The NNSA is responsible for America’s nuclear weapons program, as well as providing fuel for the Naval Nuclear Propulsion Program. This means the agency is responsible for all the highly enriched uranium (HEU) in the country, which is additionally used in some research reactors for nuclear industry R&D and medical isotope production. The NNSA also needs low enriched uranium (LEU) for use in two reactors with the Tennessee Valley Authority (TVA) to produce tritium.

One of the central issues is the difference between obligated and unobligated uranium. Obligated uranium is required to be used for non-defense purposes only, such as the production of medical isotopes and operation of reactors for providing electricity. Unobligated enriched uranium can be used for defense purposes, such as powering reactors on submarines and aircraft carriers, and for nuclear weapons. Uranium can only be considered unobligated if it is mined, milled, converted, enriched, and fabricated all within the United States, utilizing U.S.-owned and originated equipment. With the country unable to produce unobligated enriched uranium, the NNSA developed a few plans over the past decade to restore the lost capability.

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The Government Accountability Office (GAO) is an independent/nonpartisan agency that serves as a sort of spending watchdog for Congress. They recently reviewed the DOE’s/NNSA’s plans for the uranium enrichment industry, grouped mainly within four topics:

1. The status of the current supply

2. The status of current and future demand

3. The current and future delta between the two

4. The plan to close the gap

I copied and pasted the headers and sub-headers from the report (link: https://www.gao.gov/products/gao-26-107385) and provided some cliff notes for the major takeaways in each section. Even though the report is pretty long at just over 80 pages, I strongly encourage anyone that has the time to actually read it front to back, as there is a significant amount of data and historical content included in the extensive report.

Background

Enriched Uranium Production Stages

• Describes how the fuel chain works

• Briefly describes the difference between the large centrifuge design of Centrus and the small centrifuge design from the lab at ORNL

Nuclear Energy Trends

• Notes about how the demand for nuclear energy is anticipated to go up in the future

U.S. Agencies Involved in Managing Uranium

• Describes the role of the NNSA, DOE-NE, DOD and the NRC

Legislative Requirements and Executive Orders Supporting Domestic Development of Enriched Uranium

• Summary of the legislative acts, laws and executive orders over the past ten years related to nuclear energy and weapons

NNSA and DOE Program Management

• No additional notes

NNSA’s Uranium Supplies Are Likely Sufficient to Meet National Security Needs Until the Early 2040s, but DOE’s Civilian Supply and Demand Estimates Are Less Clear

NNSA Has Sufficient Enriched Uranium Supplies to Meet National Security Needs Until the Early 2040s

• GAO agrees that the NNSA has enough unobligated LEU and HEU to meet needs until early 2040s

  • LEU needs will be met by down blending HEU

  • HEU needs are met by a declaration in 2005 for 200 metric tons of uranium (MTU) of HEU that were excess

    • 160 MTU for the Navy, 20 MTU for research reactors and isotopes, and 20 MTU for down blending to LEU

• For the Navy, needs are projected to be met through the 2050s

• One of the biggest risk factors for the “good until” assumptions is whether or not the reactors under development with the DOW will be required to have unobligated fuel

Estimates of Commercial Reactor Demands for LEU Are Generally Well-Established and Expected to Rise, but Near-Term Supply May Be Constrained by a Ban on Importing Russian Uranium

• Existing commercial fleet is 96 large reactors requiring about 2,000 MTU of LEU per year, translating to approximately 15 million SWU per year

• Studies are showing we are unlikely to be able to fill the Russian supply gap by 2028

Demand Estimates for HALEU Vary but Are Generally Increasing and Projected Near-Term Supply Is Likely Insufficient to Meet Those Demands

• Compares some studies and projections of the anticipated demand signal for HALEU to highlight the inconsistent estimates

• It is anticipated that the DOE will likely not be able to provide the companies that have asked for HALEU with all of the fuel that they are requesting

• 21.2 MTU of HALEU will be available by 2028, and a total of 23.4 MTU will be available by the end of 2030

• Demand from the companies that signed up for the HALEU availability program is anticipated to exceed what will be available. However, there is also the possibility that all the companies requesting fuel will not reach this stage where they’re ready to receive it, which might balance the equation

For National Security Enrichment, a Key Plan Does Not Include Required Cost Information and Program Plans Do Not Reflect Management Best Practices

NNSA Has Developed Plans for Its Program to Meet Enriched Uranium Needs for National Security Missions

• There is a four-pronged approach in place for how the NNSA will supply unobligated enriched uranium to meet national security needs, with 1.7 million SWU per year by the 2050s to meet the mission

• Method 1: using current inventory to meet needs

  • down blending is ongoing and is expected to be completed by 2027, by which time they anticipate having a sufficient LEU inventory to supply the TVA reactors until the early 2040s for tritium production

• Method 2: Deploying the large centrifuge technology

  • provides some context for the plan of utilizing centrifuges produced by Centrus at the Piketon facility

  • NNSA’s goal is to deploy one or two cascades at the facility consisting of 120 centrifuges each to partially meet the LEU goal, each cascade should produce 50,000 SWU per year

• Method 3: Developing and deploying the small centrifuge technology

  • NNSA is planning to continue development of the smaller centrifuge design at ORNL and deploy the technology at a pilot plant in Tennessee

  • may produce LEU initially, but goal is to produce HEU

  • Anticipate NRC license for construction in 2031, with limited operations beginning in 2035

  • HEU enrichment beginning around 2049 with a capacity of 50,000 SWU per year

• Method 4: Developing a Large-Scale Unobligated Enrichment Capability

  • this is the NNSA plan for the majority of SWU needed

  • this would be to produce LEU as feed stock for enrichment to HALEU, which would then serve as feed stock to produce HEU at the BWXT plant

  • would include an additional 400,000 SWU per year for Tritium LEU

  • goal would be 1.5 million SWU per year, starting in the 2050s

• NNSA is taking the path of developing a new supply of unobligated enriched Uranium through commercial acquisitions instead of conducting capital acquisitions

NNSA Has Developed a Long-Term Cost Estimate for National Security Enrichment but Its Enriched Uranium Management Plan Does Not Include Required Cost Information

• The four-part plan will require about $36.8 billion through 2052 and $140 billion through 2105

NNSA’s Program Planning and Implementation Plans Substantially or Partially Met Most Best Practices for Program Management

• No additional notes

DOE Has Taken Steps to Support Production of Enriched Uranium for Commercial Reactors but Has Not Documented an Economic Analysis or Developed Other Plans for Its Efforts

DOE Plans to Meet Some Near-Term HALEU Needs Using Downblended Material and Limited HALEU Production

• Under the HALEU Availability program, DOE established the HALEU Consortium and, after receiving requests for fuel from 15 companies, the DOE conditionally committed to allocating fuel to eight of them

• DOE may not be able to meet the demand from the eight companies

• The limited HALEU production so far has been through the pilot program with Centrus with 0.9 MTU produced so far and on track for a total of 1.8 MTU this year

DOE’s Plans to Support Commercial HALEU Production Have Shifted from Incentivizing Companies to Enrich Uranium to Funding Companies to Build Enrichment Capacity

• Report highlights the chicken-and-egg dilemma with building out HALEU capacity with no current significant demand

• DOE has shifted from incentivizing expanding capacity by purchasing the produced HALEU to instead awarding funds directly to companies to build capacity

  • previous plan was to buy enriched uranium and then sell it back to the market as demand materialized with a goal of incentivizing production of at least 25 MTU of HALEU per year

  • DOE then shifted in August 2025 to awarding contracts directly to companies for task orders to build enrichment capacity

• Current task orders include 1 MTU of enriched uranium being provided to the DOE for the HALEU Availability Program

• DOE issued a formal comment to the GAO report saying a report to Congress on the availability of HALEU will be completed in November 2026

DOE Is Also Supporting Increases in Domestic LEU Enrichment Capacity

• Highlights the $900 million to Orano for LEU capacity

• DOE’s goal is to incentivize 100 MTU of LEU production per year, which would only account for one quarter of the 400 MTU per year from Russia

DOE Has Not Conducted an Economic Analysis of How Its Efforts to Support the Expansion of Enrichment Capacity Could Impact the Enriched Uranium Supply Market

• DOE does not currently have any published analysis showing how its current actions to incentivize capacity expansion will actually play out

• DOE has issued a formal response to this comment. They intend to publish a report on the fuel cycle and HALEU enrichment, and it will contain an economic analysis of their department’s efforts, with an estimated completion date of June 2027

DOE’s Office of Nuclear Energy Has Not Finalized Key Internal Program Management-Related Documents nor Completed a Required Plan on Its Efforts to Support HALEU Availability

• No additional notes

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NNSA and DOE Face a Range of Challenges in Facilitating Enriched Uranium Supply and Are Taking Steps to Mitigate Some of the Challenges

NNSA Is Taking Steps to Mitigate Some Risks to Supplying Enriched Uranium for National Security

• Concern for complexity of the larger centrifuges and cost to maintain

• Large centrifuge assessed at TRL 8

• Small centrifuge assessed at TRL 4

  • BWXT plant designed to get the small centrifuge to TRL 6

• Domestic manufacturing capacity may be insufficient to produce the number of centrifuges required

• A lack of domestic uranium mining is also noted as a potential problem

DOE Is Taking Steps to Mitigate Risks to Its Efforts to Support Commercial Enrichment

• Report highlights how the HALEU market is still underdeveloped and how the buildup of that market will actually further constrain the LEU market because of how much feedstock is required to produce HALEU

NNSA and DOE Share Some Risks Relevant to Enriched Uranium Supply for Both National Security and Commercial Purposes that They Are Taking Some Steps to Address

• Concerns exist about the lack of conversion and de-conversion capacity

• Even though there’s been a lot of reductions in some of the timelines for licensing, apparently industry representatives and the NNSA are still unsure of how long NRC licensing will take for new fuel facilities

• Significant concerns exist about workforce availability

Formal response from the DOE:

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DOE Reactor (and Fuel Line) Pilot Program Update

The DOE Reactor Pilot Program recently celebrated three milestone achievements, and the Fuel Line Pilot Program also saw progress.

Natura Resources received approval for a Nuclear Safety Design Agreement (NSDA) covering its reactor at Abilene Christian University. Natura’s design is a 1-MWth liquid-fueled molten salt research reactor. The NRC previously issued a construction permit for the university research reactor, and the company eventually shifted over to the DOE regulatory pathway to enjoy potentially faster approvals.

Deep Fission received an NSDA for its Gravity reactor just last week. The company is progressing their pilot project in Kansas, where they will place a pressurized water reactor approximately a mile underground. Deep Fission has drilled a data-acquisition well and had a prototype canister delivered to the site.

Oklo recently celebrated reaching initial criticality on their isotope production reactor in Texas at the Groves site. This reactor stands out from the other four that have achieved initial criticality under the DOE RPP, as it will not be used to generate heat or electricity. It’ll be used to produce unique isotopes for use in various industries, including technology and medical fields.

Oklo has been striving to redeem themselves since the rejection by the NRC for their Aurora reactor design years ago. Their first Aurora reactor is still under construction at Idaho National Labs and is anticipated to achieve initial criticality sometime in 2027 or 2028. Receiving approval from the DOE to start up that reactor design will certainly complete their long road to redemption.

From the significantly less talked-about FLPP, Standard Nuclear received DOE approval for their Preliminary Documented Safety Analysis (PDSA) at two of their TRISO fuel-production facilities: SN-TN in Tennessee and SN-ID in Idaho. Standard says construction is substantially complete. Each facility is initially expected to add up to one metric ton of uranium in annual TRISO capacity, with as much as five metric tons collectively after scaling.

For some more detail on what exactly an NSDA and a PDSA are, here are the excerpts describing the different milestones from DOE-STD-1271-2025:

The purpose of the Nuclear Safety Design Agreement (NSDA) is to gain agreement on design requirements, safety analysis approach, regulatory engagement process, applicable regulatory requirements, and to identify the key safety decisions for the design.

The purpose of a Preliminary Documented Safety Analysis (PDSA) is to provide a comprehensive and preliminary assessment of the safety aspects of a nuclear facility or activity. The Contractor submits the PDSA to DOE for review and approval once the necessary analyses and system design detail has been performed (nominally the 50% design completion mark) and is provided in the format outlined in the NSDA. The significance of the PDSA is that it represents the first formal opportunity to look at the proposed design, safety case and associated SSC performance and classification requirements in an integrated manner.

Energy Department to Distribute Third Round of HALEU to NASA and Radiant

The DOE conditionally committed HALEU to NASA and Radiant Industries, with NASA’s allocation intended to support the SR-1 Freedom mission to Mars and Radiant’s allocation to support a microreactor deployment at the Buckley Space Force Base in Colorado.

The first round of HALEU recipients was for X-energy’s TRISO-X, Kairos Power, Radiant, Westinghouse, and TerraPower. The second round, from about a year ago, was for Antares, Standard Nuclear, and Natura Resources.

United States and Saudi Arabia Reach Historic Nuclear Cooperation Agreement

The US and Saudi Arabia signed a Section 123 agreement in an effort to cooperate on the development of commercial nuclear power in Saudi Arabia. Unfortunately, as soon as the agreement was signed, there was significant pushback on some of the terms of the agreement, resulting in confusion as to its current status.

A Section 123 agreement is designed to allow the United States to help a foreign country stand up and operate a commercial nuclear industry. Without the agreement in place, there is no way for a company like Westinghouse to legally export nuclear technology, like an AP1000 reactor design or components, to that country.

On the surface, it sounds like the kind of thing that only the Sierra Club or Beyond Nuclear would be against. The US and its companies enjoy the profits of exports and a deeper relationship with the foreign country, and that foreign country enjoys enhanced national energy security and insulation from fluctuations of fuel prices for other sources of energy.

So why did this agreement receive so much backlash while other Section 123 agreements enjoyed wide bipartisan support? The problem is the enrichment of uranium.

As the day went on after the announcement was initially made of the agreement being signed, people became aware that the agreement included the potential for American enrichment technology to be exported to Saudi Arabia and uranium to then be enriched within the country. For most people, this is where things crossed a line in terms of concerns for nuclear proliferation.

The preference for the structure of a 123 agreement (for those concerned about nuclear proliferation risk) is to require the “gold standard”. This means that the country signing the agreement also pledges to not enrich uranium in the country. Instead, that country would purchase enriched uranium from the US and import the product, usually as fabricated fuel assemblies. In this structure, there is an extremely low risk for proliferation due to the country importing the product not holding the technology required to weaponize the enriched uranium.

In the 123 agreement signed between the US and Saudi Arabia, the opposite structure was put in. The two countries agreed to potentially perform an extensive study, which could be followed by the construction of an enrichment facility within Saudi Arabia. This means the enrichment technology required for raising the enrichment level of uranium would be located in Saudi Arabia instead of the US. This is where non-proliferation folks draw the line.

There was significant backlash across most of the places we could find commentary on the agreement. The agreement’s status was also thrown into disarray as President Trump made additional requirements for the agreement to put in place as the days went on, and he made statements on social media that no enrichment will occur in Saudi Arabia, contrary to the signed agreement.

As suddenly as the announcement was made, any news coverage regarding its status disappeared just as fast. There remains much confusion as to the current status of the agreement, considering it was signed by representatives from both countries.

Nuclear Lifecycle Innovation Campuses Contenders Announced

The DOE has selected Idaho, Louisiana, Oklahoma, Tennessee and Utah as potential hosts for its Nuclear Lifecycle Innovation Campuses. The program is posturing itself as the biggest initiative in the nuclear renaissance to date.

The DOE and its proponents have stated the intent of the program is to house within one location the entire nuclear value chain, and then some. Each campus could potentially include:

• mining

• milling

• enrichment

• fuel fabrication

• used-fuel reprocessing

• waste disposition

• advanced manufacturing

• reactors

• data centers

DOE says the proposed campuses could attract as much as $50 billion in capital investment, produce up to $10 billion in state and local tax revenue and create nearly 25,000 jobs.

The five states included in the announcements are contenders, not awardees. Secretary Wright signed MOUs allowing DOE and the states to continue exploring potential campuses. The final hosting agreements and sites, financing structures and participating companies remain to be determined.

Idaho and Tennessee were obvious choices given their historical and ongoing significance with the nuclear industry and their nuclear energy-focused national labs. Utah has been rather aggressive with some of their energy generation initiatives, primarily organized under Operation Gigawatt.

Louisiana seemed like a weird choice at first, but once you consider some of their manufacturing capabilities as well as the meaningful capacity of their ports, they could be a significant asset on the manufacturing side of the industry.

Oklahoma is definitely the odd ball. The state doesn’t have very much going on with the nuclear renaissance, but may just be willing enough to get involved that the DOE decided to include them in the final five. A state’s willingness to handle and receive used nuclear fuel and nuclear waste may have been a significant factor in choosing the finalists.

One of the pleasant side effects of the NLIC program is that it separated the pro-nuclear states from pro-ish nuclear states. There are an unfortunate number of states that are eager to enjoy the benefits of nuclear energy but are just as equally unwilling to deal with the responsibility of handling and storing the used fuel.

One of the most frustrating examples continues to be New Mexico, a state that currently hosts the only commercial-scale enrichment facility in the US. New Mexico famously has fought Holtec on the establishment of a used fuel storage facility within the state. Holtec actually won in the courts but ultimately abandoned the project as they saw that they would have to continue to fight opposition within the state at all levels for the foreseeable future. The state’s leadership literally bullied the company until they finally quit from exhaustion.

The U.S. Department of Energy (DOE) published the approved voluntary agreement that formally establishes the Nuclear Fuel Cycle Consortium under the Defense Production Act (DPA). While the name centers on fuel production, the framework and its broad list of participants reach across the entire nuclear value chain. The move shows that building resilient domestic fuel capacity requires coordinated action from more than just miners and enrichers. There are also component suppliers, construction and site services firms, reactor developers, and utilities — all translating this policy support into tangible revenue opportunities for nuclear players.

Key Takeaways

• The DOE approved the Nuclear Fuel Cycle Consortium Voluntary Agreement. The structure gives participants antitrust protections to develop Plans of Action that strengthen the nuclear fuel cycle from mining through recycling.

• The consortium explicitly includes committees and scope for utilities and reactors, not just upstream fuel stages.

• Major participants include Solstice Advanced Materials (SOLS), Mirion Technologies (MIR), and Amentum (AMTM). These names highlight how the initiative draws in specialized materials, instrumentation, and construction and operations expertise.

Read the rest of the article here: The Consortium Fueling the Nuclear Renaissance

With Microsoft taking the restarted Three Mile Island unit and Meta locking up output from Clinton, Constellation is now looking for developers to help them bring new capacity online faster.

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Their most recent move is a strategic equity investment in Blue Energy through Constellation Technology Ventures (CTV). This targets Blue Energy’s shipyard-based prefabrication and project financing model for SMRs.

Blue Energy is advancing a phased gas-to-nuclear approach at a planned Texas site in coordination with GE Vernova. Two GE Vernova gas turbines would deliver roughly 1 GW starting around 2030, with the steam supply later shifting to GE Vernova Hitachi BWRX-300 reactors targeting up to 1.5 GW of nuclear capacity. Early site works could begin this year ahead of a final investment decision in 2027.

The CTV check marks the first investment by that unit in an American nuclear developer focused on SMRs. Terms remain undisclosed, but based on CTV’s deal size across prior energy tech investments ($4 million in SWTCH), this one likely lands in the single-digit millions.

The real value sits in the partnership signal rather than the capital itself. Constellation runs 21 reactors across multiple sites with capacity factors above 90%. An operator with that track record lending credibility to a new deployment model carries more weight than another venture check.

Blue Energy’s approach attacks the construction and financing bottlenecks that have plagued new nuclear for decades. Large modules get fabricated in existing shipyards using robotic methods borrowed from offshore oil, gas, and LNG projects, then barged to site. The design keeps a clean split between the nuclear island supplied by the vendor and the balance-of-plant work done under fixed-price commercial contracts.

That structure, paired with the NRC-approved licensing topical report, is meant to unlock project financing on a meaningful chunk of capex for the first time on a nuclear project.

The goal remains power in 48 months or less via the gas bridge instead of the conventional decade-plus timeline.

These steps arrive after several larger policy and regulatory shifts have already begun dramatically reshaping the landscape.

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The foundation was laid by the ADVANCE Act of 2024, the most significant bipartisan nuclear legislation in years. It directed the NRC to update its mission statement, lower licensing fees, create clearer pathways for microreactors, accelerate reviews at existing sites, and improve its ability to recruit and retain talent.

Building on that foundation, the NRC finalized the Generic Environmental Impact Statement for Licensing of New Nuclear Reactors (NUREG-2249) in April 2026. The GEIS evaluates ~119 environmental issues and classifies 100 of them as issues whose impacts can be treated as generically small when a project stays within defined plant and site parameter envelopes.

I wrote a brief take with some data points when the rule was first published earlier this year:

The second rule codifies a new Generic Environmental Impact Statement (GEIS) for licensing new nuclear reactors. It establishes a technology-neutral framework that analyzes common environmental issues across many reactor designs and potential sites using standardized plant and site parameter envelopes. This allows future applicants and regulators to focus only on truly unique, project-specific matters rather than repeating the same broad analyses every time. The result is substantial efficiency: up to $37.7 million in net cost savings over ten years for the NRC and applicants combined (link), and saving over 6,000 hours of preparation and evaluation of repetitive environmental impact statements per reactor application (link).

The GEIS alone represents one of the largest timeline compressions to date for getting new reactors built.

Impressively, this improvement was just the beginning, as the NRC earlier this month released a massive proposal to overhaul multiple regulations across the NRC which can be read here:

Executive Order 14300 and related directives have further pushed the agency toward efficiency while preserving its core safety mission. At the same time, the NRC has experienced a meaningful reduction in staffing since early 2025 through retirements and resignations, pressuring institutional knowledge just as application volume is expected to rise. Against this backdrop, the six bills the subcommittee advanced are targeted adjustments rather than a complete overhaul.

