rd Aug 2026,
https://www.ft.com/content/e6a069b6-69f8-4a21-9873-3cc0736d27e2
£1.1bn works package lined up as Wylfa nuclear plans gather pace
22 Aug 2026, Mark Mansfield,
https://nation.cymru/news/1-1bn-works-package-lined-up-as-wylfa-nuclear-plans-gather-pace/
Preparatory works worth up to £1.1bn are being lined up as part of plans to build the UK’s first small modular nuclear reactors at Wylfa on Ynys Môn.
Great British Energy – Nuclear (GBE-N) has begun sounding out contractors for a major package of work including site clearance, earthworks, infrastructure and utilities.
The procurement notice does not name the site, but Wylfa has been selected for the UK’s first SMR development, with an initial three Rolls-Royce reactors planned.
GBE-N signed a contract with Rolls-Royce SMR in April to begin design work on the reactors, which are expected to generate enough electricity to power the equivalent of around three million homes.
The newly disclosed early works package has an estimated value of between £730m and £1.1bn and would prepare the site for the main construction programme.
Work could include species relocation, remediation, site clearance, construction utilities, drainage and haul roads, as well as extensive earthworks.
GBE-N said the work would establish the required ground levels and safe access routes for later construction, creating the physical platform needed for the main development.
The contract is currently expected to run from June 2028 until June 2034, with an option to extend it until June 2037.
GBE-N had considered dividing the work into two contracts but has opted for a single package in an effort to reduce the risks associated with different contractors working across interconnected elements of the project.
However, the organisation cautioned that the scope, timetable and estimated value could change as the programme develops.
The procurement process is expected to formally begin with publication of a tender notice in March 2027.
Webinar
GBE-N is also due to hold a webinar for potential suppliers on September 3 outlining the proposed procurement approach and details of the early works.
The package has been identified as particularly suitable for small and medium-sized businesses, potentially opening opportunities for companies in Wales to become involved in the supply chain.
The latest development follows the signing of the contract between GBE-N and Rolls-Royce SMR earlier this year.
The Wylfa project is expected to support around 8,000 jobs across the UK, including up to 3,000 locally during peak construction, according to industry estimates.
Rolls-Royce SMR chief executive Chris Cholerton said at the time: “This contract unlocks the delivery of our first three units at Wylfa and brings certainty to the UK SMR programme.”
The former nuclear power station stopped generating electricity in 2015 after more than four decades of operation.
Previous plans by Japanese company Hitachi for a new large-scale nuclear power station at Wylfa were abandoned in 2020 after funding could not be secured.
The Wylfa scheme is subject to regulatory approvals and a final investment decision, with electricity generation expected to begin in the 2030s.
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