Gen III+ SMRs get $900m funding boost in US

The US Department of Energy has announced $900 million to accelerate the deployment of next-generation Gen III+ light-water small modular reactors.

The funding as part of the ‘Investing in America’ agenda is aimed to support the initial US deployments of Generation III+ (Gen III+) SMR technologies and thereby help to strengthen the domestic nuclear industry and spur follow-on reactor projects.

The DOE has estimated that the US will need approximately 700-900GW of additional clean, firm capacity to reach net zero emissions by 2050. Nuclear power is a proven option that could be deployed to help to meet this need.

Per the Department’s ‘pathways’ to an advanced nuclear commercial liftoff, establishing a committed order book of reactors is the first step to achieving this by accelerating technology learning and reducing deployment costs.

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“President Biden is determined to ensure nuclear power – the nation’s single largest source of carbon free electricity – continues to serve as a key pillar of our nation’s transition to a safe and secure clean energy future,” commented US Secretary of Energy Jennifer M. Granholm.

“Today’s announcement will support early movers in the nuclear sector as we seek to scale up nuclear power and reassert American leadership in this critical energy industry.”

The DOE anticipates offering the funding in two tiers in a solicitation anticipated in late summer or autumn 2024.

In Tier 1, up to $800 million is to be provided to support up to two first mover teams of utility, reactor vendor, constructor and end-users or power off-takers committed to deploying a first plant while at the same time facilitating a multi-reactor, Gen III+ SMRs order book.

In Tier 2, up to $100 million is planned to spur additional Gen III+ SMR deployments by addressing key gaps that have hindered the domestic nuclear industry in areas such as design, licensing, supplier development and site preparation.

Gen III+ SMRs are the current state of the art in SMR technology and are versatile with the potential to be deployed in a variety of settings, from remote to urban, due to their small footprint, modular design, factory-based construction and use of established fuel supply chains.

They also have the ability to meet smaller localised power demands or can be scaled up for larger demand or used in complement with renewables.