Nuclear REFUEL Act (H.R. 3978)

• Sponsored by Rep. Bob Latta (R-Ohio) and Rep. Scott Peters (D-California)

• Amends the Atomic Energy Act definition of “production facility”

• Clarifies that certain spent-fuel recycling facilities (those that do not separate plutonium from other transuranic elements) can be licensed under the frameworks already used for other fuel-cycle facilities

  • If there was opposition to a fuel recycling facility, the parties fighting against the plant could easily reference the AEA definition, as currently written, and shut it down. This bill will allow companies like Oklo, SHINE, and Flibe to finance and build their facilities with less of a concern for this happening.

• Goal is to remove a licensing ambiguity that has discouraged domestic recycling technologies capable of extracting more energy from used fuel while reducing the volume of material requiring long-term storage

American Enrichment Deployment Act (H.R. 9612)

• Sponsored by Rep. Russell Fry (R-South Carolina) and Rep. Kim Schrier (D-Washington)

• Updates Atomic Energy Act licensing procedures for uranium enrichment facilities

• Aligns enrichment licensing more closely with other fuel-cycle facilities

• Allows construction to begin before the final operating license is issued, subject to appropriate conditions

  • The way the regulations are currently laid out, enrichment facilities don’t get to start construction as early as reactor developers or the other fuel chain facilities, like a conversion facility or a fabrication facility

  • if this were to pass, the companies would be able to start construction on structures that were not safety-related or directly related to the NRC-regulated process before the license was fully approved

Efficient Nuclear Licensing Hearings Act (H.R. 5549)

• Sponsored by Rep. Morgan Griffith (R-Virginia) and Rep. Kim Schrier (D-Washington)

• Makes uncontested hearings optional rather than mandatory for construction permits, early site permits, and combined licenses

• This may sound like a repeat of the regulations changed last month for hearings, but this one is attempting to make a far more significant change

  • The changes the NRC made itself were only to move the hearings up to the beginning instead of the end of the license review process, making it more of a parallel event instead of an in-series event, in an attempt to cut down on timelines

  • This proposal takes things a step further than the NRC can do on its own, by removing the requirement to hold a hearing entirely (in certain situations)

• Those mandatory steps consume significant staff time, with one significant example from some NRC correspondence on Kairos’s Hermes project:

  • “Based on prior hearing experience and the expected effort needed to complete the mandatory hearing process, the NRC staff has estimated that it will need approximately 1,500 NRC staff hours to complete the hearing activities in support of the Hermes construction permit application.“

Nuclear Advisory Committee Reform Act (H.R. 9613)

• Sponsored by Rep. Diana Harshbarger (R-Tennessee)

• Realigns when the Advisory Committee on Reactor Safeguards (ACRS) gets involved

• The ACRS is internal to the NRC but is an isolated entity used for performing second, independent checks of decisions made across the regulator

• There is little discretion with what they independently evaluate, sometimes leading to significant man-hours being expended on reviewing long-settled safety concerns on decisions such as subsequent license renewals

• The passing of this bill would authorize the NRC to determine when ACRS review is required rather than making it automatic for every application

• Codifies the Executive Order 14300 directive that the committee focus on issues that are “truly novel and noteworthy”

NRC Staff Pay Alignment Act (H.R. 9614)

• Sponsored by Rep. Rob Menendez (D-New Jersey)

• Before the nuclear renaissance there was a very short list of places for folks to work in the nuclear industry, but now that there’s a nuclear startup being founded every week, the NRC finds themselves competing with a growing list of private companies for attracting talent

• This bill could give the NRC a chance to stay competitive with the private industry

• Builds directly on pay flexibilities already authorized in the ADVANCE Act

Department of Energy Nuclear Transparency Act (H.R. 9084)

• Sponsored by Rep. Kathy Castor (D-Florida)

• Requires the DOE to provide greater public transparency around its authorizations of reactors, nuclear facilities, and department regulations

• This is very obviously targeting the DOE Reactor Pilot Program and Fuel Line Pilot Program and some of the frustration surrounding the lack of transparency with the regulations and certifications of their novel reactor designs and fuel facilities

• It doesn’t seem like we would see anything like the NRC’s ADAMS database, which provides a significant amount of transparency, but there would certainly be more than is currently available if this bill is passed

• The transparency is framed as essential to maintaining public trust as DOE takes on a larger role in demonstrating advanced reactors

Taken together, the six bills attack discrete friction points without attempting a single comprehensive rewrite of the Atomic Energy Act. They all cleared the subcommittee with bipartisan support, reflecting the broader consensus that has grown around nuclear as both a clean-energy and energy-security priority.

They still have a clear path ahead before becoming law. The next step is consideration by the full House Energy and Commerce Committee. If reported favorably, the bills would need to pass the House floor, either individually or as part of a larger package. Similar measures would then require Senate action, potentially through the Senate Environment and Public Works or Energy and Natural Resources committees. Differences between the chambers would then have to be resolved in conference or by amendment, followed by final passage in both houses and presidential signature.

None of those steps is automatic, and individual provisions (particularly the ACRS language) could still see some back and forth. Yet the fact that six targeted bills advanced with bipartisan backing, building directly on the ADVANCE Act and the NRC’s own GEIS and NEPA modernization work, shows how far the policy environment has shifted in a relatively short time.

Westinghouse’s AP1000 reactor sits coincidentally at about ~1,200 MWe.

State officials are emphasizing shovel-ready locations and lessons learned from earlier projects to accelerate deployment. Federal financing tools that can cover up to 80% of costs are expected to play a central role, such as from the DOE’s Energy Dominance Financing Office.

Several utility pairs already sit in advanced planning stages across the country, with work progressing on long-lead items and financing models that range from federal build-own-operate structures to support for existing operators.

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While NJ state officials and the current procurement documents continue to describe the effort as targeting 1,100 MW, the underlying economics and signals from the federal side point to something larger.

Cameco (and MIT) has been clear that meaningful cost reductions are likely to appear on the third and fourth AP1000 units, and the DOE’s broader program has consistently favored paired reactor deployments that allow shared infrastructure, long-lead procurement, and supply chain efficiencies.

Given that the PSEG Early Site Permit already authorizes two units at the site, the publicly stated 1,100 MW floor may simply be the minimum the process is required to deliver while the actual project that clears the competitive negotiation ends up being a full two-reactor plant once the federal financing package and execution commitments are locked in.

Cameco and Brookfield bring the obvious advantage to the New Jersey process. Their controlling stake in Westinghouse, combined with direct involvement in the federal large-reactor program and Brookfield’s separate partnership with The Nuclear Company to scale deployments, positions them to handle the capital intensity and leverage federal backstops at scale.

The state is also making clear that they have a significant preference for large reactors instead of the yet-to-be-fully-demonstrated SMR designs:

“While the governor said small modular reactors could eventually be viable at sites like Oyster Creek, she emphasized wanting to see “a little proof of concept” from ongoing international and out-of-state builds first“

Cameco shares have posted gains of roughly 24% over the past year as the nuclear investment case gained traction.

But, near-term trading has been more mixed, with some pullbacks coinciding with the momentum trade that nuclear has trended with over the past couple years.

• The International Energy Agency (IEA) defines it as “the uninterrupted availability of energy sources at an affordable price.”

• The U.S. Department of Energy (DOE) broadens that definition, describing the secure and reliable delivery of energy as “crucial for national security, the economy, public health, and public safety.”

The definitions make energy security broader than simply producing enough electricity in an average year. It includes reliability, affordability, resilience, infrastructure, diversity of supply, and the ability to withstand deliberate attack, natural disaster, market disruption, or geopolitical rupture.

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In other words, a nation is energy-secure only to the degree it can keep the lights on, the factories running, and the military supported without asking permission.

Drawing from these frameworks, four capabilities stand out:

1. Reliable domestic or trusted supply of primary energy resources

2. Industrial capacity to convert those resources into usable power

3. Resilient infrastructure that can absorb shocks

4. Strategic freedom to operate without the consent of an adversary or dependence on an irreplaceable single supplier

Realization requires deliberate policies including stockpiles, diversified production, a protected industrial base, and long-term investments that markets alone will not provide.

Natural gas is currently the foundation of that strategy. It’s been America’s largest source of domestic energy production since 2011, and US output reached another record in 2025. Its scale, domestic availability, dispatchability, storage network, and ability to serve electricity, heating, and industry make natural gas the country’s principal instrument of national energy security today.

Nuclear power is now being asked to shoulder more of that burden. Rising electricity demand from AI data centers, manufacturing reshoring, and electrification, combined with the need for reliable, low-carbon baseload, has returned nuclear to the center of energy strategy.

Since COP28 in 2023, the pace of nuclear policy, investment, procurement, and deployment activity has accelerated dramatically:

• Legislative and executive foundation (ADVANCE Act, May 2025 EOs, 2025 National Security Strategy)

• Restarts and capacity additions (Palisades, Crane/TMI, Duane Arnold, Diablo Canyon, V.C. Summer)

• Hyperscaler offtake (Amazon/Talen, Microsoft/Constellation, Google/Kairos, Meta deals)

• Fuel cycle and industrial base (DPA Consortium, $2.7B LEU/HALEU, NNSA DUECE, $80B Westinghouse partnership)

• Military and pilot programs (Project Janus, DIU ANPI, Reactor Pilot Program, Fuel Line Pilot Program, Nuclear Energy Launch Pad)

• International (US-UK Atlantic Partnership, Japan $40B)

Yet, the transition is incomplete. Nuclear can deepen American energy security, but capturing its full strategic value requires a secure industrial system behind the reactor.

America’s fuel and supply chain remains nuclear energy’s strategic vulnerability.

Uranium still comes overwhelmingly from abroad. The only commercial-scale enrichment plant operating inside the United States is foreign-owned. Reactor vessels and large forgings remain heavily dependent on overseas manufacturers. Until those domestic weaknesses are addressed and closed, nuclear adds capacity without delivering the strategic independence the phrase “national energy security” demands.

This piece is the first in a series that will examine what national energy security requires across the full nuclear value chain (fuel, manufacturing, construction) and where the United States currently falls short.

But, just meeting the goal wasn’t good enough.

“And one for Rickover…”

Aalo Atomics has issued a statement with the DOE that they reached criticality at the last second (12:20 am on the 4th of July), bringing the final count to four reactors! What began as an aggressive federal target quickly became a demonstration that the advanced nuclear sector can move from design, to fueled testing, to sustained fission on timelines that seemed unrealistic just last year.

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The starting point was Executive Order 14301, “Reforming Nuclear Reactor Testing at the Department of Energy.” Among other changes, the order directed the DOE to create a reactor testing pathway for privately funded advanced reactor developers.

The DOE followed with the Reactor Pilot Program (RPP), which selected 11 reactor projects for accelerated testing:

• Aalo Atomics Inc.

• Antares Nuclear Inc.

• Atomic Alchemy Inc.

• Deep Fission Inc.

• Last Energy Inc.

• Oklo Inc. (Aurora and Pluto)

• Natura Resources LLC

• Radiant Industries Inc.

• Terrestrial Energy Inc.

• Valar Atomics Inc.

Over the next several months, the developers raced to iterate through their designs with the goal of achieving criticality before America’s birthday. With the deadline finally coming to pass and the dust settling, here’s a review of the four projects that answered the call to action:

#1 Antares Nuclear

Reactor: Mark-0

Antares was the first company to achieve criticality with their heat pipe-cooled design. The DOE described it as the first privately developed non-light-water reactor to reach criticality in the US in more than four decades. ANS also noted that it was the first novel reactor to achieve criticality at INL in more than 50 years.

Compared with light-water (NuScale), heavy-water (CANDU), gas-cooled (Valar), sodium-cooled (Aalo), and molten-salt reactors (Kairos Power), heat-pipe reactors have the thinnest historical nuclear operating record. The industry has decades of fleet experience with water reactors, meaningful legacy experience with gas reactors, hundreds of reactor-years with sodium reactors, and at least a landmark operating experiment for molten salt.

Heat-pipe reactors sit on a much thinner nuclear experience base. The underlying heat-transfer technology is proven in other industries, especially electronics and aerospace, but the reactor application is still relatively new. Antares can point to KRUSTY as an important proof-of-concept for heat-pipe-cooled fission systems, but it cannot lean on the same kind of fleet experience that supports light-water reactors, gas reactors, or sodium-cooled designs.

Antares’ CEO Jordan Bramble remarked during the announcement of their criticality milestone being reached:

“We were never once the first company to submit a regulatory document, but we were always the first to get it approved.”

#2 Valar Atomics

Reactor: Ward 250

Valar achieved criticality next with their TRISO-fueled, helium-cooled, graphite-moderated high-temperature gas reactor (HTGR). Unsatisfied with second place for the race to criticality, the company pushed Ward-250 higher to produce both heat and electricity before any other reactor developer.

The electricity from the reactor was used to power an NVIDIA Spark, which ran a website that the company used for hosting a small game and a page for fans to order some merchandise from, until the reactor was eventually shut down after a few days of operations.

Valar also took a step further and performed a reactor safety test on a live stream. The company had the reactor at power, producing heat, and then rapidly shut down the reactor and simulated a loss of electricity to demonstrate the reactor would safely cool itself off with no human intervention.

#3 Deployable Energy

Reactor: Unity

Who? They’re not even in the RPP?

Deployable was the third reactor to reach criticality and count towards the “three by the fourth” goal from the executive order, but it’s the first reactor to do so outside of the RPP. I wrote about the new program Deployable is operating under, the Nuclear Energy Launch Pad (NELP), when it was first announced back in March of this year:

The Launch Pad is the program to be permanently put in place as the successor to the Department of Energy’s reactor pilot program (RPP) and fuel line pilot program (FLPP) … Companies will be able to utilize over 2,000 acres of pre-designated land at INL for projects including “advanced reactors, fuel fabrication, recycling, enrichment and other innovations”. The program will also be operated on a national scale with companies able to work with national labs from remote sites. Applications will be available annually with the initial request for applications expected to be released in a few months.

The initial selectees for the program were announced April 27th and included General Matter, Radiant Nuclear, NuCube Energy, and Deployable Energy. The fact that Deployable Energy was able to achieve criticality ahead of some of the projects under the RPP, even though they started several months later, is remarkable.

INL director John Wagner put out a post stating Deployable achieved criticality in “roughly 150 days after project kickoff.”

#4 Aalo Atomics

Reactor: Aalo-X Critical Test Reactor

Aalo is the first liquid-sodium microreactor developer in this batch, but their critical test reactor configuration does not have any sodium flowing through it. The next reactor that they are actively constructing will have a fully operational sodium cooling loop. Aalo-X CTR is the physics testing platform and the first step towards the commercialization of their thermal spectrum, sodium-cooled, UO2-fueled power plant.

The company intends to connect five of their reactors into the Aalo Pod configuration, which will be able to supply up to 50 MWe for data centers and other applications.

From Yasir Arafat, President and CTO, Aalo Atomics:

“The hardest problem in nuclear was never the physics, our country simply forgot how to build”

It’s one of the biggest wins the American nuclear industry has enjoyed in decades.

No, bringing a pilot-scale microreactor critical is not the same thing as building an AP1000 at commercial scale. The technical, financial, regulatory, and project-management challenges are different. But that distinction should not erase the significance of what has happened under the RPP and NELP. After years of the US nuclear sector being defined publicly by the painful lessons of Vogtle and VC Summer, these projects show that nuclear can still build, test, and advance new hardware when the opportunity is structured correctly.

Initial criticality is not commercialization, and it is not a guarantee that any one of these companies will ultimately succeed at scale. But it is a real milestone. It means designs have moved from paper reactors to physical systems capable of sustaining a nuclear chain reaction.

And there is still more to come!! Multiple other companies are still pursuing initial criticality, which will allow them to keep iterating, validating their designs, and preparing for eventual commercialization under the NRC. That includes companies like Oklo, Radiant, and Last Energy.

The microreactor industry has shown what structured opportunity can unlock. The large reactor industry needs its own version of that momentum.

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The package amends Parts 2, 50, 51, 52, 53, 54, 71, and 100 and touches nearly every stage of the reactor lifecycle from early site work and construction through operation, license renewal, and decommissioning:

• Part 2 - some of the general rules for how the NRC does some of its more routine actions

• Part 50 - the legacy two-step reactor licensing pathway

• Part 51 - environmental regulations

• Part 52 - more recent one-step reactor licensing pathway

• Part 53 - new (as of this year) risk-informed and technology-inclusive licensing pathway, focused on advanced reactors

• Part 54 - license renewal

• Part 71 - radioactive material handling and transportation

• Part 100 - nuclear plant siting requirements

If at first glance your thought is, “This doesn’t feel like news... Hasn’t the NRC already made all these proposals?” then you’re not alone. I had a similar thought when I saw the headline from the NRC and had to do some digging to find out what is actually news here. If you have the time and want all the details, I strongly recommend reading through Sonal Patel’s write-up in Power Magazine.

This is not a collection of previously proposed changes simply stapled together for administrative convenience. These are new regulatory proposals developed under the direction of Executive Order 14300 (NRC overhaul) and aligned with the licensing efficiency objectives in the ADVANCE Act.

One of the themes common to all the proposals is that the NRC is attempting to move from informal guidance and exemption-heavy practice to clearer, more predictable regulatory language across the board.

The package contains 17 distinct updates:

1. Expedited Construction of Certain Structures, Systems, and Components

2. Determinate and Data-Backed Thresholds for Reactor Safety Assessments

3. Removal of IEEE-323-1974 Reference in Footnote 3 of 10 CFR 50.49

4. Expanded Alternative Requests under 10 CFR 50.55a(z)

5. Risk-Informing 10 CFR 50.59 and Allowing Flexibility for Changes to Methods

6. Minimum Decommissioning Funding Assurance for Non-Large Light-Water Reactors

7. Incorporation of Streamlined Quality Assurance Criteria for Nuclear Power Plants and Fuel Reprocessing Plants

8. Updates to Construction Permit Requirements and Related Licenses

9. Alternative Risk-Informed and Performance-Based Acceptance Criteria for 10 CFR Parts 50 and 52

10. Establishing Thresholds for Changes to Reactor Designs During Construction and Operation under 10 CFR Parts 52 and 53

11. Revision of the Emergency Preparedness Regulations for Nuclear Power Reactors

12. Optional Submittal of Operational Programs

13. Early Site Permit for Nuclear Power Plants

14. Manufacturing License Term Extension

15. Nuclear Power Plant License Renewal

16. Enhancing Flexibility of Reactor Site Criteria

17. Increased Enrichment of Conventional and Accident Tolerant Fuel Designs for Light-Water Reactors

Several stand out for their potential effect on deployment timelines and regulatory burden.

• Expedited Construction of Certain Structures, Systems, and Components: Revises the definition of “construction” in Part 50 to focus oversight on safety-significant structures, systems, and components. It also creates pathways for earlier general-license work on certain pre-approved activities once an application is docketed. More work can be pulled to the left instead of waiting on full license approval.

• Early Site Permit for Nuclear Power Plants: Early site permits would lose the current fixed 20-year limit, becoming effectively indefinite with amendments available for updates as needed.

• Manufacturing License Term Extension: Manufacturing licenses would move from a 15-year maximum term to 40 years for both initial and renewed terms, aligning them with the recently extended Design Certification duration.

• Nuclear Power Plant License Renewal: Renewals for operating licenses will be granted for 40 years instead of the original 20 years.

• Enhancing Flexibility of Reactor Site Criteria: Emergency Planning Zones are scaled to reactor characteristics rather than applying large reactor assumptions uniformly. Part 100 would introduce a tiered framework: lower-consequence designs (Tier 1) could use a revised, less prescriptive approach, while higher-consequence designs remain under the current requirements. This one is particularly relevant for SMRs and microreactors that have smaller hazard profiles.

• Increased Enrichment of Conventional and Accident Tolerant Fuel Designs for Light-Water Reactors: Includes integration of higher enriched fuel (up to 10% U-235) with supporting requirements already in the rule text rather than separate exemption processes.

Taken together, the package tries to increase optionality while maintaining safety margins, reduce reliance on exemptions and case-by-case reviews, and provide clearer regulatory endpoints for both new deployments and existing fleet activities. The NRC’s draft regulatory analysis estimates substantial net savings to industry and the agency if the changes are finalized close to the proposed form.

The proposal is now out for a 45-day comment period once it appears in the Federal Register.

At first, the publication was a mix of deep dives and stock market commentary focused on companies in the nuclear sector. Slowly, the publication took on some of the private companies that were starting to come to the reactor development scene, and eventually took on covering nearly every single headline across the industry, across the world.

Multiple different periodic reports came and went, including a weekly Assets Under Management ETF tracker, a bi-weekly short report, and a quarterly commentary selection from the industry’s earnings calls.

Today, the publication takes the form of a weekend newsletter that covers publicly traded companies one weekend and private companies the other.

Every weekend, significant amounts of time is spent on a select number of stories, and marginal effort on some of the others. Some of the stories and updates put out by companies deserve significantly more depth and context than they are currently given. At the same time, some of the stories don’t need to be covered at all.

There are multiple updates and programs that deserve further discussion and coverage than they currently receive.

Instead of quantity, The Nuclear Review will now focus on quality. Readers can expect future content to include write-ups on major company updates, status reports of programs like the DOE Reactor Pilot Program, and opinion pieces on some of the leading issues in the nuclear industry. And, instead of every weekend, the content will be published when the stories become available.

The Nuclear Review is heading down a new path that is likely shift as much as it always has. I could not appreciate more how many people have shown up to read my content and reached out to sit down with me and share their stories. The mission remains the same: share the story of the nuclear renaissance and make as many connections as possible along the way.

