The nuclear renaissance represents an exciting opportunity for investors to allocate their capital to some of the most technologically advanced methods of electricity production. Common questions come to mind. Who are the reactor developers in the public market, and what reactors are they working on? It’s an incredibly diverse landscape of options, and investors need to understand the technology they are investing in. For that reason, this series provides a closer look at public reactor developers.
Previous notes in this series discussed Westinghouse and Oklo, as well as Nano Nuclear and GE Vernova. This third and final note in the series profiles two of the more government-focused nuclear companies: BWX Technologies (BWXT) and Rolls-Royce (RR.LN). Not only are these companies developing their own reactor designs, they are both highly integrated with their governments for nuclear energy related services.
BWX Technologies (BWXT)
BWXT boasts a rich history in nuclear innovation dating back to the 1950s, when it designed and fabricated components for the USS Nautilus, the world’s first nuclear-powered submarine. As a leading provider today, BWXT specializes in advanced nuclear solutions across defense and commercial sectors.
The company’s foundational business segment is naval nuclear propulsion, which forms the backbone of its Government Operations division. BWXT manufactures critical reactor components and fuel for the U.S. Navy, powering submarines as well as aircraft carriers.
The company’s pressurized water reactors (PWRs) use technology similar to the commercial fleet of large Westinghouse PWRs in the U.S. Submarine reactors are designed to last a vessel’s lifetime, while carrier reactors require only a single mid-life refueling. This enables the Naval Nuclear Propulsion Program to deliver millions of safe steaming miles and supports extended missions with minimal constraints. This can be contrasted against older submarines that require constant surfacing to recharge batteries and other naval vessels that require refueling on long deployments.
Of note, BWXT’s leadership in TRISO nuclear fuel is enabling more advanced programs and innovations. Tri-structural isotropic (TRISO) particles feature a uranium kernel encased in multiple high-density ceramic layers, earning recognition from the Department of Energy as the most robust nuclear fuel on Earth. It withstands extreme temperatures exceeding 3,000°F, resists corrosion and irradiation, and contains fission products internally for unparalleled safety.
This fuel powers Project Pele, BWXT’s defense microreactor initiative for the Department of Defense Strategic Capabilities Office. As prime contractor and integrator, BWXT is designing and fabricating a transportable 1-5-megawatt (MW) high-temperature gas-cooled reactor (HTGR) that fits into four standard shipping containers and can deploy rapidly by truck, train, or aircraft. The reactor’s TRISO fuel was delivered to Idaho National Laboratory in late 2025, with core manufacturing underway. Full system testing is on track for electricity production by 2028, providing resilient, zero-carbon power to remote military bases and slashing reliance on diesel and its related logistical vulnerabilities.
Leveraging Pele’s technology, BWXT is commercializing the BWXT Advanced Nuclear Reactor (BANR) under the Department of Energy’s Advanced Reactor Demonstration Program. This modular 50 MW thermal HTGR microreactor uses TRISO fuel and passive safety features that require no power or active systems for decay heat removal, enabling “walk-away-safe” status. Factory-built for rail or road transport, BANR delivers flexible energy for mining and oil & gas operations or clean electricity for data centers, campuses, and municipalities.
Rolls-Royce (RR.LN)
Rolls-Royce has been a cornerstone of the United Kingdom’s nuclear program since the 1950s, designing and manufacturing propulsion systems for the Royal Navy’s submarine fleet. Leveraging this proven expertise in PWR technology, the company is now pioneering commercial applications through its small modular reactor initiative.
The foundation of Rolls-Royce’s nuclear operations is its critical partnership with the UK Ministry of Defence on naval nuclear propulsion. From facilities in Derby, the company designs, manufactures, and supports the reactors that power every Royal Navy submarine. In January 2025, the company signed the landmark “Unity” contract valued at approximately £9 billion over eight years. The comprehensive deal covers research, design, production, and in-service support for the current fleet, the new Dreadnought submarines, and the forthcoming submarines developed in partnership with Australia and the U.S.
Extending its naval PWR heritage into the civil sector, Rolls-Royce has developed a 470 MW, compact, PWR designed for factory-based modular construction. The approach promises greater cost certainty, shorter build times, and high reliability.
In 2025, Rolls-Royce was selected as the preferred bidder by Great British Energy to deliver the UK’s inaugural small modular reactor program (read more). The first deployment will feature three units in North Wales, capable of generating sufficient electricity to power the equivalent of approximately three million homes. The project is backed by more than £2.5 billion in government investment.
BWXT and Rolls-Royce maintain a strategic partnership in advanced nuclear technologies. In October 2025, the companies formalized deeper coordination with BWXT engineering the nuclear steam generators for Rolls-Royce’s reactor, complemented by a memorandum of understanding (MOU) committing to supply these components for multiple units in the global fleet. This partnership builds directly on prior collaboration, including Rolls-Royce’s role in providing the power conversion module for BWXT’s Project Pele microreactor.
BWXT and RR.L are constituents of the VettaFi Nuclear Renaissance Index (NUKZX), along with Nano Nuclear (NNE), Oklo (OKLO) and GE Vernova (GEV). NUKZX is the underlying index for the Range Nuclear Renaissance Index ETF (NUKZ).
For more on nuclear’s comeback, please join our 30-minute webcast on March 19 at 12:30 p.m. ET. Register here.
Related Research:
Doors Swing Open for Advanced Nuclear in the U.K.
To the Moon: Nuclear Energy’s New Frontier
Not All Nuclear Exposure Is Created Equally
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