SMR investment updates
NUCLEAR SMRs
CEO Warren East says the company has developed a clean energy solution that can deliver cost competitive and scalable net-zero power for multiple applications – from grid and industrial electricity production to hydrogen and synthetic fuel manufacturing .
“ The business could create up to 40,000 jobs , through UK deployment and export enabled growth ,” he says .
The SMR market is projected to reach US $ 11.3bn by 2026 from an estimated US $ 9.7bn in 2021 , and at a CAGR of 3.2 % during the forecast period , according to ResearchAndMarkets . com .
More than 70 commercial SMR designs currently in development around the world target varied outputs and different applications , such as electricity , hybrid energy systems , heating , water desalination and steam for industrial applications , according to the IAEA . SMRs could be paired with and increase the efficiency of renewable sources in a hybrid energy system .
McKinsey notes growing interest in SMRs , which can be factory-built and installed relatively quickly , greatly reducing financing costs .
SMR investment updates
Andrew Storer , CEO , Nuclear AMRC , says the new £ 15mn facility at Infinity Park , Derby , due to open early 2023 , will play a vital role in helping manufacturers seize the opportunities and tackle the challenges of the national transition to net-zero emissions .
" A new generation of nuclear power is at the heart of the UK ' s plans for a secure lowcarbon energy mix , and we will work closely with companies of all sizes to help them join the supply chains for technologies such as small modular reactors , fusion power , and clean hydrogen generation ," he said .
Paragon Energy Solutions , a company focused on providing safety-related parts and components to the nuclear industry , has signed a teaming agreement with Reuter- Stokes , a Baker Hughes business . The agreement encompasses joint marketing , project development and execution in the growing nuclear SMR and advanced reactor markets .
Nucor Corporation is investing US $ 15mn in SMR developer NuScale Power . This capital will support the path to commercialisation of NuScale ’ s proprietary and innovative SMR technology : the NuScale Power Module .
“ As America ' s largest steel producer and a significant energy consumer , we are looking for safe and reliable sources of power generation that are consistent with our sustainability goals ,” said Leon Topalian , President & CEO of Nucor Corporation .
“ The continued development of small modular nuclear reactors is critical to ensure our nation has carbon-free , baseload power , which is why we are making this investment in NuScale .”
South Korea ' s SK Group is mulling investments in small-sized nuclear reactors , with one of the candidates being TerraPower , a US venture founded by Bill Gates , according to Reuters .
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