Reactor R&D and Fleet Work

CCJ - Westinghouse Announces Department of Energy Partnership to Jumpstart Large-Scale Nuclear Supply Chain

In an effort derived straight from the executive orders for reinvigorating the nuclear industrial base, the Department of Energy’s (DOE) Energy Dominance Financing (EDF) loan office has conditionally committed $17.5 billion in loans to support the construction of 10 Westinghouse AP1000 reactors. Social media saw this as a huge sign of support for other reactor developers including Oklo and NuScale, but clearly people didn’t read the announcement…

Here’s a quote from the comments made by Energy Secretary Chris Wright:

“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”

This money is all about the supply chain for large reactors, it has nothing to do with financial support for SMR or microreactor development. Instead of supporting companies like Nano Nuclear, TerraPower, Antares, or Valar, this money is destined for companies like BWXT, Curtiss-Wright, Mirion, ATI, and multiple other Asian heavy manufacturing companies.

The $17.5 billion in loans will be used to finance five projects, each with two AP1000s. Westinghouse says they are going to partner with up to five eligible utilities or energy companies to procure long lead items for projects. The company also says they have signed letters of intent with seven potential partners with identified sites.

HOLTEC - Holtec and EDF Energy Submit Plans for New Nuclear Projects in Britain

Remembering back to the new transatlantic nuclear partnership between the US and the UK, Holtec and EDF are working together to deploy Holtec’s SMR design in the UK. The companies are working to establish a joint venture and have submitted their proposal to the UK government for building SMR-300s at Cottam.

Alongside deployment projects being pursued by GE Vernova, TerraPower, Rolls-Royce, and X-energy, Holtec is working under the UK’s Advance Nuclear Framework, which is an accelerated nuclear technology deployment program.

Leaning into the existing grid infrastructure already located there, the planned development site is a former coal power station which will house up to four SMR-300s yielding approximately 1.3 GWe.

SMR & MIR - Paragon Awarded Contract to Complete Final Design Work Supporting NuScale Power's Small Modular Reactor

Paragon, a company that was recently acquired by Mirion Technologies, will be working to complete design development of their protection system for the NuScale Power Module (NPM). Three major systems will be completed by Paragon while NuScale continues procurement and manufacturing of some of the long lead items for their first 12 NPMs:

• The Module Protection System (MPS) is a nuclear safety-related reactor protection system that safeguards each individual NPM

• The Safety Display and Indication System (SDIS) is an augmented quality, post-accident monitoring system that provides operators with essential plant data in the event of an incident

• The Plant Protection System (PPS) is a non-safety-related system responsible for control room habitability functions such as HVAC

NKLR - Terra Innovatum Launches Initiative to Enhance SOLO™ Reactor Output and Efficiency

Terra Innovatum is undergoing evaluations to increase the electrical output of their current SOLO reactor design. The company is working with Baker Hughes to potentially integrate things like advanced turbomachinery solutions such as supercritical CO2. The efficiency gains could lead to as much as 25% more electrical output per unit, increasing the capacity of their SOLO reactor from about 1 MWe to as much as 1.25 MWe.

IMSR - Terrestrial Energy and The Texas A&M University System Sign Agreements Advancing IMSR Commercial Deployment and R&D Projects at Texas A&M-RELLIS

Terrestrial has signed an agreement with Texas A&M for approximately 77 acres at the campus in Texas for developing their commercial Integral Molten Salt Reactor (IMSR) plant. The agreement follows an announcement from last year that involved the selection of multiple molten salt reactor developers for testing their designs at the school.

Some of the land at Texas A&M will also be utilized to progress the company’s TETRA and TEFLA programs under the DOE Reactor Pilot Program and DOE Fuel Line Pilot Program.

FISN - Advanced Nuclear Company Deep Fission Announces Customer Pipeline of Up to 18.5 Gigawatts of Generation Capacity

Deep Fission has announced that they have now signed letters of intent worth up to 18.5 GWe with “data centers, co-developers, industrial parks, and strategic partners”. With a reactor design rated to 15 MWe, this means they are potentially looking at the deployment of over 1200 reactors in various group sizings. CEO Liz Muller highlights this as a testament to the urgent interest in their mile-deep deployment model as the company advances its pilot project in Kansas under the DOE Reactor Pilot Program.

Side note - the company overhauled their website since going public and added some new graphics.

CEG - Constellation and Walmart Announce Long-Term Agreement to Support Reliable, Emissions-Free Nuclear Energy in Illinois

This headline was buried painfully deep below the news of the DOE Energy Dominance Financing loan office support plan for Westinghouse reactors. Constellation and Walmart made the announcement only an hour or two before news broke from the Wall Street Journal of the Westinghouse loan.

This is the first time a large retailer has signed a power purchase agreement from a nuclear energy facility in the US. Walmart has agreed to purchase about 176 MWe from the pair of boiling water reactors at Constellation’s Dresden Clean Energy Center in Illinois. The PPA is taking the form of two 15-year terms that begin in 2029 and 2030. The best part is the agreement will support the uprating of an additional 30 MWe from the site.

Walmart is purchasing the power to support their high-tech perishable distribution center under development in Belvidere, Illinois.

RR - Sweden selects Rolls-Royce SMR for its Nuclear Future

Vattenfall’s Videberg Kraft has selected Rolls-Royce over GE Vernova for deploying three reactors near the Ringhals site in Sweden. It’s a major win for both sides as Rolls-Royce has now won every technology competition that it has competed in across Europe, and Sweden will see its first new nuclear plant more than 40 years to the tune of 1500 MWe.

It can be a little confusing reading through the names that are probably new to most of our readers, so here’s a quick cheat sheet:

• Videberg Kraft - Reactor development and operations company owned 20% by Vattenfall, 20% by Industrikraft, and 60% by the Swedish state. They will utilize the design from Rolls-Royce and orchestrate the construction of the three reactors.

• Vattenfall - Sweden’s state-owned utility.

• Industrikraft - Group of major industrial companies in Sweden that took a stake in the development of fossil-free electricity generation projects to show support for clean energy development.

• Ringhals - Site on the Värö Peninsula that hosts two operating pressurized water reactors and is majority owned by Vattenfall. Adjacent to the deployment site for the Rolls-Royce reactors.

Fuel, Manufacturing, and Services

OKLO & LEU - Oklo, Centrus Sign Letter of Intent to Purchase Nuclear Fuel for Aurora Powerhouse Deployment in Southern Ohio

Things were starting to look a little sour for the National Energy Security theme when a few weeks ago the leading microreactor developer in the US, Antares, announced they would be purchasing enrichment services from UK facilities owned by Urenco.

While this isn’t a contract and instead just an LOI, it is good to see two American nuclear companies working towards keeping things in-house: Oklo intends to purchase enrichment services for HALEU fuel from Centrus to supply their reactors planned for deployment in Ohio. The Ohio project is part of the deal announced earlier this year between Oklo and Meta, where Oklo plans to deploy about 1.2 GWe to support data centers.

Oklo says the anticipated definitive contract will include enough HALEU for up to five Aurora reactors with deliveries beginning in 2029.

GEV - GE Vernova Hitachi and Velan expand collaboration to support BWRX-300 small modular reactor deployment in Europe

GE Vernova Hitachi Nuclear Energy (GVH) and Canadian manufacturing company Velan will be working together to expand support for the BWRX-300 in Europe. Velan supplies Reactor Integral Isolation Valves (RIIV) and Containment Isolation Valves (CIV) for the GVH reactor design. The companies are working together to expand the deployment of the BWRX-300 across Europe with the leading project in Poland, which is currently planning at least 24 of the boiling water SMRs.

OKLO & STDN - Oklo and Standard Nuclear Form Strategic Alliance to Strengthen Advanced Nuclear Fuel Supply Chain

Oklo and Standard Nuclear are going to be working on two major cooperation points when it comes to nuclear fuel:

• Oklo’s fuel recycling facility will have a variety of byproducts, two of them being reprocessed uranium (RepU) and uranium-transuranic material (U/TRU). Standard Nuclear will look into utilizing these materials as feedstock for TRISO fuel manufacturing.

  • RepU is the uranium that can be separated from used nuclear fuel. It’s not as “clean” as uranium that was mined from the ground as it has extra isotopes (U-232/U-236) that make it behave differently.

  • U/TRU is a mix of uranium and other elements including neptunium, americium, and plutonium. This is one of the types of fuel fast reactors like Oklo’s Aurora can operate on, which cannot traditionally be used by thermal reactors like today’s commercial reactor fleet.

• The second point of cooperation is the two companies working together on the DOE’s Surplus Plutonium Utilization Program. This isn’t to say that Standard Nuclear will produce plutonium fuel forms for Oklo’s Aurora reactors. This is more along the lines of the reason why Oklo is working with Lightbridge. When it comes to using plutonium, there’s going to be a lot of opportunities for synergy when it comes to the facilities that will be used to handle the material, the licensing that goes into the facility and the personnel involved, as well as the packaging and transportation of the material. The companies are looking to minimize regulatory and administrative burden.

NHIC - SHINE and newcleo Partner to Advance U.S. Spent Nuclear Fuel Recycling

In a very similar way that Oklo and Standard Nuclear will be working together, SHINE and newcleo have announced a partnership to recycle used nuclear fuel and fabricate it for use in fast reactors. The major difference here is SHINE and newcleo will work to close the fuel cycle and create a loop of of materials between the two companies:

• newcleo will provide used nuclear fuel to SHINE

• SHINE will recycle and reprocess the material and provide it back to newcleo

• newcleo will then fabricate the fuel for use in its lead-cooled fast reactors.

LTBR - Initial Lightbridge Fuel™ Material Samples Removed from Idaho National Laboratory’s Advanced Test Reactor

Lightbridge completed a round of testing of their novel reactor fuel design in the Advanced Test Reactor (ATR) at Idaho National Lab (INL). A fuel material sample has been irradiated in the ATR and has been successfully removed. It’ll spend the next few months going down.

Lightbridge’s CEO notes the data that will be collected after the cooldown period will be used “to support our ongoing fuel performance modeling activities and regulatory licensing efforts for commercial deployment of Lightbridge Fuel.”

RR - Rolls-Royce SMR to Open Pioneer Works in Derby

Rolls-Royce will be opening a non-nuclear facility in In the UK for establishing build processes, precision assembly, and advanced testing. The facility will support their SMR programs across the UK, Czechia, and Sweden, with an open date set for later this year.

Regulations and Industry

STDN - Standard Nuclear Announces Public Filing of Registration Statement for Proposed Initial Public Offering

The nuclear fuel chain is finally seeing some new representation as Standard Nuclear has announced their intention to go public via an IPO later this year.

Standard Nuclear is a reactor-agnostic producer of TRISO fuel with plans to expand into radioisotope power. The company’s roots are founded in the now-defunct UltraSafe Nuclear Co, which went bankrupt in 2024. The bankruptcy saw the reactor development assets sold to NANO Nuclear and the fuel production assets sold to Standard Nuclear.

Standard is involved in the DOE Fuel Line Pilot Program, which is a pathway to allow for rapid iteration of their manufacturing processes to expand domestic production capabilities for advanced reactor fuel. Their first notable reactor deployment support is with Radiant, which is looking to start up their first gas-cooled reactor at the INL DOME this summer. The company is also working under the recently announced plutonium utilization program and announced a partnership with Oklo to further prepare for plutonium handling operations.

Their most direct competition in the TRISO production space is BWXT, which has been producing the advanced fuel in cooperation with the DOD/DOE for years. Additional competition includes X-energy and Kairos Power.

The IPO terms are still very preliminary. Standard Nuclear publicly filed an S-1 registration statement for a proposed initial public offering of common stock, but the number of shares, price range, valuation, and expected proceeds have not yet been disclosed. The company intends to list on the NYSE under the ticker STDN.

LPBB - NuCube Energy to Become a Publicly Listed Company Through Business Combination with Launch Two Acquisition Corp.

Another player joins the fray as the public reactor development space finally hits double digits!

NuCube is one of the newest reactor developers in the industry and is working toward the commercialization of their NuSun platform, which is a heat pipe cooled, solid state reactor similar to designs being developed by Antares and Westinghouse. The reactor design comes in a couple different versions with one design at just over 1 MWe and another at 15 MWe.

The company is involved in one of the latest federal nuclear support programs, the DOE Nuclear Energy Launch Pad. Other DOE launch pad peers include Radiant, which is likely going to turn on their first reactor at INL within the next month or two, and Deployable Energy which looks to take their pilot reactor critical before July 4th.

Under the announced SPAC transaction, NuCube will combine with Launch Two Acquisition Corp which trades on Nasdaq under LPBB. The deal assigns NuCube an equity value of about $500 million. The transaction is expected to provide up to roughly $125 million of gross proceeds, consisting of an assumed $75 million plus about $50 million of SPAC trust cash after redemptions.

GEV - Safety Evaluation Related to the Tennessee Valley Authority Construction Permit Application for Clinch River Nuclear Unit 1

The title can be a little deceiving at first glance: The construction permit application (CPA) for the BWRX-300 reactor planned for construction in Tennessee has received a Safety Evaluation from the NRC staff. Since Safety Evaluation is NRC-speak for approval, this means the CPA is approved and ready for issue, right?

Not quite. This was more of an internal review stage that has reached its completion. The NRC staff, meaning the nerds in the back room, have completed the evaluation of the technical aspects of the reactor construction project - things like the reactor design and safety analyses. This was completed in addition to the independent review conducted by the Advisory Committee on Reactor Safeguards. Before the actual issuance of the construction permit there needs to be some additional steps including mandatory hearings.

Once the hearings are done and comments addressed, and the entire package with all of its interim approvals and assessments are taken in by the NRC Commission, the construction permit can actually be provided to the TVA. Final approval is still expected before the end of the year.

HDRN - Hadron Energy Announces Publication of Its First U.S. Patent Application for the Integral Architecture Behind the Halo Micro-Modular Reactor

Hadron has received a patent for their integral reactor design. The concept features one large pressure vessel containing the reactor core, steam generator, pressurizer, and primary coolant system. The design is actually extremely similar to BWXT’s mPower reactor that was shelved years ago but brought back earlier this month for land and sea applications.

The difference between Hadron and BWXT is Hadron is working towards a significantly smaller electrical output of 10 MWe compared to BWXT’s almost 200 MWe. This does bring a concern: it’s hard to imagine the Hadron design will be able to compensate for the 95% reduction in revenue generation per reactor without a similarly high reduction in manufacturing costs.

This is also not a problem that is unique to Hadron, as it is a similar headache faced by all of the microreactor developers. The companies have all taken a similar stance that dramatic reductions in manufacturing costs will come from high volume production to compensate for the loss of economies of scale (big reactors).

FISN - Advanced Nuclear Company Deep Fission Announces Pricing of Public Offering of Common Stock

Deep Fission has finally hit the open market! The company started trading on the 18th just before the long weekend at $16 per share. Similar to the price action of most of the reactor developers, the share price quickly cratered after opening day and traded under $8 just a few days later. Price has rebounded somewhat since the announcement of the 18+ GWe customer pipeline and now trades just below $11.

CEG - Constellation Seeks License Renewals for Two New York Units Through 2049

Constellation is following in the footsteps of every single reactor owner in the country by requesting permission from the NRC to extend operations of their plants. The company is requesting a 20-year extension for the Ginna Clean Energy Center and Nine Mile Point Unit 1 reactors in New York. The company is posturing the move as a demonstration that “New York State's renewal of its Zero Emissions Credit (ZEC) program is working as intended.”

The company provided some pretty significant numbers to argue their case:

“Renewal of the ZEC program is projected to deliver $50 billion in ratepayer savings by 2050, contribute $38 billion to New York’s economy, secure 14,000 good-paying, local jobs for decades to come, and preserve $10 billion in tax revenue for the state.“

ETFs and Earnings

ETF Returns

Volatility always comes for the gains in the end.

It appears recent weeks have proven the effectiveness of balancing out the extremely high-beta momentum of the nuclear and uranium mining industry with the steadier foundation provided by industrial and utility companies. The difference in the subsectors within the nuclear ETFs can be seen to some extent by the comparison of XME versus XLI and XLU.

Something to keep in mind as well is South Korean exposure within the three nuclear ETFs. URA has the highest in the low teens, followed by NUKZ around 10%, and NLR comes in at the lowest exposure in the low single digits. There has been significant turmoil in the Asian market over the past month, which has certainly affected URA and NUKZ.

NLR has noticeably lagged behind its two peers. This has to do with two factors: (1) their higher utility exposure and (2) their concentrated portfolio, which results in a “picking winners“ effect. By picking winners, we mean with their concentrated exposure in the different parts of the fuel chain and reactor operations environment, if the very few names they have picked turn out to not be involved in the various ongoing federal support programs, or experience particularly large temporary pullbacks, NLR is going to have outsized suffering compared to URA and NUKZ, which cast much wider nets.

Reactor R&D and Fleet Work

Department of Energy Celebrates Second Advanced Reactor Achieving Criticality

The DOE marked a second major milestone this past week as Valar Atomics’ Ward 250 reactor achieved zero-power criticality at the Utah San Rafael Energy Lab. The demonstration makes Valar the second company to reach this threshold under the DOE Reactor Pilot Program (RPP), following Antares Nuclear by just two weeks

.This helium-cooled high-temperature gas reactor moved from groundbreaking on an empty Utah site last September to a self-sustaining chain reaction in roughly nine months. It is the first DOE-authorized advanced reactor built and operated entirely outside the national laboratory system. The 100 kWt test unit serves as a stepping stone toward scalable 5 MWe modules intended for data centers, remote sites, and industrial heat.

Both achievements flow directly from President Trump’s May 2025 executive order, which instructed the DOE to authorize at least three test reactors and bring them to criticality by July 4, 2026. The RPP’s streamlined authorization pathway is producing results, showing that private developers can advance advanced reactor concepts from site work to controlled fission much faster than traditional regulatory routes have historically permitted.

Aalo Atomics is likely to deliver the third milestone. Having assembled its Critical Test Reactor and secured a DSA approval, the company is positioned to achieve zero-power criticality very soon.

Deployable Energy Receives Safety Approval Ahead of Criticality

Deployable Energy has received approval of its Documented Safety Analysis for their criticality test. This places the company at par (with respect to regulation progression) with Aalo Atomics. The most impressive part though is that the company is not participating in the Reactor Pilot Program, but is instead progressing under the successor nuclear technologies piloting program called the Nuclear Energy Launch Pad.

With the complete low-enriched uranium fuel core now delivered, Deployable Energy is moving into final commissioning and preparations for DOE authorization to begin operations. Initial criticality remains targeted for this summer, with earlier statements pointing to on or before July 4.

The Documented Safety Analysis is the detailed safety basis that shows how the test will manage hazards, prevent accidents, and protect workers and the public. Its approval by DOE’s Idaho Operations Office means the project has satisfied the requirements for conducting nuclear operations on a national laboratory site.

The Unity Nuclear Battery is a compact, factory-built, helium-cooled microreactor designed to deliver roughly 1 MWe. It uses standard low-enriched uranium dioxide fuel at approximately 5% enrichment, rather than high-assay low-enriched uranium.

CORE POWER Launches Assessment of BWXT’s mPower SMR for Floating Nuclear Power Plants

Core Power announced that it has launched a feasibility study to assess BWXT’s mPower reactor for integration into floating nuclear power plants. The work will cover systems engineering, marine integration, regulatory pathways, concept of operations, and analysis for shipyard-built, deployable plants positioned near demand centers.

mPower is a Generation III+ integral pressurized water reactor (PWR) originally developed by Babcock & Wilcox. It targeted 195 MWe (electrical) and 575 MWth (thermal) per module. The integral architecture places the core, steam generator, pressurizer, and primary coolant pumps inside a single vessel roughly the size of a conventional steam generator.

Safety features include below-grade containment for protection against external events, passive decay heat removal through natural circulation and gravity-drained water inventories capable of sustaining cooling for extended periods without external power, and a compact core with low linear heat rate.

The design emphasized factory fabrication of modules that could be rail-shipped and assembled on site in significantly less time than traditional large reactors, with plants scalable by adding multiple modules on relatively small footprints. Early testing included a non-nuclear integrated systems test facility to validate thermal-hydraulic performance and passive safety behavior.

Public development began in 2009 after internal concept work that predated the financial crisis. In 2010, B&W and Bechtel formed Generation mPower LLC to advance design, licensing, and deployment, with B&W leading the nuclear steam supply system and Bechtel handling balance-of-plant engineering and construction.

The project secured the first DOE Small Modular Reactor Licensing Technical Support award in late 2012, beating out competing applications that included designs from Westinghouse, Holtec, and NuScale. TVA had planned to host an initial demonstration at the Clinch River site.

Progress began to slow in 2014 when B&W publicly restructured the mPower program, citing the need for significant additional investors and firm customer commitments, and spending was sharply reduced. The mid-2015 spin-off that created BWX Technologies (BWXT) further aligned the company’s focus on its core government and nuclear operations.

In March 2016, a new framework agreement gave Bechtel one year to secure outside funding and a utility host. In March 2017, Bechtel notified BWXT that it could not obtain the necessary commitments and invoked the termination provisions. The program was archived, with BWXT paying a settlement.

At the time, the combination of low natural gas prices, cautious utility capital spending following other nuclear project overruns, and the absence of anchor customer orders made continued full commercialization difficult despite substantial prior investment and largely completed design work.

But it looks like today is a new day as BWXT has seen plans not only from Core Power to take mPower out to sea, but also from Applied Atomics to deploy mPower on land as well….

Applied Atomics Secures Exclusive Land-Based License for mPower™ Small Modular Reactor Technology from BWX Technologies

Published the same day as the press release from Core Power, the reactor development company Applied Atomics announced they had secured the right to deploy mPower across land-based applications. The company is similar in principle to other technology-agnostic reactor developers like Studsvik, Elementl, ENTRA1 and Blue Energy.

