While it’s outside my usual investing topics, I am hugely interested in the development of small modular nuclear reactors (SMRs). That we are rapidly moving toward the deployment of SMRs feels like science fiction. These small, 100% reliable and clean power plants have the potential to vastly improve the power grid and the lives of people.
According to a recent article by Robert Bryce, 53 companies are racing to sell small modular reactors. On August 12, the U.S. Department of Energy announced eleven initial selections for its New Reactor Pilot Program. From the press release:
The U.S. Department of Energy (DOE) today officially kicked off President Trump’s Nuclear Reactor Pilot Program, announcing DOE will initially work with 11 advanced reactor projects to move their technologies towards deployment. DOE will work with industry on these 11 projects, with the goal to construct, operate, and achieve criticality of at least three test reactors using the DOE authorization process by July 4, 2026. Today’s initial selections represent an important step toward streamlining nuclear reactor testing and unleashes a new pathway toward fast-tracking commercial licensing activities.
The following ten companies (one has two projects) have received a significant head start on the competition. Unfortunately, most of these are private companies with only one publicly traded and another planning to list shares in the fourth quarter.
- Aalo Atomics Inc.
- Antares Nuclear Inc.
- Atomic Alchemy Inc.
- Deep Fission Inc.
- Last Energy Inc.
- Oklo Inc. (two projects)
- Natura Resources LLC
- Radiant Industries Inc.
- Terrestrial Energy Inc.
- Valar Atomics Inc.
Oklo is publicly traded under the stock symbol OKLO. Terrestrial Energy will combine with a SPAC for a planned fourth-quarter IPO.
Investing in even the public companies is challenging. OKLO is up 800% over the last year, and it is unlikely to generate any revenue until at least 2030.
As they start building reactors for actual use, these companies will need project financing help.
Blue Owl Capital Inc. (OWL) has already started with creative financing plans for data center construction. OWL is a fast-growing financial assets manager with an equally fast-growing dividend.
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