A Kentucky-based group has announced plans to build a 6 GW nuclear power plant fleet in the United States, capitalizing on bipartisan support for nuclear technology and the need to build more baseload, zero-carbon energy sources.
Lexington-based The Nuclear Company said its business model will rely on “proven licensed technology and a design-once, build-many approach.” The company said in a July 18 news release that it will develop “standardized processes and schedules to sequence work and minimize delays, including instantly moving construction expertise from one site to the next to increase efficiencies.”
“The Nuclear Company is committed to solving America’s burgeoning energy needs by redefining how large-scale nuclear infrastructure projects are delivered,” said Julianne Edwards, Nuclear Company’s chief development officer and president of the American Association of Nuclear Women. “We recognize the challenges facing the industry, where one-off nuclear projects have historically run over budget and behind schedule.”
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“Our unique approach combines proven technology and unparalleled collaboration among diverse organizations to ensure fleet-scale projects are delivered on time and on budget,” said Edwards. “Now is the time with a major shift in public opinion overwhelmingly in support of nuclear power, recent bipartisan legislative action, and our business model that lowers upfront costs. In this once-in-a-century opportunity for U.S. nuclear power, we are joining forces to reap the long-term benefits of abundant, affordable nuclear power.”
Increasing demand for electricity
The group noted that the International Energy Agency projects that increasing electrification and the rise of artificial intelligence will drive global electricity demand by nearly 30 percent by the end of 2010. These factors, plus a boom in U.S. manufacturing as companies build new factories, fueled by incentives from the Anti-Inflation Act, have utilities and other power producers looking for ways to boost electricity production.
Vogtle Nuclear Power Plant in Georgia completed a two-unit expansion earlier this year, bringing its total to four units. Vogtle Units 3 and 4 are due to begin commercial operation in July 2023 and April of this year, respectively, and are the first new utility-scale nuclear reactors built in the U.S. in decades. The two expansions won POWER’s Plant of the Year awards. Courtesy of Southern Nuclear.
The Nuclear Company is embarking on a “Nuclear Frontier” bus tour with planned stops in six states and Washington, DC. The first stop was the American Nuclear Women’s Conference in Pittsburgh, Pennsylvania, this week. The company says it wants to engage with government and industry leaders as well as develop the nuclear workforce. The company is backed by a consortium of utilities, independent power producers, hyperscalers, nuclear technology suppliers and private equity, and said it will “help mitigate risk and make nuclear an attractive investment.”
“The U.S. economy will succeed or fail based on its ability to drive innovation, and nuclear power is a cornerstone of that effort,” said Patrick Maloney, co-founder and chairman of The Nuclear Company, which is partnered with investment firm CIV. “The Nuclear Company’s business model is designed to solve the problems that have limited America’s nuclear potential. The Nuclear Company aims to reinvent America as a paradigm for clean energy progress and set the industry standard.”
In addition to CIV, which supports and incubates energy and industrial companies, investors include True Ventures, Wonder Ventures, Goldcrest Capital and MCJ Collective. Jonathan Webb, who founded indoor farming group AppHarvest in 2018 (which has since gone bankrupt), is co-founder and CEO of The Nuclear Company.
—Darrell Proctor is senior deputy editor at POWER.@POWER Magazine).