Most of these developers play the risk-reduction middleman for getting nuclear energy built and delivered faster and more efficiently. They coordinate with the different reactor vendors to build the reactor design themselves, and then coordinate with an offtaker (industrial facility, hyperscaler, or utility) to operate the reactor and deliver the power.

Reactor vendors get to sell the blueprints and make money on the license, and offtakers get to enjoy clean, dependable power while the reactor development company takes on the construction and operation responsibilities.

ELEMENTL POWER DEVELOPING UTILITY-SCALE ADVANCED NUCLEAR POWER PROJECT IN SOUTHEAST OHIO

Elementl Power announced it is developing a nuclear plant of up to 1.5 GWe in southeast Ohio using GE Vernova Hitachi’s (GVH) BWRX-300 reactor. The company has signed an Early Works Agreement with GVH and agreed to purchase a site along the Ohio River. It has already submitted a PJM interconnection request for the first 600 MWe, with a response expected later this year.

Construction on the initial unit is targeted to begin in 2030, with commercial operation around 2034, pending NRC licensing, Ohio Power Siting Board approval, and a final investment decision.

In May 2025, Elementl signed a strategic agreement with Google under which Google committed early-stage development capital to position three US sites for nuclear projects, each sized at least 600 MWe and intended primarily to serve data center load.

The announcement also adds to some of the momentum in Ohio’s nuclear landscape. In January 2026, Meta announced agreements to support Oklo’s development of a 1.2 GWe Aurora powerhouse campus in Pike County, Ohio. The project is explicitly intended to serve Meta’s Prometheus AI supercluster in New Albany. The same Meta package includes funding support for TerraPower Natrium reactors and operational support/uprates at Vistra’s Perry and Davis-Besse plants in Ohio.

KHNP picks Yeongdeok, Gijang for new nuclear projects

Korea Hydro & Nuclear Power (KHNP) has selected Yeongdeok County in North Gyeongsang Province to host two new large-scale nuclear reactors and Gijang County in Busan for South Korea’s first commercial SMR. The decision came after a competitive bidding process and evaluation by an external expert committee that weighed site suitability, environmental impact, construction feasibility, and local community support against competing locations in Ulju and Gyeongju.

KHNP operates the majority of South Korea’s nuclear fleet and functions as a wholly-owned subsidiary of KEPCO, the state-majority-owned national utility. The broader KEPCO group includes dedicated subsidiaries focused on nuclear engineering and construction, fuel fabrication, and plant services.

This site selection marks progress on the 11th Basic Plan for Electricity Supply and Demand targets of roughly 2.8 GWe of new large-reactor capacity and 700 MWe of SMR capacity by 2038.

Fuel, Manufacturing, and Services

Standard Nuclear Announces Public Filing of Registration Statement for Proposed Initial Public Offering

Standard Nuclear filed its Form S-1 registration statement with the SEC for a proposed initial public offering (IPO). The company intends to list on the New York Stock Exchange under the ticker STDN. Number of shares, price range, and exact terms remain to be determined in amendments or the final prospectus.

Standard is a manufacturer of TRISO (tristructural-isotropic) nuclear fuel. It operates as a reactor-agnostic supplier, producing TRISO particles and fuel forms compatible with multiple advanced reactor designs rather than being locked to a single vendor’s technology.

For the year ended December 31, 2025, they reported $3 million in revenue. As of March 31, 2026, the company held approximately $125 million in cash against a stockholders’ deficit of roughly $76 million. They maintain a total backlog of $245 million plus a pipeline exceeding $416 million. These figures provide visibility into near-term demand even as the company remains pre-commercial at true industrial scale. A substantial $140 million Series A round closed in January 2026.

Competition includes the other fuel fabricators including GE Vernova, Westinghouse, and Framatome, as well as the other TRISO producers including X-energy, BWXT, and Kairos Power.

Zeno Power Industrializes Nuclear Battery Production at Historic Vallecitos Nuclear Center

Zeno Power announced this week that it will establish nuclear battery manufacturing at the historic Vallecitos Nuclear Center in Sunol, California, by partnering with NorthStar to bring specialized hot cell infrastructure back online.

Hot cells are thick-walled, heavily shielded rooms equipped with remote manipulators and lead-glass viewing windows. They allow technicians to safely handle and assemble radioactive materials without direct exposure. Hot cells do not exist in large numbers, and even fewer of them exist outside of national labs, especially large ones like this site.

Zeno’s nuclear batteries, also called radioisotope power systems, generate steady electricity from the natural decay heat of radioisotopes. The company primarily uses strontium-90 recycled from legacy nuclear materials rather than relying solely on the more scarce plutonium-238. This approach improves fuel availability and supports the company’s goal of more scalable domestic production. The Vallecitos site will initially handle strontium-90 systems before expanding to other isotopes, including americium-241 for certain space missions.

The US does not hold any meaningful radioisotope power system manufacturing capacity. Restoring existing hot cell infrastructure at a permitted location could accelerate the timeline while preserving specialized nuclear workforce skills.

$3.37M DARPA “Rads to Watts” Contract Awarded to Morgan State University and a Multi-Organizational Team to Deliver Next-Generation Nuclear Micro-Power Systems for Extreme Environments

Morgan State University has secured a $3.37 million DARPA contract to lead a multi-organizational team developing next-generation radiovoltaic micro-power systems under the agency’s Rads to Watts program. The effort aims to convert radioactive decay directly into reliable, high-density electricity for extreme environments where solar, batteries, and conventional systems cannot operate effectively over long periods.

The project, called SYMPHONEE, focuses on beta-emitting isotopes such as strontium-90 recovered from recycled nuclear fuel or legacy Cold War waste. These feed into semiconductor architectures using ultra-thin layers to boost power density (watts per kilogram) while improving radiation hardness. The target is compact, maintenance-free power sources capable of running for decades in space systems, remote sensors, undersea infrastructure, and defense platforms.

• Northrop Grumman contributes radiation effects expertise, AI-driven modeling, high-performance computing, and survivability analysis.

• Pacific Northwest National Laboratory handles lab testing for radiation tolerance and efficiency.

• Project Omega provides isotope recovery capabilities, turning what has historically been treated as waste into a usable energy asset.

DARPA’s Rads to Watts program seeks to push radiovoltaics well beyond their historical milliwatt-scale limitations toward higher-power, long-lived systems. Traditional radioisotope power systems have relied on heat conversion through thermocouples with modest efficiency. Direct radiation-to-electricity conversion offers a different pathway, but it has long been constrained by material degradation under intense radiation. This contract supports proof-of-concept work on unit cells, accelerated testing, and early scalability assessments rather than immediate field deployment.

Natura Resources Announces Agreement with Quadrant Nuclear Industries for HALEU Fuel Supply

Natura Resources is taking steps to secure fuel for its commercial reactors, signing a framework agreement with Quadrant Nuclear Industries (QNI) for long-term HALEU supply.

The liquid-fueled molten salt reactor developer will source HALEU from QNI’s planned domestic production. QNI, a New York startup, is developing a reprocessing facility at Idaho National Laboratory targeting up to 18 metric tons of HALEU annually. The deal aligns with Natura’s flexible fuel design and QNI’s downblending approach.

QNI is still relatively new on the scene and does not currently hold any NRC licenses for handling nuclear material, which means there is still a long regulatory road ahead along with the ongoing engineering and development work at INL.

Regulations and Industry

CORE POWER, Maersk, LR and the Port of Rotterdam publish study on port calls for nuclear ships

Core Power, Maersk, Lloyd’s Register, and the Port of Rotterdam have published a white paper examining how nuclear-powered commercial ships could safely call at major European ports. Using a hypothetical nuclear Maersk vessel at Rotterdam as the baseline, the desktop study concludes that existing risk-based port safety frameworks already used across the EU can handle these ships once nuclear-specific considerations are integrated.

The main barriers identified are:

• aligning maritime and nuclear regulations

• coordinating governance between agencies

• strengthening emergency preparedness and security requirements

• clarifying liability

• building public confidence in host communities

The report gives the International Maritime Organization some input as it modernizes the Safety Code for Nuclear Ships and supplies early material for the IAEA’s new ATLAS program on maritime nuclear applications.

NRC Proposes Rule Changes to Accelerate Advanced Nuclear Fuel Infrastructure

The NRC proposed significant updates to its fuel cycle and materials licensing regulations, introducing a streamlined pathway for reprocessing facilities and updated requirements for advanced reactor fuels. The goal is to reduce longstanding regulatory friction that has slowed development of domestic fuel infrastructure.

US policy has kept commercial reprocessing largely off-limits, a holdover from 1970s proliferation concerns that left most spent fuel in on-site storage rather than recycled for further energy value. Many advanced reactors, now under development, are exploring higher fuel utilization, recycled materials, or closed fuel cycles that could improve economics and reduce waste volumes.

The proposed rule modernizes requirements covering production, storage, use, and security of nuclear materials. It is designed to help advanced reactor developers move more efficiently from fuel development and qualification to commercial operation while keeping the NRC’s safety standards intact.

NRC Finds No Significant Environmental Impact from Proposed Crane Clean Energy Center Restart

The NRC took another step towards enabling the restart of the Crane Clean Energy Center. Its draft environmental assessment found no significant impacts from returning the former Three Mile Island Unit 1 to service.

Constellation Energy is investing roughly $1.6 billion to restart the 835 MWe reactor by late 2027. A landmark 20-year agreement with Microsoft will direct the carbon-free power to data centers.

TerraPower Takes Major Step Forward in UK Deployment with launch of TerraPower UK and Start of GDA Step 1 for Natrium® Reactor

TerraPower’s is progressing deployment of its Natrium reactor in the UK by launching TerraPower UK Ltd and beginning Step 1 of the Generic Design Assessment (GDA) process.

TerraPower submitted its GDA application in October 2025 and received acceptance from the Department for Energy Security and Net Zero in February. Step 1 focuses on defining scope, aligning management arrangements, and building early regulator familiarity before detailed safety and environmental reviews.

The effort benefits from the 2025 Atlantic Partnership for Advanced Nuclear Energy between the US and UK, which seeks to accelerate advanced reactor deployment through closer regulatory cooperation. UK authorities noted this as the first GDA to use those new arrangements.

Hatch SLR approved by NRC in under 12 months

The NRC approved subsequent license renewals (SLR) for both units at Southern Nuclear’s Hatch plant in Georgia, completing the review in under 12 months. The two boiling water reactors, which together produce ~1.8 GWe of power, now hold operating licenses extending from 60 to 80 years total:

• Unit 1 through August 2054

• Unit 2 through June 2058

This marks the second and third reactors cleared under the NRC’s new streamlined SLR process, which targets decisions within a year instead of the previous average of roughly two and a half years.

Saskatchewan and Poland Sign Nuclear Energy Agreement

Saskatchewan and Poland signed a memorandum of understanding to expand cooperation on nuclear energy. The countries committed to joint work on workforce development, research and innovation, and supply chain opportunities, with a clear focus on both smaller and larger nuclear projects.

The agreement arrives as Poland pushes ahead with its nuclear buildout to reduce heavy coal dependence. The country is advancing Westinghouse AP1000 units for its first large plants while Orlen Synthos Green Energy moves forward with BWRX-300s.

Saskatchewan brings its position as home to the world’s largest high-grade uranium deposits and Cameco, the major uranium producer and fuel supplier. The province has also been exploring its own nuclear options through a 2024 MOU between SaskPower, Westinghouse, and Cameco.

Something Missing?

Looking for the other major headlines announced this week? Well, they’re probably covered in our other bi-weekly report, the Nuclear Sector Newsletter, that focuses on the publicly-traded side of the nuclear industry. It’s $5/month for coverage of all the public nuclear companies and comes with coverage for quarterly earnings and major announcements. Don’t forget the huge trove of these reports we’ve stacked up for our subscribers to read through as well!

You’ll find all the announcements from the 19 core nuclear companies: Cameco, BWXT, Mirion Technologies, Graham Corp, Perma-Fix, Studsvik, Holtec, Oklo, X-energy, NuScale, Nano Nuclear, Terra Innovatum, Terrestrial Energy, Hadron Energy, Newcleo, Deep Fission, Centrus Energy, Silex Systems, and Lightbridge.

Coverage is also included for all the nuclear-related headlines coming from 30 nuclear-adjacent companies such as Constellation, Vistra, GE Vernova, Rolls-Royce, Curtiss-Wright, Flowserve, Solstice Materials, ASPI, Energy Fuels, Fluor, Amentum, and Fermi.

Similar sections with reactor talk at the beginning, followed by discussions of the fuel and supply chain, then wrapped up with regulations and industry stories. Only real difference is we included stock return charts at the beginning and swapped out the “Something Missing?” section for ETF breakdowns and earnings reports.

Our free subscribers can still expect to enjoy the same News Rundown they’re used to seeing every other weekend. This opposite-weekend newsletter covers similar topics, but only ones related to publicly-traded nuclear industry companies

These past couple weeks saw earnings reports from Graham and X-energy, with X-energy in particular providing significant granularity to their recent progress and roadmap ahead.

Studsvik received approval for their next generation reactor fuel modeling software, allowing reactor owners to now prepare for higher enrichment levels up 8%, Oklo executed an engineering capacity-related acquisition and received another approval for their Aurora reactor in Idaho, Deep Fission gave a significant cut to their IPO valuation, and ATI extended their advanced material agreement with BWXT.

Reactor R&D and Fleet Work

U.S. Department of Energy Approves Preliminary Documented Safety Analysis for Aurora Powerhouse at Idaho National Laboratory

The announcement regarding Oklo’s Aurora-INL project brings us to update the tracker to its latest status for the DOE Reactor Pilot Program:

Multiple officials from the DOE have remarked that they anticipate multiple reactors to go critical before the July 4th deadline. So far, Antares has gone critical, and we will likely hear announcements in the upcoming week or two from Valar and Aalo for achieving the same. Radiant has previously stated they are targeting criticality before July 4th, as has Oklo’s VIPR project under their Atomic Alchemy subsidiary at the Groves site in Texas.

There is growing skepticism around Radiant and the VIPR projects, as neither of them have seen their DSA approved yet. The concern for reaching the goal goes twice for VIPR as they have also not seen their PDSA either. The Aurora project has not been discussed as a July 4th candidate, so it was surprising to see their PDSA announcement before VIPR.

We’ve discussed each of these stages at length in the past, but here’s a refresher for those that are new to the mess of acronyms from DOE-STD-1271:

“The purpose of the Nuclear Safety Design Agreement (NSDA) is to gain agreement on design requirements, safety analysis approach, regulatory engagement process, applicable regulatory requirements, and to identify the key safety decisions for the design. Additionally, it discusses the designer’s planned application of codes and standards included in the Code of Record.”

“The purpose of a Preliminary Documented Safety Analysis (PDSA) is to provide a comprehensive and preliminary assessment of the safety aspects of a nuclear facility or activity. The Contractor submits the PDSA to DOE for review and approval once the necessary analyses and system design detail has been performed (nominally the 50% design completion mark) and is provided in the format outlined in the NSDA. The significance of the PDSA is that it represents the first formal opportunity to look at the proposed design, safety case and associated SSC performance and classification requirements in an integrated manner.”

“The purpose of the final documented safety analysis (DSA) is to establish the safety basis and operating controls necessary to safely operate the facility and validate that the identified design has met those criteria. The DSA is required to be developed by the Contractor, approved by DOE and implemented prior to the initiation of the readiness activities. It incorporates the as built facility“

Read more

This past week though, it was anything but a routine evolution that led to use of this phrase.

This weekend we go into great depth to provide details surrounding Antares’ great achievement of initial criticality, along with other major news across the industry including a massive enrichment capacity expansion announcement and the the latest update with the plan to utilize surplus plutonium as nuclear fuel.

Reactor Design and Development

Antares Achieves Criticality of Mark-0 Reactor

The moment most of us in the nuclear industry have been waiting for since May of last year finally arrived:

While there was certainly no shortage of celebration and praise for those involved in the effort to make this milestone possible, there’s a significantly larger portion of folks hearing about this for the first time that are wondering what all the hubbub is about. Allow us to break down one of the most significant events in recent nuclear industry history:

Executive Summary

On June 4, 2026, Antares brought its Mark-0 microreactor to initial criticality at Idaho National Laboratory. The sodium heat-pipe-cooled, TRISO-fueled design became the first privately developed advanced non-light-water reactor to reach this milestone in the United States in more than four decades. It is also the 53rd reactor built at the INL site since 1951 and the first to succeed under the Department of Energy’s (DOE) Reactor Pilot Program (RPP).

¿Criticality?

Criticality is the point at which a reactor sustains a controlled nuclear chain reaction. Neutron production precisely equals neutron losses, so the fission rate remains steady (critical) rather than dying away (subcritical) or accelerating (supercritical). Antares performed this test at zero-power. Engineers raised power only high enough for precise measurements, typically just watts, with no significant heat or electricity generated. Instruments recorded neutron flux, control drum reactivity, and core physics parameters to validate design models against reality.

Zero-power? Why not full-power?

Antares did a phenomenal job breaking this down, at great length, earlier this year. We covered it in our early March News Rundown and provided some context that we think everyone should take the time to review.

To very briefly summarize: zero-power criticality offers a low-risk, high-information step before full-power operation. Full electricity production, targeted for 2027, requires complete heat removal systems, power conversion hardware, and more rigorous safety cases. By confirming basic nuclear behavior first, teams identify any discrepancies early, refine controls, and build confidence without the expense and complexity of high-power testing. It’s a prudent path for new reactor designs.

Why are we doing this again?

This fulfills part of President Trump’s Executive Order 14301, signed May 23, 2025. That order reformed DOE reactor testing procedures and set a goal of at least three test reactors achieving criticality by July 4, 2026. Antares met its commitment a month ahead of schedule after moving from concept to critical hardware in under 12 months. The effort drew on BWXT TRISO fuel matured and qualified through the Army’s Project Pele and close coordination with DOE, INL, and Army observers.

The moment also recalls Admiral Hyman Rickover’s 1953 memo distinguishing paper reactors from practical ones. On paper, reactors look simple, cheap, and fast to build. In practice, they demand rigorous engineering, supply chain maturity, and disciplined execution. Antares has crossed that threshold with real metal and fuel.

The big takeaway!

This achievement proves the American nuclear industry can deliver at speed when given a clear regulatory pathway and interagency support. Past decades saw few novel reactor tests, so the DOE RPP changed the equation. With initial physics data in hand, Antares will continue with additional zero-power testing while they advance toward electricity generation in 2027 and power deployments in 2028.

Additional reactors are expected to reach criticality before the July 4th deadline. When policy aligns incentives and removes unnecessary friction, the sector demonstrates it possesses both the talent and the will to move from concept to operating hardware on meaningful timelines.

Last Energy Receives DOE Approval of PWR-5 Preliminary Documented Safety Analysis

From out of left field comes Last Energy lurching into 5th place for the most regulation-progressed project in the DOE RPP.

Last Energy secured DOE approval of the Preliminary Documented Safety Analysis (PDSA) for its PWR-5 pilot reactor at the Texas A&M–RELLIS campus. The PDSA defines the preliminary safety basis for the reactor, facility, and operations, detailing hazard analysis, accident mitigation, and controls to satisfy DOE requirements. This step positions the company to complete the final Documented Safety Analysis after construction of the reactor is nearly complete.

At the RELLIS campus, construction is advancing with the building taking shape and key components already on site. Last Energy also reports that their fuel has been manufactured.

The PWR-5 shares identical physical dimensions and reactor geometry with Last Energy’s commercial PWR-20, but operates at reduced power with lower fuel enrichment. The approach rhymes with what companies like Antares are doing by doing extensive testing at zero/lower power. It meaningfully de-risks the 20 MWe design ahead of commercial deployment for industrial customers.

Blykalla Applies for Government Financing for Advanced Nuclear Reactor Park in Sweden

Blykalla has submitted Sweden’s first application for government financing of an advanced nuclear project, advancing plans for the country’s first lead-cooled reactor park while parallel efforts at other sites gather momentum.

Sweden expects electricity demand to roughly double by 2045 as industry electrifies and AI-driven data centers expand. To unlock the necessary investment, policymakers created a dedicated financing model that entered into force last August.

The framework combines:

• Government loans to support the capital-intensive construction phase

• Two-way Contracts for Difference (CfD) that stabilize revenues once reactors operate

• An overarching risk-and-profit-sharing mechanism

Under the two-way CfD, the developer receives a top-up payment from the state if wholesale electricity prices fall below an agreed strike price. If market prices rise above that level, the project returns the excess revenue to the government. This structure delivers the revenue certainty high-capex nuclear projects require while ensuring taxpayers share in any upside, with terms negotiated project-by-project and subject to EU state-aid review.

The Norrsundet application targets six 55 MWe SEALER reactors in Gavle. The six units would deliver up to 330 MWe of capacity and roughly 2.76 TWh of annual generation. The company’s annual generation estimate implies a capacity factor of about 95%. A lot of the reactor developers have predicted similarly high capacity factors for their reactor plants.

While this number is in line with the large light water reactor fleet in the US, it is extremely difficult to imagine any new reactor design being capable of reaching this with their first-of-a-kind (or the first-several-of-a-kind) reactors. The first couple years, at the absolute least, will likely include numerous engineering and operational headaches that will yield painfully low capacity factors while the companies iterate and optimize their designs.

newcleo, A Developer of Advanced Nuclear Reactors and Nuclear Fuel, to Become Public Company Through Business Combination with NewHold Investment Corp III

This write-up was included last weekend in our Nuclear Sector Newsletter. Due to the company announcing their intentions to go public, any further updates from them will be kept in the Nuclear Sector Newsletter.

Nuclear’s “going public” momentum continues to build as another reactor developer pursues public market access and fresh capital. Newcleo, the Paris-based developer of lead-cooled fast reactors and MOX fuel recycling technology, announced a merger with NewHold Investment Corp III (ticker NHIC). The deal values newcleo at about $2.4 billion and is expected to deliver up to $429 million in gross proceeds. The combined company is slated to list on Nasdaq under the ticker NWCL following an anticipated close in the second half of 2026.

The company already generates revenue (~$80 million in 2024) through its vertically integrated supply chain subsidiaries and employs more than 900 people across seven countries. It has raised approximately $780 million privately since inception, including over $150 million in the past year alone.

newcleo, founded in 2021, has established itself as one of Europe’s most advanced reactor developers. Its 200 MWe lead-cooled fast reactor design, fueled by proprietary MOX produced from reprocessed nuclear waste, targets the dual challenges of reliable clean power and waste reduction.

MOX (mixed oxide) fuel is a nuclear fuel made by blending plutonium dioxide (PuO2) with uranium dioxide (UO2). It is fabricated into ceramic pellets and loaded into reactor fuel assemblies in a very similar manner to how traditional UO2-only pellets are arranged. The primary purpose of MOX is to recycle plutonium recovered from spent nuclear fuel or from dismantled weapons, reducing both the volume of high-level radioactive waste and the need for fresh enriched uranium while maintaining reactor performance.

Lead-cooled reactor designs are chosen over water, gas, or sodium systems primarily for safety and operational simplicity. Unlike pressurized water reactors, lead operates at atmospheric pressure with an extremely high boiling point (over 1700°C), reducing the risk of high-pressure steam explosions and enabling robust passive decay-heat removal through natural circulation and the coolant’s large thermal inertia. Compared with gas-cooled reactors, liquid lead offers far better heat-transfer capability and a better neutron spectrum for facilitating a breeder design. Relative to sodium-cooled reactors, lead is chemically inert, so it doesn’t ignite in air or react violently with water and removes the fire hazard associated with sodium systems.

Traction is ongoing in multiple countries, including a joint venture with Slovakia’s JAVYS (state-owned nuclear company) that aims to deploy up to four 200 MWe units at the Bohunice site while potentially recycling the nation’s spent fuel stockpile. Partnerships with major industrials such as Saipem, Fincantieri, and Danieli target process heat applications for steel, chemicals, and other energy-intensive sectors. In the U.S., newcleo initiated pre-application engagement with the NRC in March 2026. A strategic partnership with Oklo, announced in October 2025, combines newcleo’s MOX expertise with Oklo’s metal-fuel technology. The collaboration received a further boost when Oklo was selected last week by the DOE for advanced negotiations on the Surplus Plutonium Utilization Program as we discussed above.

Studsvik applies to build up to 1,400 MW of new nuclear power at its home site in Nyköping

We have recently added Studsvik to our Nuclear Sector Newsletter. The company is part of a long list of nuclear companies that trade on foreign stock exchanges. SVIK, along with other international tickers, will be tracked in our Nuclear Sector Newsletter going forward.

Studsvik has submitted an application to the Swedish government to build 600-1,400 MWe of new nuclear capacity at and around Nykoping. The company is targeting commercial operation of the first reactors in the 2030s, marking the second government application from within the Studsvik Group this year.

The filing is part of the ReFirm program, one of the more advanced multi-site SMR development platforms in Europe. Studsvik gained the ReFirm program through its acquisition of Karnfull Next earlier this year. Their earlier application, submitted in March for 1,200–1,600 MWe at Valdemarsvik, was the first under Sweden’s new nuclear legislation. The Nykoping project would add two to four light-water reactors to the portfolio, with additional sites at Motala and Karlshamn also under consideration.

Studsvik and Karnfull have not yet announced the reactor technology they’ll be utilizing for these sites, but they have been in discussion for various forms of cooperation with multiple reactor vendors including Rolls-Royce SMR, GE Vernova Hitachi, and Blykalla.

The application is only the opening move in what will be a lengthy permitting process involving the municipality, the Land and Environment Court, and the Swedish Radiation Safety Authority. Studsvik emphasized that continued local engagement will be essential.

Blue Castle project to be revived as SMR facility

Blue Castle Holdings and Fulcrum Point Holdings (both project development companies) announced a joint venture last week to advance the Green River site in Utah through licensing and deployment. The partners intend to work with Holtec to place two to four SMR-300 units on the site, delivering roughly 600 to 1,200 MWe. The effort remains in the preliminary phase, with a timeline and community input process still to be developed.

Blue Castle first surfaced around 2008 and later signed a 2014 MOU with Westinghouse for two AP1000 reactors. Westinghouse’s 2017 bankruptcy, shifting economics, and repeated licensing delays left the project dormant for years. Water rights were secured after a multi-year court battle, and substantial site characterization was completed.

Holtec’s SMR-300 includes an optional air-cooled condenser system well suited to Utah’s arid climate, directly addressing one of the historical concerns around water use. The design is already moving through NRC licensing at the Palisades site in Michigan, where Pioneer Units 1 and 2 represent the lead deployment.

The state’s Operation Gigawatt initiative, driven by Governor Spencer Cox, aims to double Utah’s electricity generation capacity by 2034 and has increasingly focused on nuclear as a reliable, high-density option. The Blue Castle revival joins other nuclear activity in the state, including a separate Holtec SMR-300 project in Brigham City also linked to the Fulcrum Point team.

Environmental (spoken “anti-nuclear”) groups such as HEAL Utah continue to raise questions about water use, radioactive waste (they want a long-term solution, but also plan on rejecting all of the ideas), and long-term costs to taxpayers. Groups like HEAL will undoubtedly be present at the many public hearings to come, and will likely go above and beyond to delay the project by any means necessary.

Fuel, Manufacturing, and Services

DOE selects five companies to negotiate receipt of surplus U.S. plutonium

The DOE has selected five nuclear companies for advanced negotiations to receive and process surplus US plutonium into fuel for next-generation reactors. This marks a clear policy shift under the Surplus Plutonium Utilization Program (SPUP) from long-term disposal toward productive reuse of legacy fissile material.

Plutonium-239 is a highly fissile isotope with exceptional energy density. It can be fabricated into mixed-oxide (MOX) fuel, TRISO particles, metallic fuel forms, or incorporated into molten salt systems to sustain fission in advanced reactor designs. The SPUP offers nearly 20 metric tons of DOE-owned material (4.4 metric tons in metal form and 15.3 metric tons as oxide) drawn from the department’s larger inventory of approximately 61.5 metric tons of weapons-grade plutonium declared surplus to national security needs after post-Cold War stockpile reductions.

For more than a decade, US plutonium policy centered on the canceled MOX Fuel Fabrication Plant at Savannah River and a subsequent dilute-and-dispose approach that would have blended the material with inert adulterants for burial. The new SPUP, established following executive orders directing the repurposing of surplus inventories, instead emphasizes “disposition through use.”

Selected companies will stabilize, process, fabricate, and irradiate the material under DOE security, safeguards, and international monitoring requirements, converting a decades-old storage and security liability into domestic clean electricity while fissioning transuranics to reduce long-term radiotoxicity.

Oklo plans to use the plutonium as bridge fuel for its Aurora reactors. The company is partnering with newcleo to establish US fuel fabrication infrastructure. Oklo noted that converting material previously slated for disposal into fission energy can bring more reactors online sooner. The selection aligns with Oklo’s broader fast-reactor and used-fuel recycling strategy.

Flibe Energy views the surplus plutonium as an ideal feedstock for its thorium reactor molten salt designs, where it can sustain extended operations and complement the company’s ongoing work recycling used nuclear fuel. CEO Kirk Sorensen emphasized that the opportunity aligns with Flibe’s principle of treating the nation’s surplus fissile materials as strategic assets to be preserved and put to productive use rather than discarded.

Standard Nuclear intends to fabricate plutonium-bearing TRISO particles for supply to any advanced reactor developer. The approach builds on the “Deep Burn” concept, in which transuranic elements encapsulated in silicon carbide-coated particles are irradiated to generate electricity while significantly reducing long-term radiotoxicity. Historical U.S. demonstration of plutonium TRISO irradiation at Peach Bottom in the early 1970s positions the spent fuel as essentially repository-ready.

SHINE Technologies proposes chemically processing the surplus plutonium to recover americium for radioisotope applications through partnerships with Zeno Power and Orano, while purifying the remaining plutonium for blending with uranium into advanced reactor fuel. The selection builds on SHINE’s more than a decade of experience handling nuclear materials, performing separations, and advancing used-fuel recycling in collaboration with DOE and national laboratories.

Exodys Energy plans to apply its proprietary recycling chemistry that co-recovers uranium and transuranic elements without ever isolating a pure plutonium stream, allowing the surplus material to be diluted directly into used nuclear fuel feedstock suitable for both the existing commercial fleet and advanced designs. CEO Carl Perez described the moment as one in which decades-old federal liabilities can be transformed into clean electricity for American homes, hospitals, and industry through recycling infrastructure now under development.

Deep Isolation Reaches Over 100 Issued Patents, Strengthening Global Leadership in Nuclear Waste Disposal Innovation

Deep Isolation crossed an important intellectual property milestone, announcing more than 100 issued patents worldwide for its deep borehole nuclear waste disposal technologies. The company has built a broad portfolio covering:

• repository architecture

• geologic site characterization

• canister and packaging systems

• emplacement and retrieval methods

• long-term monitoring

The core innovation uses directional drilling techniques, long proven in the oil and gas sector, to isolate spent nuclear fuel and high-level radioactive waste deep underground in boreholes that can run horizontally, vertically, or at a slant.

In January 2026, Deep Isolation launched a full-scale, at-depth Commercialization Pilot near Cameron, Texas, in partnership with Halliburton, Amentum, NAC International, and the Deep Borehole Demonstration Center. This multi-year, non-radioactive demonstration is testing drilling, canister handling, and emplacement operations underground to generate operational data and build regulatory confidence ahead of commercial deployment.

Kairos Power Earns ISO 9001:2015 Certification for Alameda Manufacturing Facility

Kairos Power earned ISO 9001:2015 certification for its Alameda, California, manufacturing facility, strengthening its quality systems as it advances the Hermes reactor demonstration programs. Hermes 1 low-power demonstration reactor construction is underway, and Hermes 2 broke ground in April.

The certification covers parts manufacturing and continuous improvement at the Alameda site, which focuses on test skids and R&D fabrication. It follows last year’s certification at Kairos Power’s Albuquerque Manufacturing Development Campus for larger-scale components. The audit closed with zero findings, reflecting solid process discipline.

ISO 9001 provides a recognized quality management framework that nuclear developers can supplement with stricter standards for safety-related hardware. This layered approach reduces delivery risks and builds confidence for more demanding production.

Urenco USA Plans Significant Expansion Of U.S. Uranium Enrichment Capacity

Urenco announced plans to expand its National Enrichment Facility in Eunice, New Mexico, by nearly 50%. The multi-billion-dollar investment will add 2.1 million separative work units (SWU) of new capacity via up to 24 gas centrifuge cascades. Initial production is slated for 2032, with additional cascades coming online through 2036.

The facility currently runs at 4.3 million SWU annually, roughly one-third of US commercial demand of about 15 million SWU per year. An ongoing project adding 700,000 SWU completes in 2027, alongside refurbishment work starting that year. These steps will push total site capacity above 7 million SWU over the next decade.

The timing aligns with US efforts to end reliance on Russian enriched uranium imports averaging 3-4 million SWU annually (~25% of domestic needs). The 2024 Prohibiting Russian Uranium Imports Act phases out those supplies by 2028 after waivers expire. This domestic expansion helps close that gap while also supplying LEU feedstock for HALEU production required by advanced reactors in the 2030s.

If this is about as clear as mud, we did a thorough breakdown of some of the terminology used here that is worth reading through again: link

Curio® Begins Application Process for Part 70 Operating License for NuCycle® Used Nuclear Fuel Recycling Production Facility

Curio has taken the first formal step toward licensing what would become the first commercial-scale used nuclear fuel recycling facility in the United States in decades. The company submitted a letter of intent to the NRC to establish a 10 CFR Part 70 docket for pre-application engagement and eventual operating license review for its NuCycle plant. Site selection is still underway.

The facility is designed to process up to 4,000 metric tons of light-water reactor spent fuel annually. Curio’s proprietary “voloxidation” process recovers enrichable uranium hexafluoride (UF6), produces a proliferation-resistant transuranic TRUFuel, and extracts valuable isotopes.

It can handle conventional LWR fuel, HALEU, and certain DOE-managed high-enriched materials, with an integrated staging facility for controlled feedstock handling. The company plans to begin submitting white papers and topical reports to the NRC in late 2026 or early 2027.

Curio is coming up to the NRC’s doorstep alongside parallel licensing and construction activity across the front end of the supply chain, where multiple projects are advancing to rebuild domestic enrichment and fuel manufacturing capacity:

• Radiant Industries recently secured NRC acceptance of its Part 70 application for the fueling building at its R-50 microreactor production facility in Oak Ridge, Tennessee, triggering an expedited eight-month review

• General Matter is preparing a full license application for submission in 2026 for an enrichment plant at the former Paducah Gaseous Diffusion Plant site under a DOE lease

• Global Laser Enrichment’s Paducah Laser Enrichment Facility application is undergoing NRC environmental scoping to re-enrich depleted uranium tails using SILEX laser technology

• Orano is also going through the motions for the $5 billion Project IKE gas centrifuge enrichment facility near Oak Ridge, for which the NRC has launched an accelerated 12-month technical review

Policy, Regulation, and Industry

U.S. Navy to power Norfolk base using aircraft carrier

The U.S. Navy plans to test a practical demonstration of mobile nuclear power this summer by exporting electricity from the aircraft carrier USS Gerald R. Ford to Naval Station Norfolk. Acting Secretary of the Navy Hung Cao disclosed the effort during May congressional testimony on the service’s fiscal 2027 budget, framing it as one element of a broader strategy to deliver firm baseload power for energy resilience and mission assurance at naval installations.

The Ford has two A1B pressurized water reactors, engineered by Bechtel with cores and nuclear components from BWXT, that generate substantial electrical capacity beyond the ship’s needs while in port. The demonstration will assess the infrastructure and procedures needed to deliver this power ashore, potentially supporting base operations during grid outages or surge requirements.

Russia leads in actual deployment of the floating nuclear barge concept with the Akademik Lomonosov. This floating nuclear power plant, equipped with two KLT-40S reactors rated for roughly 70 MWe, has supplied the remote Arctic community of Pevek since December 2019. Rosatom regards the unit as a successful prototype for future floating plants and onshore small modular reactor applications in isolated regions.

Constellation’s Three Mile Island nuclear restart gets boost with FERC waiver

Constellation Energy secured a critical regulatory boost for restarting the Crane Clean Energy Center (formerly Three Mile Island Unit 1) when FERC approved a waiver to transfer 760 MW of Capacity Interconnection Rights from its Eddystone plant. The move helps resolve transmission constraints that threatened to strand the 835-MWe reactor after restart.

Constellation’s $1.6 billion restart, backed by a 20-year Microsoft PPA for data center power, has targeted a second-half 2027 return to service. PJM studies, however, flagged hundreds of miles of new transmission lines, not expected until December 2030 or later, as contingent facilities required for full deliverability. This raised the risk of the plant sitting largely idle for years post-restart.

The project timeline has been all over the place. Announced in September 2024 with an initial 2028 target, it was advanced to 2027. Then in March 2026, PJM’s preliminary analysis pointed to a potential 2031 full grid connection, prompting Constellation’s FERC waiver request on March 31. Though opposed by the grid operator’s independent market monitor, FERC found the transfer would enable more efficient use of existing rights and support full operations before the end of 2030 while improving interim deliverability.

This episode illustrates how interconnection and transmission bottlenecks can introduce volatility into otherwise straightforward nuclear restarts at well-maintained brownfield sites. By leveraging regulatory flexibility, Constellation has largely restored alignment between its generation readiness timeline and grid access.

New York opens RFQ, RFA windows for nuclear development and workforce

New York advanced its nuclear development efforts as the New York Power Authority issued a Request for Qualifications (RFQ) for reactor developers and a $40 million Request for Applications (RFA) to expand the nuclear workforce pipeline.

The RFQ seeks developers for large reactors or SMRs that can start construction before 2033, targeting at least 1 GW of new upstate capacity eligible for federal tax credits. Acceptable pathways include established designs such as the Westinghouse AP1000 and GVH BWRX-300. It builds on prior RFIs that attracted over 30 responses from developers, partners, and upstate communities and serves as the first stage toward a potential RFP.

The companion RFA distributes $40 million over four years to New York-based training providers, including technical high schools, community colleges, universities, unions, manufacturers, and tribal organizations. Proposals are due July 31, with an informational webinar on June 18. Funding supports hands-on training, apprenticeships, and job placement, with emphasis on nuclear-ready communities and economically distressed regions under the NextGen Nuclear New York program.

NextEra Energy and Dominion Energy to Combine, Creating the World’s Largest Regulated Electric Utility Business and North America’s Premier Energy Infrastructure Platform Benefiting Customers

The announcement that NextEra Energy and Dominion Energy will combine in an all-stock transaction is being framed primarily around regulated utility scale and customer bill credits. Yet for us, the real story is the creation of the second largest nuclear fleet in the US: 14 operating reactors across seven sites in five states, all under one corporate roof once the deal closes in 12-18 months (subject to NRC approval and other regulatory nods).

NextEra Energy’s Current Operating Reactors (7 units)

• Turkey Point Nuclear Generating Station, Units 3 & 4 - Homestead, Florida

• St. Lucie Nuclear Power Plant, Units 1 & 2 - Jensen Beach, Florida

• Point Beach Nuclear Plant, Units 1 & 2 - Two Rivers, Wisconsin

• Seabrook Station, Unit 1 - Seabrook, New Hampshire

Dominion Energy’s Current Operating Reactors (7 units)

• Millstone Power Station, Units 2 & 3 - Waterford, Connecticut

• North Anna Power Station, Units 1 & 2 - Mineral, Virginia

• Surry Power Station, Units 1 & 2 - Surry, Virginia

• V.C. Summer Nuclear Station, Unit 1 - Jenkinsville, South Carolina

Also worth noting is NextEra is working with Google to restart the Duane Arnold Energy Center in Iowa, a 615 MW boiling water reactor. Dominion is also working on nuclear expansion with evaluations underway for building SMRs in Virginia at the existing North Anna Power Station.

Something Missing?

Looking for the other major headlines announced this week? Well, they’re probably covered in our other bi-weekly report, the Nuclear Sector Newsletter, that focuses on the publicly-traded side of the nuclear industry. It’s $5/month for coverage of all the public nuclear companies and comes with coverage for quarterly earnings and major announcements. Don’t forget the huge trove of these reports we’ve stacked up for our subscribers to read through as well!

You’ll find all the announcements from the 19 core nuclear companies: Cameco, BWXT, Mirion Technologies, Graham Corp, Perma-Fix, Studsvik, Holtec, Oklo, X-energy, NuScale, Nano Nuclear, Terra Innovatum, Terrestrial Energy, Hadron Energy, Newcleo, Deep Fission, Centrus Energy, Silex Systems, and Lightbridge.

Coverage is also included for all the nuclear-related headlines coming from 30 nuclear-adjacent companies such as Constellation, Vistra, GE Vernova, Rolls-Royce, Curtiss-Wright, Flowserve, Solstice Materials, ASPI, Energy Fuels, Fluor, Amentum, and Fermi.

Section 1 - Primary Nuclear Companies

Companies in the Primary tracker have a large portion of their business operations in the nuclear industry. Their stock price is a direct reflection of the public investor’s interest in the nuclear renaissance. These companies will be discussed at length every bi-weekly.

Nuclear Industrials

Cameco, CCJ

Cameco Announces McArthur River/Key Lake Operation Resumes Production

Cameco announced that full production has resumed at the McArthur River mine and Key Lake mill in northern Saskatchewan after a short-lived disruption caused by regional flooding. The issue surfaced around May 10th when the Smoothstone River Bridge on the primary supply route partially collapsed and weight restrictions hit the alternate road. Critical operating materials could not reach the sites reliably, leading Cameco to halt the Key Lake mill and scale back activity at McArthur River. The operations themselves suffered no direct flood damage.

Using the secondary route, the company quickly restored steady deliveries and returned both facilities to full rates. Cigar Lake, Cameco’s other flagship high-grade uranium mine in the region, ran without interruption the entire time. Most importantly, the 2026 consolidated production outlook remains unchanged at 19.5 million to 21.5 million pounds of U3O8. The McArthur River/Key Lake production plan itself was unaffected by the brief pause.

PEJ, Westinghouse and Bechtel Honored with EXIM’s 2026 Energy Dominance Deal of the Year Award

The Export-Import Bank of the US has named the Westinghouse-Bechtel consortium’s work with Poland’s PEJ its 2026 Energy Dominance Deal of the Year. The award recognizes the US financing that is now actively advancing Poland’s first nuclear power plant: three Westinghouse AP1000 reactors at the Lubiatowo-Kopalino site.

Similar to what we point out in the story from Holtec this weekend, the US is aggressively pushing the export of American nuclear technology to multiple countries. The US is grossly behind the leading nuclear technology exporter, Russia, which currently has over a dozen nuclear reactors under construction at various stages across the world. That’s why there have been more stories over the past year about American nuclear companies exploring opportunities with foreign countries, including GE Vernova in Europe and Flowserve in India.

Read more

Reactor Design and Development

Deployable Energy Secures PDSA Approval for Unity Microreactor, Advancing Toward Demonstration Writer: Deployable Energy Deployable Energy

Allow us to set the scene by recalling a snapshot of the microreactor development space that we took just two weeks ago:

With this tracker at hand we can better understand the significance of Deployable Energy logging the completion of their Preliminary Documented Safety Analysis (PDSA). The company has reached this step in only 106 days compared to seven other reactor projects that have been working under the novel DOE licensing path since August of 2025.

The company is constructing their pilot plant at INL and was only recently brought into the DOE licensing fold earlier this calendar year. The company is working under the Nuclear Energy Launch Pad program that recently announced its other inaugural companies including NuCube, Radiant, and General Matter.

Their design is called the Unity Nuclear Battery and is a 1 MWe high temperature gas-cooled reactor. They have set an aggressive target for themselves to match the July 4th deadline being pursued by the other reactor development programs with significantly larger head starts. One of the other major differentiators for Deployable is their claim of: “The manufacturing of the fuel that will be used during the initial criticality test has also been completed.“

Blykalla Submits First Ever Commercial Application for Advanced Nuclear Reactor Park in Sweden

Blykalla has submitted Sweden’s first commercial application for an advanced nuclear reactor park. The filing covers six lead-cooled advanced modular reactors totaling 330 MW to be deployed north of Stockholm.

The proposed site offers an existing port plus established industrial infrastructure, which the company says will simplify construction while addressing regional power needs with steady baseload. The Swedish review will involve the Land and Environmental Court, the Radiation Safety Authority, and municipal approval from Gavle.

The application also coincides with Blykalla’s expansion into the U.S. market. The company is supporting technical workstreams for Oklo’s DOE-authorized pilot project, including neutronics and thermohydraulics analyses. This arrangement gives Blykalla a foothold in the U.S. while allowing Oklo to draw on Blykalla’s lead-cooling expertise and European regulatory experience.

Oklo also led a funding round with Blykalla at the end of last year and this calendar year saw Oklo’s CEO Jake DeWitte join the Blykalla board.

Russia makes first 175 MW output reactor unit to power Leningrad nuclear icebreaker

Russia’s Rosatom has finished trial assembly of the first RITM-200 reactor unit for the nuclear icebreaker Leningrad. The unit is the 13th reactor of its kind produced by the corporation and the 11th RITM-200 from that facility. 15 additional RITM-series units remain in various stages of production.

Each RITM-200 is a pressurized-water reactor rated at 175 MW thermal, delivering roughly 30 MW to the propellers and designed for at least 40 years of service. Rosatom plans to use the same reactor design for land-based plants and floating nuclear power units in addition to icebreakers.

The article spends some time going into further detail on the existing icebreaker fleet of Russia as well as some of the other future plans for even larger icebreakers.

Rosatom continuing work for Iran’s Bushehr units 2 and 3

Rosatom has confirmed that construction on Iran’s Bushehr Units 2 and 3 is resuming after a period of disruption caused by the US-Iran war. As of mid-May, the reactor vessel for Unit 2 is reported to be more than 60% complete and its steam generators roughly half finished, with major equipment shipments still scheduled for 2027. Roughly 20 Russian specialists remain on site alongside about 2,200 Iranian contractors focused on civil works. Unit 1, the plant’s sole operating reactor, continues to run at full power.

Rosatom completed the original Bushehr Unit 1 after earlier German work was abandoned, and it has supplied fuel for the plant under contracts that include spent-fuel return. Units 2 and 3, both VVER-1000 designs, have advanced slowly but steadily since first concrete in 2019, with milestones such as core-catcher installation reached in 2024. Iran’s broader target of 20 GW of nuclear capacity by 2041 remains on paper, though actual timelines for the new units will clearly depend on security conditions and contractor access.

First American Nuclear and AtkinsRéalis Announce Strategic Alliance to Develop Advanced Reactor and Fuel Reprocessing Energy Parks

First American Nuclear (FANCO) and AtkinsRealis announced a 20-year strategic alliance, under which AtkinsRealis will act as exclusive engineering, procurement, and construction (EPC) management provider for FANCO’s EAGL-1 fast-spectrum small modular reactor and its associated fuel fabrication and reprocessing facilities in North America. The deal includes plans for an Indiana office near FANCO headquarters, workforce and supply-chain work, and up to $250 million in services over the first five years.

FANCO positions the EAGL-1 as a 240 MWe lead-bismuth-cooled design that could reach commercial power delivery by 2033 using existing U.S. manufacturing infrastructure, with a claimed cost structure competitive with natural gas on a first-of-a-kind basis rather than optimistic nth-of-a-kind projections. The company also highlights a “Bridge Power” interim solution that would begin with off-the-shelf gas boilers feeding steam turbines before swapping in the reactor with minimal additional work. A central element is the proposed on-site closed fuel cycle that would reprocess spent fuel.

Lead-bismuth eutectic coolant has seen more sustained progress in Russia than in Western programs, where corrosion and polonium management issues have historically complicated deployment. Regulatory engagement for the EAGL-1 began with a pre-application submission to the NRC in February 2026, but translating that into licensed construction and operation of both the reactor and a co-located reprocessing capability within seven years remains a substantial stretch relative to recent U.S. nuclear project experience.

Advanced Nuclear Company Deep Fission Announces Launch of Public Offering of Common Stock

Deep Fission’s filing launches a roadshow for 6 million shares priced between $24 and $26, targeting a Nasdaq listing under FISN. The company states net proceeds will fund engineering, R&D, licensing, and construction of its planned Parsons, Kansas pilot. This marks its second attempt at public markets after an earlier reverse-merger effort that left it trading over-the-counter. Coverage from Reuters highlighted the proposed $1.66 billion valuation, which contrasts with the roughly $80 million raised privately to date.

Fuel, Manufacturing, and Services

Antares Signs Long-Term HALEU Supply Agreement with Urenco

Antares has signed a long-term enrichment services agreement with Urenco to supply high-assay low-enriched uranium (HALEU) for its microreactors. Urenco described the deal as the world’s first multi-year commercial HALEU contract. The fuel will be produced at Urenco’s HALEU enrichment facility in the United Kingdom, which remains on schedule for operation in 2031.

The agreement is positioned to supplement material allocated through federal programs. Antares has raised more than $140 million and maintains a schedule that includes a reactor demonstration in 2026, an electricity-producing test reactor in 2027, and initial production deployments in 2028.

Understanding domestic nuclear fuel production options in the United States

This analysis concludes that the United States would need to invest between $105 billion and $170 billion in the nuclear fuel supply chain to support 300 GW of incremental nuclear capacity by 2050 while moving toward full domestic sourcing.

The report frames this as an upper-bound scenario and notes that achieving 100% domestic production would be extremely difficult given resource distribution, long lead times, and current market concentration. It emphasizes that meeting even a substantial portion of this growth will require coordinated action across mining, conversion, enrichment, fabrication, and potentially reprocessing.

The United States currently operates roughly 97 GW of nuclear capacity and imports a significant share of its fuel supply chain inputs. In 2023, U.S. operators sourced about 90% of their uranium from Australia, Canada, Kazakhstan, Russia, and Uzbekistan.

Enrichment services remain heavily dependent on foreign suppliers, with 27% of U.S. enrichment needs met by Russia in 2023. The report highlights that the U.S. share of global enrichment capacity has fallen sharply from 64% in 1985 to a small fraction today, with production now concentrated in China, Europe, and Russia.

Conversion capacity is identified as a near-term bottleneck. The single operating U.S. conversion facility, Metropolis Works, restarted in 2024 at roughly half its original capacity and is expected to reach only about 10 kilotons per year by 2026. The report states that even restoring full capacity would be insufficient to meet demand under a 300 GW growth scenario.

Enrichment faces similar constraints. Recent DOE awards of $900 million each to Centrus, Orano, and General Matter are expected to add meaningful capacity, but the analysis concludes that domestic output would still fall short of requirements, leaving continued reliance on foreign suppliers.

Fuel fabrication is described as less capital-intensive than upstream stages but increasingly complex due to the shift toward higher-enrichment LEU, HALEU, and advanced fuel forms such as TRISO. The report notes that projections for fabrication investment are highly sensitive to the share of Gen IV reactors in the future fleet.

Reprocessing is presented as a longer-term option that could reduce demand for new uranium and enrichment services, though the analysis underscores high costs, regulatory uncertainty, and the absence of a clear commercial pathway in the United States.

TerraPower Announces Key Commercialization Agreements for Natrium® Plants with Korean Counterparts

TerraPower has entered into two agreements with HD Hyundai and Hyundai Engineering & Construction to support supply chain development and project execution for multiple Natrium reactor and energy storage plants. The first establishes HD Hyundai Heavy Industries as the preferred manufacturer for Natrium Reactor Enclosure System components, with the goal of enabling serial production. A second agreement outlines collaboration on design, manufacturing, supply chain, construction, commercial structuring, and financing for fleet-scale deployment.

The Reactor Enclosure System covers primary structural and containment elements in the Natrium design. HD Hyundai Heavy Industries brings experience supplying nuclear components such as pressure vessels and steam generators for the Korean fleet and export projects. Hyundai Engineering & Construction has EPC experience on nuclear projects in Korea and internationally.

Framatome Gets Approval For Fuel Fabrication With Increased Uranium Enrichments At US Site

Framatome has received NRC approval for a license amendment at its Richland, WA, fuel fabrication facility to produce fuel with uranium enrichments above 5% U-235. The company plans to begin manufacturing in 2027 following an operational readiness review scheduled for early that year. Modifications to the site have been underway since 2022.

The approval aligns with broader efforts by enrichment and fuel fabrication companies in the United States and abroad to qualify and supply fuel at higher assay levels.

• Centrus is operating a HALEU demonstration cascade at Piketon, OH

• Global Nuclear Fuel is advancing LEU+ fabrication capabilities

• Urenco USA is progressing toward LEU+ production at its Eunice, NM, site

• Orano and Urenco are developing LEU+ pathways in Europe

• Rosatom has commercial operating experience supplying LEU+ fuel assemblies

Higher enrichment levels support longer fuel cycles of up to 24 months and higher discharge burnups for the existing light-water reactor fleet. They also address fuel supply requirements for many advanced reactor designs.

Energy Department Awards $94 Million to American Companies to Help Expedite the Deployments of Small Modular Reactors in the United States

The DOE selected eight companies to receive more than $94 million in cost-shared funding under the Generation III+ SMR Pathway to Deployment Program. The awards target Early Site Permit applications and supply chain investments intended to support near-term deployment of advanced light-water small modular reactors in the 2030s. The recipients and project scopes are:

• Constellation SMR Development, LLC ($17.3 million) – Early Site Permit application in New York.

• Nebraska Public Power District ($27.9 million) – Early Site Permit application in Nebraska.

• BWXT Nuclear Energy, Inc. ($21.4 million) – Equipment for reactor pressure vessel assembly and large component manufacturing at its Mount Vernon, Indiana facility.

• Scot Forge Company ($12.3 million) – Large vertical turning lathe and milling machine at its Spring Grove, Illinois facility.

• Framatome U.S. Government Solutions, LLC ($8.8 million) – Expansion of ceramic pellet production capacity at its Richland, Washington fuel fabrication plant.

• Global Nuclear Fuel Americas, LLC ($3.0 million) – Additional BWR fuel rod fabrication line and automation at its Wilmington, North Carolina facility.

• American Forgemasters Company ($2.9 million) – New furnace for large component forgings at its New Castle, Pennsylvania facility.

• Container Technologies Industries, LLC ($0.55 million) – Expansion of nuclear quality assurance certifications at its Helenwood, Tennessee facility.

This round follows an earlier $800 million tranche awarded in December 2025 to the Tennessee Valley Authority and Holtec Government Services under the same solicitation.

Nucleon Energy Launches Nucleon Fuel Subsidiary to Advance Modern Uranium Conversion Capacity in North America

Nucleon Energy has launched Nucleon Fuel, a subsidiary focused on developing, licensing, and operating modern uranium conversion facilities in North America. The company introduced its SMT-5000 modular conversion platform, which is intended to offer standardized, scalable facilities with updated automation, safety systems, and environmental performance compared with many legacy plants. Initial work is centered on siting, environmental planning, and regulatory engagement in both Canada and the United States.

The move comes amid a series of announcements from companies seeking to establish or expand domestic conversion capacity. Uranium Energy Corp secured NRC docketing for a U.S. conversion facility in March 2026. FluxPoint Energy has also signaled plans to enter the conversion segment, while Solstice Materials is advancing an expansion of its existing operations.

The Nuclear Company Launches NOS Security to Modernize Nuclear Power Infrastructure Protection Across the United States and Allied Nations

The Nuclear Company has launched NOS Security, an integrated cyber-physical security platform developed over the past year for nuclear construction sites and operating facilities in the United States and allied nations. The system combines AI-enabled monitoring, autonomous drones and robotics, advanced sensing, unified command infrastructure, cyber defense, and real-time intelligence, with initial alignment to NRC requirements.

NOS Security is being deployed first to support The Nuclear Company’s own reactor campus and infrastructure projects, with plans to offer the platform to operating utilities and allied partners.

Idaho National Laboratory opens Structural Properties Laboratory for advanced nuclear research

The Idaho National Laboratory’s Structural Properties Laboratory at the Materials and Fuels Complex became fully operational in late January. The facility is equipped with a hot cell for handling highly radioactive materials, advanced robotics, and space for future expansion. It is the first new hot cell brought online in the DOE complex in more than four decades. SPL supports materials testing and characterization for both existing reactors seeking extended operation and advanced reactor designs under development.

The $166 million Hazard Category 3 facility was completed on budget and ahead of schedule despite pandemic-related workforce constraints and supply chain disruptions. Construction began in March 2020. In the coming months, SPL will begin receiving irradiated materials from the Hot Fuels Examination Facility, the Advanced Test Reactor, and other DOE sites to support the Nuclear Science User Facilities program.

Policy, Regulation, and Industry

RELEASE: Long Mott Environmental Assessment Marks Progress Toward Modernized NRC Environmental Reviews

The NRC has issued an Environmental Assessment and Finding Of No Significant Impact for the proposed Long Mott Generating Station. The review determined that a full Environmental Impact Statement was not required, marking the first time a commercial nuclear reactor project has advanced under an environmental assessment rather than a full EIS since the National Environmental Policy Act took effect.

The Long Mott project would deploy four X-energy Xe-100 high-temperature gas reactors at Dow’s existing Seadrift chemical manufacturing site near Port Lavaca, Texas. The reactors are intended to supply both electricity and high-temperature process steam to support Dow’s industrial operations.

Issuance of the environmental assessment does not authorize construction or operation. The NRC must still complete its safety review before issuing a construction permit, and a separate licensing action would be required before fuel loading and startup.

The Rockefeller Foundation and Temasek Trust Announce Global Coalition for Nuclear Philanthropy

The Rockefeller Foundation and Temasek Trust have launched the Global Coalition for Nuclear Philanthropy to increase philanthropic funding for nuclear energy. The coalition aims to support policy, regulatory, financing, and human capital efforts needed to expand nuclear capacity in developing and emerging economies. Initial members include Blue Horizons Foundation, CleanEcon, Founders Pledge, Ray Rothrock, and the Rodel Foundation, with the Oppenheimer Project serving as strategic partner.

The Rockefeller family built its fortune through Standard Oil in the late 19th and early 20th centuries. The Rockefeller Foundation has long been active in energy and climate philanthropy, with prior work focused primarily on renewables and climate policy. The initiative will focus on four pathways:

• building public support through data-informed narratives

• expanding talent and institutions

• de-risking financing

• strengthening safety and governance frameworks

NRC Accepts University of Illinois Application to Build Advanced Microreactor, Kicking Off Formal Review

The NRC formally accepted the University of Illinois Urbana-Champaign’s construction permit application for a microreactor based on NANO Nuclear’s KRONOS design. The acceptance initiates the formal safety, environmental, and technical review process under the traditional Part 50 licensing pathway.

The University submitted the application in April 2026. The NRC has indicated a target of completing its review in 2027, after which a public hearing would be required before any construction permit could be issued. A separate operating license would still be needed before fuel loading.

NRC Launches Accelerated Review of New U.S. Uranium Enrichment Facility to Strengthen Nuclear Fuel Supply

The NRC accepted Orano’s license application for Project IKE, a new uranium enrichment facility planned near Oak Ridge, Tennessee. The NRC intends to complete its technical review within 12 months, with an estimated completion date of April 2027, “assuming high-quality and timely inputs” from the applicant. Orano submitted its environmental report in January 2026 and the full license application in March 2026.

Project IKE would use gas centrifuge technology to produce low-enriched uranium. The facility is intended to expand domestic enrichment capacity and reduce U.S. reliance on foreign suppliers, particularly Russia, whose enriched uranium imports face a statutory ban beginning in 2028. The DOE selected Orano for approximately $900 million in funding toward the project in January 2026. Orano has estimated the total cost at roughly $5 billion.

The United States currently operates limited domestic enrichment capacity. Urenco USA operates a centrifuge plant in New Mexico, while Centrus Energy is advancing a HALEU demonstration cascade in Ohio. Most commercial reactors continue to rely on imported enriched uranium.

Something Missing?

Looking for the other major headlines announced this week? Well, they’re probably covered in our other bi-weekly report, the Nuclear Sector Newsletter, that focuses on the publicly-traded side of the nuclear industry. It’s $5/month for coverage of all the public nuclear companies and comes with coverage for quarterly earnings and major announcements. Don’t forget the huge trove of these reports we’ve stacked up for our subscribers to read through as well!

You’ll find all the major announcements from the core nuclear companies: Cameco, BWXT, Mirion Technologies, Graham Corp, Oklo, X-energy, NuScale, Nano Nuclear, Terra Innovatum, Terrestrial Energy, Hadron Energy, Centrus Energy, Silex Systems, and Lightbridge.

Coverage is also included for all the nuclear-related headlines coming from 30 nuclear-adjacent companies such as Constellation, Vistra, GE Vernova, Rolls-Royce, Curtiss-Wright, Flowserve, Solstice Materials, ASPI, Energy Fuels, Fluor, Amentum, and Fermi.

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More accessible information for everyone! 🤘

The earnings reports came pouring in for this weekend’s issue with multiple nuclear companies reporting results from the first three months of the calendar year.

The companies have remarked in their earnings reports and earnings calls that they are positioning for significant future upside in the nuclear industry. This has taken the form of increased capital expenditure projections due to capacity expansion efforts or anticipation of new business segments finally taking off after years of preparation.

We have been covering it multiple times, with frustratingly little detail, but it appears the meetings will continue with the Nuclear Fuel Chain DPA Consortium throughout the month of May as different committees attempt to work through the multiple bottlenecks across the industry.

There was also a significant report from McKinsey & Company that everyone should take the time to read. The report spells out what is going to be required for the nuclear fuel chain in the United States to support just itself should the nuclear renaissance take off the way that everyone thinks it will. Current investment requirements range from $105 billion to $170 billion.

Section 1 - Primary Nuclear Companies

Companies in the Primary tracker have a large portion of their business operations in the nuclear industry. Their stock price is a direct reflection of the public investor’s interest in the nuclear renaissance. These companies will be discussed at length every bi-weekly.

Nuclear Industrials

Cameco, CCJ

Cameco Reports 2026 First Quarter Results

Cameco leadership announced during their earnings call an expectation that as many as 20 AP1000 reactors will be announced for construction with support from the Department of Commerce (DOC) and the Department of Energy (DOE). Grant Isaac, the Chief Operating Officer and President of Cameco, provided some color on the call for the difference between the different department efforts and the stages of discussions under each.

The $80 billion agreement between the US government, Brookfield, and Cameco to deploy up to 10 AP1000 reactors across the US is referred to as the DOC-related program. Few updates have been given to this program so far. But Isaac comments that the “project continues to move along”. The efforts under the DOC contract appear to be focused on “long lead items that are required in order to stand” up a fleet of large reactors.

Considering the domestic and global supply chain outside of China and Russia has been more focused on sustainment and decommissioning, there is currently a lack of capacity across all the involved companies to build multiple reactors a year. The sole-producer of the reactor cooling pumps for Westinghouse AP1000 reactor plants, Curtiss-Wright, recently remarked that they only have capacity to produce enough pumps for three to four reactors per year. Significant expansion efforts will be required to remove deployment roadblocks for multiple different systems and components.

Another question trying to be answered under the DOC program is under what model the reactors could be built. Isaac says. Isaac said, “those models could be a range of things from a federal build, own and operate to a federal build-own transfer model all the way to perhaps a financing of an existing nuclear operator who simply is just looking for financing.”

But the ten large reactors being pursued under the DOC plan are apparently completely separate from as many as ten reactors that are being pursued under the DOE.

There are a number of utilities progressing towards the construction of pairs of AP1000 reactors, with “five or six of them in very advanced stages”. These utilities are coordinating with the DOE and the Office of Energy Dominance Financing to secure loans for the projects, as well as potentially ordering long lead items ahead of time.

“So when you step back and look at it, the U.S. isn’t just talking about potentially 10 reactors under the DOC program. They’re potentially telling about another 10 under the DOE more traditional approach.”

Northern Saskatchewan Operations Update

Although the McArthur River mine and Key Lake mill sites remain safe from floodwaters, the collapse of the Smoothstone River Bridge on the primary supply route has restricted deliveries of critical operating materials. In response, the company has temporarily halted production at the Key Lake mill and reduced activities at the McArthur River mine until normal deliveries can resume. The timeline remains unknown at this point.

Cigar Lake, another major uranium operation in the region, continues to run without interruption, and Cameco has confirmed that its consolidated 2026 production plan is unchanged for now. There is, however, a risk that prolonged road restrictions could affect the specific outlook for the McArthur River and Key Lake pair. McArthur River is one of the highest grade uranium mines in the world, with its ore processed at Key Lake into uranium concentrate (yellowcake).

Read more

Reactor Design and Development

DOE-Idaho Approves Aalo's Documented Safety Analysis for the Aalo-X Critical Test Reactor

Aalo Atomics joined Antares and Valar in reaching the final stage of preparations for taking their reactor critical under the DOE Reactor Pilot Program. Aalo has been heavily focused on a vertically integrated process and produces many of their own components for their sodium-cooled thermal reactor. The company will take their critical test reactor through a series of tests to “validate our neutronics and offer key test data that verifies our computational models”.

The next company anticipated to reach the final stages of the program is Radiant Nuclear with their Kaleidos reactor at the INL DOME, and potentially followed by two projects under Oklo at INL and the Groves site in Texas.

Brookfield and The Nuclear Company Partner to Form New Company to Accelerate Nuclear Development in the U.S.

Brookfield and The Nuclear Company have formed a new venture together, which remains unnamed for now, to deploy Westinghouse reactor technology across the world. The company will be focused on end-to-end project management for Developing both the AP1000 and AP300 designs.

The press release stressed the newly formed company addresses the real gap that has been missing from unleashing the nuclear renaissance: “We know what it takes to deliver nuclear. What’s been missing is a model that brings together the people, the capabilities, and the capital to do it at speed and scale. That’s what this partnership creates.“

It was also made clear in the press release that this new company will be the project manager for completing the two AP1000s at VC Summer. This is still pending an ongoing evaluation required to make a Final Investment Decision in 2027.

National Reactor Innovation Center announces first selections for Nuclear Energy Launch Pad

After the wild success experienced by multiple companies under the Department of Energy's Reactor Pilot Program (RPP) and Fuel Line Pilot Program (FLPP), four new fuel chain and reactor development companies have been selected under the Nuclear Energy Launch Pad (NELP). The NELP is the combined successor program to the RPP and the FLPP. The program provides “streamlined pathways for developers wanting to demonstrate advanced nuclear energy technologies and accelerate commercial deployment”.

Four companies were selected under the initial round of NELP participants: General Matter, Radiant Nuclear, Deployable Energy, and NuCube Energy. NuCube is entering the program in partnership with Idaho State University.

General Matter is the only non-reactor developer in the program. They are working to build out new uranium enrichment capacity in the country, amid the United States’s current reliance on imports from countries like Russia and domestic production controlled by European nations.

Radiant Nuclear is currently progressing a project under the RPP with this new effort under the NELP likely building on the project. After Radiant’s testing is done at the INL DOME, they will likely transition to a different location, either at INL or another DOE-controlled area, to deploy the next iteration of their Kaleidos reactor or work on a yet-to-be-announced design.

Deployable Energy and NuCube Energy are some of the newer entries into the reactor development startup space. Both companies are working on microreactor designs for remote applications, military applications, and potential use for critical loads, including data centers.

Deployable’s design is the Unity Nuclear Battery, a 1 MW high-temperature gas-cooled reactor. NuCube has yet to provide a lot of details as to what their “Deccacell“ project is, but a previous filing with the Nuclear Regulatory Commission indicates it may be a heat pipe design similar to designs from Antares Nuclear and Westinghouse.

Natura Resources Completes 1,000 Hours Operating its Molten Salt Test System to Advance Development of its Molten Salt Reactor (MSR)

Natura has spent over 1000 hours running a test loop filled with 50 gallons of purified molten salt. The test program included purifying the salt for over 270 hours in a purification system, repeated analyses of the salt chemistry, and execution of a controlled shutdown and drain of the system within seconds.

Operating test loops over extended period of time like this are important, especially for systems with less operating history like molten salt. These reactor designs offer unique challenges, such as maintaining salt chemistry to prevent component corrosion and maintaining higher temperatures to prevent solidification of the coolant.

China’s 10 MW truck-mounted nuclear ‘power bank’ claims energy for decades without recharge

China is attempting to deploy a 10 MW reactor mounted to a truck, which will allow for easily transportable technology for various different applications. The idea is not without precedence, with one of the most notable examples being the ML-1 reactor from the US Army, operated back in the 1960s. This design was rated to about 400 kW and required an exclusion zone with a radius of 500ft.

Truck mounted reactors not only have radiation shielding to consider, but there’s also material difficulties with keeping everything so closely compacted together. The irradiation of the secondary plant piping and turbine can lead to faster degradation and material integrity issues.

Laying the foundation for the G7’s first Small Modular Reactor

Ontario Power Generation (OPG) reached a major construction milestone at the Darlington New Nuclear Project (DNNP) site by lowering the massive basemat module into place for the first of four planned BWRX-300s. The nearly 2.1 million pound component, measuring 37 meters (~121 ft) in diameter, was lifted by one of the world’s largest crawler cranes and placed 35 meters underground in the excavated reactor building shaft.

The basemat serves as the common foundation slab that supports the entire reactor building, providing stability and protection against seismic activity or other external forces. In this case, OPG assembled the basemat modularly from prefabricated sections made of diaphragm plate steel composite, a steel-concrete material that was fabricated, welded together into one giant piece, and then lowered as a single unit. By contrast, traditional large reactors such as the AP1000 have relied on cast-in-place reinforced concrete basemats. Those foundations involve massive on-site pours:

This marks one of the first major demonstrations of the modularity aspect of SMRs.

US DOE might finance long- lead nuclear reactor components for utility group

We apologize if the link doesn’t work for everyone. It really doesn’t have much more to it besides a summary of the commentary provided by Cameco during their recent earnings call. Here’s one place you can find the full script to the 2026Q1 call: link

The important takeaway is Cameco is anticipating as many as 20 AP1000 reactors being announced in the near future for construction. President and COO Grant Isaac was very explicit that he expects the reactors to be announced under two separate initiatives.

The Department of Commerce umbrella is the first one which holds the basket of reactors that will be financed under the $80 billion dollar deal between the U.S. government, Cameco, and Brookfield. Isaac remarked that the project continues to move along, and they are looking at securing long lead items, establishing the model under which the reactors will be owned and operated, and securing the financing.

The second announcement, which is mostly news to everyone, is that there are five to six utilities that are “in very advanced stages” of coordinating with the Department of Energy’s loan office called the Office of Energy Dominance Financing. This program is completely separate from the Department of Commerce initiative and is at similar stages with trying to secure financing and looking at procuring long lead items.

Fuel, Manufacturing, and Services

Arlington Capital Partners Acquires ENERCON and Completes Merger With Its Portfolio Company POND

Arlington Capital Partners has acquired nuclear engineering specialist ENERCON from funds managed by Oaktree Capital Management. The deal includes merging ENERCON with Arlington portfolio company Pond & Company. The combined entity will operate under the ENERCON name, creating a powerful nuclear engineering firm with more than 2,700 professionals.

ENERCON currently supports ~90% of the nation’s nuclear plants. It also holds capabilities in small modular reactors and large-scale reactor projects. Pond contributes with strengths in federal energy, natural gas infrastructure, and mission-critical engineering services. Together, they form an end-to-end provider for regulated power and energy infrastructure.

We’ve been keeping tabs on the curious string of acquisitions for nuclear-related engineering and services capacity:

• In December, we covered when Natura Resources purchased Shepherd Power from NOV. The move bolstered Natura’s project deployment, regulatory, and licensing expertise as it advances molten salt SMR commercialization for data centers and industrial users.

• We also covered Energy Capital Partners plans to acquire EnergySolutions (for the second time), a provider of integrated nuclear services spanning maintenance, modifications, decommissioning, waste management, and lifecycle support.

• We were tracking the other major acquisition over in Europe, but we didn’t make too much of a note of it at the time: earlier this year, Swedish nuclear services firm Studsvik acquired Kärnfull Next for approximately €6.5 million. The deal expands Studsvik from supporting existing fleets into full project development for new SMR initiatives in Sweden and beyond.

TURNER INDUSTRIES ANNOUNCES NUCLEAR MANUFACTURING EXPANSION

This is probably the only time you’re going to see a headline regarding a company taking their nuclear business segment out of Texas to a different state. As surprising as it sounds, this is exactly what Turner Industries is doing. They’ve packed up most of their nuclear work in Paris, Texas, and are heading to Louisiana.

The driving factor is access to a deep water port to ship large modules for new reactor projects. This isn’t exactly something available to inland Paris, just south of the Oklahoma border. The company is going to undergo a massive expansion at a 95-acre site at the Port of Iberia with “90,000 square feet of indoor fabrication space, a 420-foot dock and the capacity to load modules weighing up to 6,000 tons”.

Only a small portion of the company’s business is in the nuclear industry, mostly with piping fabrication, but now they’re looking to undergo an expansion to lean into the SMR space and the modularity demand for the AP1000.

Blue Energy and GE Vernova Accelerate Gas-Plus-Nuclear Approach for Powering American Communities and Fueling Global AI Leadership

Blue Energy announced a collaboration with GE Vernova to develop the world’s first gas-plus-nuclear power plant in Texas. The project will use two GE Vernova gas turbines to deliver roughly 1 GW starting around 2030. Steam supply will later shift to GE Vernova Hitachi BWRX-300s for up to 1.5 GW of nuclear capacity by 2032. Work at the Texas site could begin as early as this year, with a final investment decision expected in 2027.

The plan is similar to other announcements from companies like Oklo and Liberty Energy that plan to deploy gas power turbines at proposed energy sites to initiate power delivery and revenue collection while the longer leg of building the reactor continues in the background. One Nuclear has also made similar claims to developing a gas-to-nuclear deployment program.

Easier said than done, though. The NRC would normally never be involved in a gas energy project, but if it will share facilities with a future nuclear project, then things get a little more interesting. This is why Blue Energy submitted a plan, and recently received approval, for how to involve the NRC with the construction of a gas-to-nuclear site. We covered that plan just a couple of weeks ago.

This new sequencing of gas-to-nuclear allows for power delivery to the data center or grid to begin in under four years, compared to as many as ten years if it was a purely nuclear project.

Blykalla and ABB enhance cooperation

Swedish lead-cooled reactor developer Blykalla and global engineering company ABB have signed a joint development agreement (JDA) to deepen their long-standing collaboration. The pact formalizes work that began with earlier MOUs focusing on automation, electrification, digitalization, and cybersecurity solutions for Blykalla’s SEALER family of reactors. Under the JDA the two firms will create structured project plans, form a joint steering committee, and define ownership of any jointly developed technologies, with ABB serving as the key partner for control systems and related equipment needed for the electrical prototype, demonstration unit, and eventual commercial reactors.

Urenco Plant Produces LEU+ In First Trial

Urenco has successfully completed its first trial production of low enriched uranium plus (LEU+) at its Capenhurst facility in the UK. The run ended on May 1 and produced samples enriched to 7% U-235. The trial followed a positive regulatory readiness review and approval from the UK’s Office for Nuclear Regulation.

This is the second stage of Urenco’s expansion into LEU+ production. They originally began producing the higher enrichment level at their New Mexico facility last year, which we covered at length. Our readers can reference our previous coverage of their LEU+ production for a breakdown on what the enrichment level means and what the different levels are used for, as well as a brief discussion of what SWUs are.

The main reason for utilizing this slightly higher enrichment level is that it can support longer operating cycles for the current global light-water reactor fleet, which can reduce operating and maintenance costs.

BWXT Has First Customer, Partner For Its $500 Million Nuclear Fuel Plant In Gillette

We previously covered the announcement between Kairos and BWXT back in September detailing their exploration of constructing a facility for their combined production efforts. It seems like those discussions have come to a head, and Kairos will be joining BWXT at the recently announced facility in Wisconsin.

The article also provides some details about how BWXT has seen a dramatically different reaction from the locals and the state compared to Radiant Nuclear when they were exploring the construction of a reactor fabrication facility in the state. Radiant ended up siting the construction of their R-50 plant in Tennessee, citing regulatory uncertainty in Wisconsin.

U.S. Secures Largest-Ever HALEU Shipment to Power American Nuclear Industry

The DOE’s National Nuclear Security Administration (NNSA) coordinated with Japanese government and nuclear agencies to transfer 1.7 metric tons of high-assay low-enriched uranium (HALEU) from Japan to the US. The material comes from excess supplies at the recently shut-down test reactor in Japan.

Japan has not completely ceased research into new reactor technology, and instead will focus on the Joyo research reactor. There is a long-standing coordination between the US and Japan to offload excess quantities of enriched uranium due to proliferation concerns.

For context, Centrus currently produces just under 1 metric ton of HALEU per year at Piketon. The HALEU that was imported from Japan will be repurposed and utilized in advanced reactors being developed under the DOE’s Reactor Pilot Program and other research efforts.

NNSA Removes Highly Enriched Uranium from Venezuela, Reducing Risk to South America and the U.S. Homeland

Immediately following the Japan announcement, the NNSA declared all the highly enriched uranium (HEU) was successfully removed from Venezuela. The material was left over from a research reactor program in Venezuela that shut down in 1991. The HEU has been transported to the Savannah River Site for processing and reuse, potentially to also be included in future DOE programs.

Policy, Regulation, and Industry

Less Support in U.S. for Solar, Wind Energy; More for Nuclear

A recent Gallup poll reveals a notable shift in American public opinion on future energy priorities, with support for greater emphasis on solar and wind power declining while backing for nuclear energy hits a record high. Conducted in March 2026, the results show respondents preferring more focus on solar down 7 points from 2021, and wind down 11 points. In contrast, 46% now favor ramping up nuclear power development, up 7 points, and the highest level recorded for that specific question. Overall, nuclear stands out as the only major energy source gaining ground in this metric.

While a slim majority of 53% still oppose building a new nuclear plant in their own community, that resistance has eased compared to earlier surveys.

The breakdown by demographic group for local nuclear energy plant support is interesting, too. The results show significantly lower support for nuclear energy amongst women compared to men, and more support for nuclear amongst younger adults.

New Era of Strategic Partnership: United States Advances Key Investments and Cooperation at the Three Seas Initiative Summit

The United States advanced its nuclear energy partnerships in Central and Eastern Europe at the recent Three Seas Initiative Summit. Three major announcements were made between the US, Croatia, and Slovakia:

• U.S.-Croatia Joint Statement on Enhanced Civil Nuclear Cooperation – Deepens the partnership between the United States and Croatia to expand critical aspects of Croatia’s civil nuclear program in mutually determined areas.

• Croatia Small Modular Reactor (SMR) Feasibility Study – Supports Croatia’s steps to deploy safe, secure, advanced U.S. nuclear technologies with the highest standards of nonproliferation, under the Foundational Infrastructure for Responsible Use of SMR Technology (FIRST) Program.

• Statement of Intent to Launch a Front-End Engineering and Design (FEED) Study Between the United States, Slovakia, and Westinghouse Electric Company – Builds on the U.S.-Slovakia Agreement to Facilitate Cooperation on the Jaslovské Bohunice Nuclear Power Plant Project and Civil Nuclear Program in the Slovak Republic. The United States, Slovakia, and Westinghouse Electric Company intend to launch a FEED study for the Westinghouse nuclear power plant in Slovakia, expected to be funded by the Foundational Infrastructure for Responsible Use of SMR Technology (FIRST) Program.

These announcements reflect the ongoing US strategy to promote American nuclear technologies abroad as part of broader energy security initiatives in the region. Countries in the Three Seas group have increasingly turned to nuclear to reduce reliance on imported fossil fuels. Westinghouse has a strong track record in the area, including involvement with existing plants like Krsko, which supplies power to both Croatia and Slovenia.

NRC Begins Fast-Track Review to Update AP1000 Reactor Design

This is once again a rather incredible example of how much faster the NRC is going compared to the past. Previously the NRC had listed on their expected timeline charts that a Design Certification amendment would take approximately 24 months. After they revised their timelines in June of 2025, the expectation was dropped to only 12 months. Now the NRC is quoting Westinghouse a timeline of only 4 months. The new speed that the federal regulator is operating at is rather remarkable.

NASA Fires Up Powerful Lithium-Fed Thruster for Trips to Mars

NASA recently fired up a prototype lithium-fed magnetoplasmadynamic (MPD) thruster at the Jet Propulsion Laboratory, reaching power levels of up to 120 kilowatts during tests. This marks the highest power output ever achieved by an electric propulsion system and represents meaningful progress toward nuclear electric propulsion systems capable of supporting crewed missions to Mars. When fully scaled, multiple thrusters operating at megawatt levels could provide the steady thrust needed to propel spacecraft with heavier payloads across interplanetary distances in less time than current options allow.

MPD thrusters consume up to 90% less propellant than traditional chemical rockets, which deliver short bursts of high force but burn through fuel rapidly. Solar powered designs lack the power density required for deep space human exploration. Pairing this lithium fed design with a compact reactor supplies the electricity to run the system at high power far from the Sun.

NRC Authorizes FPL’s St. Lucie Nuclear Plant to Operate for Another 20 Years

The NRC has authorized St. Lucie Nuclear Plant Units 1 and 2 to operate to their 80 year milestones. The plants were originally constructed in the 70s and 80s and now have permission from the regulator to operate out to the 50s and 60s, respectively. The press release also highlights how the St. Lucie plant provides over 10% of FPL’s generation, provides about 400 high-paying jobs, and contributes over $40 million in annual county taxes.

Trump's Transportation Secretary Sean P. Duffy Launches Small Modular Nuclear Reactors Initiative to Drive Down Costs for U.S. Shipping, Enhance Energy Dominance

The Maritime Administration has issued a request for information seeking industry input on developing a commercially viable system-centric SMR designed specifically for powering commercial ships in the marine transportation system. The system-centric approach means treating the entire vessel and its support ecosystem as one cohesive unit rather than just bolting on a reactor, addressing everything from liability frameworks and port access rules to crew certification and logistics networks so the technology can be replicated across multiple ships rather than remaining a one-off experiment.

This move builds on the proven track record of maritime nuclear power, including the pioneering N.S. Savannah, the first nuclear-powered merchant ship launched in 1959 as part of the Atoms for Peace program. She operated successfully for nearly a decade until the early 1970s, sailing more than 450,000 nautical miles while visiting 32 domestic and 45 foreign ports with an impressive safety record and minimal technical issues.

Belgium in talks to acquire country’s nuclear power facilities

The Belgian government has signed a letter of intent with French utility Engie and its local subsidiary Electrabel to enter exclusive negotiations for acquiring the country’s entire nuclear power fleet. The proposed transaction would transfer ownership of all seven reactors, the associated staff, nuclear subsidiaries, and even the liabilities tied to decommissioning and waste management. This initiative comes as Belgium seeks to reverse its long-standing phase-out policy and take direct responsibility for nuclear assets to safeguard its energy future.

Only two of the seven units at the Doel and Tihange plants remain operational after several older reactors were recently shut down under the original 2003 phase-out rules. The two newest reactors, Doel 4 and Tihange 3, received 10-year license extensions in recent years and are now set to run through 2035.

Radiant Energy Group released a study of the engineering readiness of the existing reactor fleet in Belgium, and what it would take to restart the five shuttered reactors.

NRC Launches Accelerated Review of Radiant’s Application for Special Nuclear Material License

The NRC has accepted an application from Radiant for a special nuclear materials license covering its R-50 microreactor facility in Oak Ridge, Tennessee. The agency will conduct an expedited review with the goal of finishing in 8 months, roughly 55% faster than the typical schedule for this type of approval. This license would allow the company to handle and process nuclear fuel at the facility’s dedicated fueling building as part of manufacturing its Kaleidos microreactor design.

Radiant submitted the application in late February with follow-up details provided in the weeks afterward, and the NRC will now perform a detailed safety evaluation along with an environmental assessment to confirm the site meets all public health and safety requirements.

Something Missing?

Looking for the other major headlines announced this week? Well, they’re probably covered in our other bi-weekly report, the Nuclear Sector Newsletter, that focuses on the publicly-traded side of the nuclear industry. It’s now only $5/month for coverage of all the public nuclear companies and comes with coverage for quarterly earnings and major announcements. Don’t forget the huge trove of these reports we’ve stacked up for our subscribers to read through as well!

You’ll find all the major announcements from the core nuclear companies: Cameco, BWXT, Mirion Technologies, Graham Corp, Oklo, X-energy, NuScale, Nano Nuclear, Terra Innovatum, Terrestrial Energy, Hadron Energy, Centrus Energy, Silex Systems, and Lightbridge.

Coverage is also included for all the nuclear-related headlines coming from 30 nuclear-adjacent companies such as Constellation, Vistra, GE Vernova, Rolls-Royce, Curtiss-Wright, Flowserve, Solstice Materials, ASPI, Energy Fuels, Fluor, Amentum, and Fermi.

Our subscribers that have already jumped in at the higher cost of $10/month or $100/year are welcome to cancel and resubscribe to enjoy the lower tier.

More accessible information for everyone! 🤘

Earnings season is here and the first two major players in the nuclear industry have released their results, coming from MIR and GEV, both posting glowing numbers and shiny projections. The industry continues to chug along as investors and observers wait with bated breath to potentially hear of a new construction project for an AP1000 from The Nuclear Company, as well as an eventual follow-up to the previous announcement between the US, Brookfield, and Cameco to construct up to ten AP1000s across the country.

How to Build a Better Kind of Nuclear Power? This Side Hustle Might Help: An interesting story is out from the fission industry’s peers in the fusion sector. Zap Energy is a company working on fusion energy, but they recently announced they are pivoting slightly to commence research, development, and construction of a fission reactor. The company stresses that they are not abandoning the fusion industry, but are instead using the fission program to enhance their engineering and regulatory capabilities in preparation for commercializing their fusion product.

Defense Production Act: The Nuclear Fuel DPA Consortium has yet to make any follow up announcements about these “60-day sprints” we touched on last weekend. The initiative is expected to involve companies within and adjacent to the nuclear fuel chain, and we're keeping eyes and ears open for news related to anything substantial.

Less Support in U.S. for Solar, Wind Energy; More for Nuclear: Nuclear notched a significant public interest win recently as they are the only energy source Americans think we should be putting more emphasis on compared to their opinions in 2021.

Small modular reactors and microreactors under development in the United States: The EIA is clearly tracking what The Nuclear Review is up to, as they are now attempting to put us out of business by tracking all of the reactor developers in each of the unique technology groups! Jokes aside, it is a great summary report to easily see who is working on what.

Section 1 - Primary Nuclear Companies

Companies in the Primary tracker have a large portion of their business operations in the nuclear industry. Their stock price is a direct reflection of the public investor’s interest in the nuclear renaissance. These companies will be discussed at length every bi-weekly.

Nuclear Industrials

Cameco, CCJ

Westinghouse eVinci™ Microreactor Selected for Malmstrom Air Force Base

We covered this update last weekend with the Air Force announcing their choices for the first three reactor vendors to deploy their designs at military bases in the U.S under the Advanced Nuclear Power for Installations (ANPI) program. The Westinghouse Government Services subsidiary of Westinghouse will coordinate with the Air Force and the Defense Innovation Unit (DIU) to commence siting and construction of an eVinci microreactor at Maelstrom Air Force Base in Montana.

The eVinci microreactor is a relatively unique design. It uses sodium-filled heat pipes to wick the heat produced by the core out of the reactor into the secondary system. It’s a very similar concept to how heat is removed from electronics, like a phone or a laptop. The concept benefits from very few moving parts, which will hopefully lead to lower amounts of routine maintenance and reduced manning requirements.

Westinghouse Announces Appointment of Dan Sumner as CEO

Dan Sumner has been serving as the interim CEO since Patrick Fragman stepped down in March of last year. The previous CEO reportedly stepped down to spend more time with his family. Sumner comes from previous time at Westinghouse as the Chief Financial Officer and president of the global operating plant services division.

NRC Begins Fast-Track Review to Update AP1000 Reactor Design

This is once again a rather incredible example of how much faster the NRC is going compared to the past. Previously the NRC had listed on their expected timeline charts that a Design Certification amendment would take approximately 24 months. After they revised their timelines in June of 2025, the expectation was dropped to only 12 months. Now the NRC is quoting Westinghouse a timeline of only 4 months. The new speed that the federal regulator is operating at is rather remarkable.

Read more

We also want to highlight Valar Atomics achieving approval of their Design Safety Analysis, making them the second such microreactor developer to do so under the DOE’s Reactor Pilot Program. This follows the first approved DSA from Antares Nuclear we covered a couple weeks ago. X user @dylan_robideaux has created a phenomenal graphic that we think everyone should be tracking going forward:

With that, let’s jump into this weekend’s headlines…

Reactor Design and Development

TerraPower Commences Construction on America’s First Utility-Scale Advanced Nuclear Power Plant

TerraPower has officially broken ground on Kemmerer Unit 1 in Wyoming, set to become America’s first utility-scale advanced nuclear power plant. The announcement marks the start of full construction on the Natrium reactor, a 345-megawatt sodium-cooled fast reactor paired with a molten salt-based energy storage system that can ramp output to 500 megawatts for over five hours to handle peak demand.

The project sits near a retiring coal plant in Kemmerer and is Wyoming’s first commercial nuclear generating station. Non-nuclear site preparation began in June 2024 after years of engineering and regulatory hurdles. The DOE’s Advanced Reactor Demonstration Program provided public-private backing, with Bechtel handling engineering, procurement and construction, and GE Vernova Hitachi Nuclear Energy contributing reactor technology.

While the NRC granted the construction permit in March, this step represents the start of actual nuclear facility construction. Up until now, all the work at the site has been for the non-nuclear systems.

TerraPower also has an agreement with Meta for up to eight Natrium plants by 2035 to support data center power needs.

Kairos Power Breaks Ground on Hermes 2 Demonstration Plant

Kairos Power broke ground for its Hermes 2 Demonstration Plant in Oak Ridge, Tennessee. This marks the company’s first commercial-scale reactor and the first power-producing Gen IV reactor to receive a construction permit from the NRC. The plant, which will generate up to 50 MWe, will feed power directly into the Tennessee Valley Authority grid under an agreement with Google to help decarbonize the tech giant’s data centers in Tennessee and Alabama.

Hermes 2 serves as the immediate next step after Hermes 1, the low-power demonstration reactor already under active nuclear construction at the same site, allowing the company to apply real-world lessons in an iterative development process that refines technology, licensing, supply chain, and construction methods.

Hermes 2 is a fluoride salt-cooled, high-temperature reactor, or KP-FHR. It uses TRISO coated particle fuel, which consists of tiny uranium kernels encased in multiple protective layers that contain fission products even under extreme conditions, paired with a molten fluoride salt called Flibe as the coolant. This combination provides inherent safety features because the salt operates at high temperatures without needing high pressure and can drain passively into safe storage if needed.

The project also pioneers a factory-built small modular reactor approach, with major equipment modules fabricated at Kairos Power’s facility in Albuquerque, New Mexico, then shipped to Oak Ridge for assembly using precast concrete and seismic isolation techniques.

Air Force selects three microreactor developers for ANPI

The Department of the Air Force (DAF) has moved forward with its Advanced Nuclear Power for Installations (ANPI) initiative, announcing specific company pairings to develop microreactors at three installations.

• Radiant Nuclear will partner with Buckley Space Force Base in Colorado to deploy Kaleidos, a portable 1 MW helium gas-cooled microreactor using TRISO fuel. Radiant plans its first demonstration at Idaho National Laboratory’s DOME test bed, with criticality planned before July 4th.

• Westinghouse will deploy at Malmstrom Air Force Base in Montana with the eVinci microreactor. This heat-pipe cooled design produces about 5 MW, offering eight-plus years of fuel life with minimal maintenance.

• Antares Nuclear will build at Joint Base San Antonio in Texas. Antares is focused on its R1 microreactor, a sodium heat-pipe cooled system delivering 100 kWe to 1 MWe with over six years between refueling.

ANPI’s goal is operating at least one advanced nuclear reactor on a DAF installation by 2030 or sooner.

Blue Energy Raises $380M to Build World’s First Project-Financeable Nuclear Plant

Blue Energy announced that it raised $380 million in new financing. The funds will support equipment procurement, project development, and operations for its first U.S. project. The company is creating standardized, prefabricated nuclear power plants that can pair with various reactor technologies and be assembled largely offsite in existing fabrication yards, much like how ships or offshore platforms are built.

Traditional nuclear construction has long suffered from massive cost overruns and schedule delays because each plant is essentially a one-of-a-kind megaproject built on site. Blue Energy’s model is using factory-style manufacturing, fixed-price contracts, and proven supply chains to deliver on timelines as short as 48 months. A key part of that involves initially powering the turbines with natural gas before switching to nuclear heat, which lowers early risks and makes the project far more attractive to private lenders. The NRC recently approved the general method through a Safety Evaluation earlier this year (link):

Blue Energy targets up to 1.5 gigawatts for its initial Texas site, with early works planned for later in 2026 and a final investment decision in 2027.

Natura Resources Partners with HiFunda to Develop First-of-Its-Kind Electrochemical Sensor for Molten Salt Reactors

Natura Resources has partnered with HiFunda to develop the first commercial-grade electrochemical sensor capable of directly monitoring the chemistry of molten salt inside a nuclear reactor in real time. HiFunda specializes in developing advanced materials and solutions for energy, defense, and industrial uses. They built expertise through DOE-funded projects including a multi phase Small Business Innovation Research effort to create high temperature reference electrodes and in-situ sensors capable of measuring oxygen levels directly inside molten salt environments at temperatures exceeding 700 degrees Celsius.

The agreement focuses on creating a durable probe that measures key chemical conditions without requiring operators to remove potentially radioactive samples from the reactor core. This in-situ capability will help track and control corrosion rates for maintaining the structural integrity, longevity, and safe performance of molten salt reactor systems.

First American Nuclear Submits Regulatory Engagement Plan For Fast-Spectrum Small Modular Reactor (SMR)

We actually already covered this several weeks ago on our March 1st issue of the News Rundown (link):

• First American Nuclear submits Regulatory Engagement Plan. A regulatory engagement plan, REP, lays out a company’s general reactor design and the rough timeline for holding meetings and submitting major documents such as white papers, topical reports, and construction permits. FANCO is working on a “600 MWth / 240 MWe heavy liquid metal (lead bismuth eutectic), fast spectrum reactor named EAGL-1”.

This isn’t the first time we’ve been pretty far ahead of the curve for beating companies to their own press release. A similar scenario happened with Oklo, where we reported the NRC gave them an expedited timeline for reviewing their Principal Design Criteria topical report several weeks before the company released a statement on the same update. Doomscrolling the ADAMS database instead of Instagram has its perks.

Denham Capital’s infrastructure business also announced (link) a strategic partnership with FANCO to deliver power for AI and data centers that combines immediate on-site gas-fired generation from its portfolio company Gray Oak Power with long-term clean nuclear supply from FANCO’s advanced small modular reactors.

REQUESTS FOR SUPPLEMENTAL INFORMATION – ACCEPTANCE REVIEW OF THE RADIANT NUCLEAR R-50 SPECIAL NUCLEAR MATERIAL LICENSE APPLICATION

This is why it’s important to not just celebrate as soon as an application or topical report gets submitted to the NRC. After the NRC receives a document and before they start actually assessing its contents, the NRC performs “an acceptance review of the submittal to determine if it contains sufficient information to allow the NRC staff to proceed with the detailed technical review.“ If there is sufficient information to proceed, the document is accepted for review. If not, you get a letter like the one linked above with the verbiage:

“The purpose of this letter is to advise you that additional information is needed for the NRC staff to proceed with the acceptance review of your license application. Enclosed are requests for supplemental information (RSIs) for…“

After Radiant gets the NRC the information they’re asking for, the NRC will re-review the submittal, hopefully accept the document for review, and provide Radiant with an acceptance letter and review schedule.

NuCube Energy and Argonne to Validate Remote Operations for NuCube Microreactor Through FY 2026 GAIN Voucher

NuCube Energy has secured a FY2026 Gateway for Accelerated Innovation in Nuclear (GAIN) voucher to partner with Argonne National Laboratory on validating remote and autonomous operations for its DeccaCell microreactor. The project will use a digital twin to test automated startup, continuous remote monitoring, transitions to islanding mode (when the unit operates independently from the electrical grid), and predictive maintenance capabilities. These simulations will help demonstrate that the reactor can run safely with far less on-site staff, directly addressing one of the biggest cost drivers for small nuclear systems.

The company’s DeccaCell design is a heat-pipe-cooled unit that produces both electricity and high-temperature process heat above 1,000 degrees Celsius. By proving reliable remote operations through simulation, NuCube could strengthen its case for future licensing with regulators.

Nuclear Startup Plans South Carolina Reactor as Power Needs Soar

The Nuclear Company is preparing to formally propose construction of an AP1000 reactor at one of three potential sites in South Carolina. Our very first takeaway is to raise an eyebrow at the verbiage in the article, specifically the statement that they intend to propose construction of *an* AP1000. Most of the headlines and discussions that have been shared over the past year have focused on AP1000 projects that would be built in pairs, so this is surprising to see. Hoping that it’s just a miscommunication, but the potential for a new AP1000 reactor is exciting nonetheless.

South Carolina is unquestionably a strong place to build another Westinghouse reactor given the company’s decades long history in the state. In addition to the multiple reactors already operating there, Westinghouse has been producing fuel at the Columbia Fuel Fabrication Facility since the 1960s and produces about half the fuel for the US commercial reactor fleet. The depth of nuclear engineering and operating experience in the state is great.

National Initiative for American Space Nuclear Power

The Trump administration issued a memorandum that directs nuclear fission power toward three primary space applications while laying groundwork for other uses in the coming decade:

• Lunar fission surface power systems which are compact reactors sized at 20 kWe or greater and designed to operate for at least five years once landed on the Moon. These would supply steady electricity for habitats, rovers, and science equipment during the two week lunar nights when solar panels go dark.

• The same class of reactors is slated for an in-orbit demonstration of nuclear electric propulsion around 2030, where the electricity generated would drive highly efficient ion thrusters to move spacecraft across vast distances with far less fuel than chemical rockets.

• The Department of Defense received direction to field its own in space reactor by 2031 to support national security payloads and missions that demand reliable power far from Earth.

The memo also flags low power options around one kilowatt for simpler early tests and envisions scaling up to 100 kilowatts or more in the 2030s for both surface bases and propulsion, including components shared with nuclear thermal propulsion that heats propellant directly for even faster deep space travel.

Idaho National Labs also put out a Request for Information (link) to “identify gaps in the U.S. industrial base and recommend actions to close them”. The RFI states they are attempting to “assess the readiness of the U.S. nuclear reactor industrial base to produce up to four space reactors within five years”. The administration is trying to figure out where the industry is struggling, not what they’re already good at.

Indiana, Eli Lilly to partner to bring nuclear power to the state

Indiana and Eli Lilly have signed a non-binding letter of intent to explore nuclear energy solutions in the state. Under the agreement, the state’s Office of Energy Development and the pharmaceutical company will spend the next two years studying the feasibility of deploying these systems. The initiative aligns with Lilly’s $13 billion expansion in the LEAP District, which includes facilities that require steady, round-the-clock power similar to nearby data center projects, and reflects the company’s stated commitment to cutting its environmental footprint through clean energy sources.

Fuel, Manufacturing, and Services

Zeno Power Completes Final Design Review for Space Nuclear Battery to Power Lunar Missions

Zeno Power completed the Final Design Review (FDR) for its Harmonia radioisotope power system (RPS), a nuclear battery designed specifically for lunar missions under NASA’s Artemis Tipping Point program. This milestone confirms that the full system design meets all performance requirements and moves the project into the build and fabrication phase. The company now plans a demonstration of an electrically heated version in early 2027, followed by flight qualification targeted for lunar missions starting in 2028. The system uses americium-241 as fuel and delivers 3.5 times the originally specified power output.

A radioisotope power system works like a long-lasting nuclear battery. It uses the heat generated by the natural radioactive decay of a material such as americium-241, which has a half-life of 430 years, and converts that heat into electricity through Stirling generators. Unlike solar panels or chemical batteries that will fail during the two-week lunar night when temperatures plunge below -280ºF, this setup delivers continuous power and heat without interruption. The choice of americium-241 sidesteps the tight global supply of plutonium-238 traditionally used in space probes while still offering reliable longevity for extended operations.

Department of Energy Seeks to Partner with Private Sector for Used Nuclear Fuel Recycling

The Department of Energy has issued two requests for applications seeking private sector partners to advance used nuclear fuel recycling capabilities.

• One solicitation from the Office of Nuclear Energy invites industry proposals for detailed plans to design, construct, and operate facilities that recycle, process, and fabricate fuel specifically to support the deployment of advanced reactors.

• The second from the Office of Environmental Management targets a commercial-scale demonstration project at the Idaho Nuclear Technology and Engineering Center, where a selected company would lease government property and take full responsibility for financing, building, operating, and eventually decommissioning a dedicated recycling facility focused on defense-related used nuclear fuel.

Department of Energy’s Defense Production Act Consortium Unveils New Initiative to Grow Nation’s Nuclear Fuel Cycle

After eight months of closed-door meetings, the Department of Energy’s Defense Production Act Nuclear Fuel Cycle Consortium rolled out what we would honestly refer to as a plan to make plans. Unveiled at a public meeting in Washington, the “Nuclear Dominance – 3 by 33” initiative brings together more than 90 companies to tackle every link in the chain, from mining and conversion to enrichment, deconversion, fabrication, recycling, and reprocessing.

The project announced three goals to address by 2033:

• building a secure, cost-competitive domestic supply chain

• accelerating advanced reactor deployment while closing the fuel cycle

• leveraging the DPA framework to align workforce development, financing, innovation, and collaboration

They also floated a series of 60-day sprints aimed at delivering quick wins.

What remains unclear is exactly how any of this will happen. No detailed roadmaps, budgets, or specific milestones were provided, leaving us to wonder what exactly has been going on for the last eight months since the consortium was announced?

We don’t want it to seem like we’re going full negative and jumping off the bandwagon, but we were expecting some more details than what was provided in the press release. We anticipate significantly more detail will be given throughout these series of 60-day sprints.

PJM market monitor opposes waivers for Constellation’s Three Mile Island nuclear restart

We have previously covered this story as Constellation is still trying to restart one of the Three Mile Island reactor plants and bring it back to the grid in a deal agreed upon between them and Microsoft back in 2024. Constellation is on track to restart the plant by 2027, but recent headaches have come into play from the grid operator, PJM, which have pushed the reconnection date out to 2031.

This obviously is a huge setback for Constellation and the entire idea of the reactor restart concept. Constellation’s response to the huge delay was to reach out to the federal regulator, FERC, to see if a waiver could be given for transferring grid connection rights. Constellation wants to take away the rights from a similarly rated Fossil fuel plant they own and transfer them to the Three Mile Island reactor plant.

That brings us to the most recent update. PJM has an independent market monitor attached to it to make suggestions related to operation of the PJM grid. This monitor submitted a recommendation to FERC to deny the waiver due to the waiver not meeting the basic requirements of approving it. PJM proper has kept silent on it, neither supporting or pushing back against the waiver request.

The monitor’s recommendation is not an end-all for FERC’s decision, but they do hold strong influence. A decision is expected from FERC by June 1st.

SUMMARY OF FEBRUARY 17, 2026, CLOSED MEETING WITH HEXIUM – PRE-APPLICATION ENGAGEMENT ON A SPECIAL NUCLEAR MATERIAL LICENSE

A minor update, but significant for highlighting additional players in the nuclear fuel chain. Hexium is working on laser enrichment technology, similar to developments under Silex Systems and ASP Isotopes. Hexium came out of stealth last year with the stated backing of TerraPower and Oklo. They are in the most junior of stages with the NRC compared to Silex, who has a license under review for a commercial plant in Kentucky, but further along than ASPI, who has yet to engage the NRC.

Policy, Regulation, and Industry

NRC Streamlines Environmental Reviews with Two New Rules

The NRC issued two final rules in recent weeks to streamline environmental reviews for nuclear projects under the National Environmental Policy Act (NEPA):

The first updates the list of categorical exclusions (CATEX), which are categories of routine licensing, regulatory, and administrative actions already known to have no significant effect on the environment. This change means the agency can skip preparing full environmental assessments for these activities, avoiding mountains of unnecessary paperwork. The rule is projected to save the NRC about 1,030 staff hours per year, or roughly $1.63 million over the next decade in agency resources alone (link).

The second rule codifies a new Generic Environmental Impact Statement (GEIS) for licensing new nuclear reactors. It establishes a technology-neutral framework that analyzes common environmental issues across many reactor designs and potential sites using standardized plant and site parameter envelopes. This allows future applicants and regulators to focus only on truly unique, project-specific matters rather than repeating the same broad analyses every time. The result is substantial efficiency: up to $37.7 million in net cost savings over ten years for the NRC and applicants combined (link), and saving over 6,000 hours of preparation and evaluation of repetitive environmental impact statements per reactor application (link).

The GEIS alone represents one of the largest timeline compressions to date for getting new reactors built.

NRC Proposes a New Licensing Framework to Accelerate Safe, High-Volume Deployment of Microreactors

We briefly mentioned this in our News Rundown a couple of weekends ago with a slide from Terra Innovatum’s investor deck, but the NRC has now formally proposed the Part 57 licensing framework. The fourth licensing path is tailored to microreactors and other low-consequence designs. New features include:

• Requesting approval of fleets of identical reactors

• Allowing appropriate use of alternative design standards and programs for novel reactor operation

• Streamlining environmental reviews for projects with demonstrated minimal impacts

• Providing a pathway for limited construction prior to receiving an NRC permit

The NRC also highlights the potential for timelines as short as 6-12 months for issuing construction permits and operating licenses, along with savings in the range of $3-$12 billion through reduction of exemption requests and streamlined reviews.

Changes Ahead: NRC Reorganization

The NRC has detailed its ongoing reorganization effort to realign the agency around three core business lines: new reactors, operating reactors, and nuclear materials and waste. The plan calls for changes to begin this summer with full implementation targeted by mid-summer 2026.

This shift creates two new offices, including one dedicated to advanced reactor technologies and another that unifies reactor inspection staff from headquarters and the four regional offices under a single chief inspector. Materials licensing and inspection work will consolidate under the existing Office of Nuclear Materials Safety and Safeguards, while certain security and incident response functions move into the reactor regulation office and technical training programs shift to the research office.

The reorganization integrates licensing and inspection teams within each business line so the same group handles a project from start to finish. This creates single-point accountability and smoother coordination instead of the previous fragmented approach where different offices handled different stages. By consolidating corporate support functions and shortening reporting chains, the agency aims to cut bureaucracy and deliver faster, more consistent decisions without compromising its gold-standard safety focus.

NRC Completes Fastest-Ever Reactor License Renewal, Extending Operations To 2050

The NRC has renewed the Operating License for a second time for the H.B. Robinson Steam Electric Plant Unit 2 in South Carolina, marking the fastest such review in agency history. This subsequent license renewal adds another 20 years of operation, bringing the plant’s total authorized lifetime to 80 years.

The NRC completed the entire review in just 12 months by running environmental and safety evaluations on parallel tracks, well ahead of the agency’s previous 18-month target.

Something Missing?

Looking for the other major headlines announced this week? Well, they’re probably covered in our other bi-weekly report, the Nuclear Sector Newsletter, that focuses on the publicly-traded side of the nuclear industry. It’s $10/month for coverage of all the public nuclear companies and comes with coverage for quarterly earnings and major announcements. Don’t forget the huge trove of these reports we’ve stacked up for our subscribers to read through as well!

You’ll find all the major announcements from the core nuclear companies: Cameco, BWXT, Mirion Technologies, Graham Corp, Oklo, X-energy, NuScale, Nano Nuclear, Terra Innovatum, Terrestrial Energy, Hadron Energy, Centrus Energy, Silex Systems, and Lightbridge.

Coverage is also included for all the nuclear-related headlines coming from 30 nuclear-adjacent companies such as Constellation, Vistra, GE Vernova, Rolls-Royce, Curtiss-Wright, Flowserve, Solstice Materials, ASPI, Energy Fuels, Fluor, Amentum, and Fermi.