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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.
Last week, Westinghouse and Oklo were discussed, while this note profiles GE Vernova (GEV) and Nano Nuclear (NNE). Their designs span small modular and microreactor categories with distinct approaches to size, cooling, and applications. There are multiple companies working on advanced technologies, which will be discussed in additional installments of this series.
GE Vernova (GEV)
In an effort to repurpose nuclear energy for electricity generation post-World War II, Westinghouse and Combustion Engineering developed reactor designs that utilized water for cooling the fuel in the core and transferring the heat to the steam system. Their plants were maintained at extremely high pressures to keep the water from boiling.
General Electric (GE) designed a similar reactor plant that also utilized water to transfer the heat, but they instead focused on using lower pressures that intentionally caused controlled boiling. Today we refer to these two major designs as pressurized water reactors (PWRs) and boiling water reactors (BWRs), which both fall under the light water reactor (LWR) design family.
Japan eventually took interest in developing nuclear reactors of their own, leading to the licensing of GE’s BWR technology by Hitachi and Toshiba in the 1960s. This led to a joint venture in 2007 with the founding of GE Hitachi Nuclear Energy (GEH). GEH focused on research, development, and construction of BWR technology and fuel fabrication for the reactor design.
Following GE’s three-way split in 2024, GEV inherited the Hitachi JV, which was rebranded as GE Vernova Hitachi Nuclear Energy (GVH). After over 50 years of advancing BWR technology, GVH unveiled their small modular reactor (SMR) version in 2018: the BWRX-300.
The BWRX-300 is GVH’s flagship design. This smaller, 300 megawatts electric (MWe) BWR leverages the same architecture as some of the previous generations of BWR technology developed by GVH. It employs natural circulation cooling and passive, “walk-away safe” safety systems that rely on gravity, natural convection, and other physical phenomena rather than active pumps or electrical power. This results in fewer components, approximately 50% less concrete and steel per megawatt than traditional large reactors, and a dramatically smaller plant footprint.
The BWRX-300 is already moving from concept to reality. The first unit is under construction at Ontario Power Generation’s Darlington site in Canada, making it the first commercial SMR built in North America. Four units are planned there for 1,200 MWe total output. The BWRX-300 is also slated for Tennessee Valley Authority’s Clinch River site in Tennessee. Overseas, the company is coordinating with multiple countries for potential reactor deployments in Poland, Sweden, the UK, and Hungary.
Nano Nuclear Energy (NNE)
A newer entrant, NNE focuses on micro modular reactors (MMRs) and full vertical integration across the nuclear value chain. The company is developing two MMRs optimized for portability, simplicity, and unique use cases where larger reactors are impractical.
Its lead technology is the Kronos reactor, a high-temperature gas-cooled reactor (HTGR). Rated to 15 MWe, Kronos uses a robust fuel form embedded in graphite, making the fuel nearly meltdown-resistant. Instead of using water like the LWR designs, HTGRs typically use inert helium gas to transfer heat from the reactor to the steam system.
HTGR designs enable passive cooling and “walk-away safe” operation without pumps, water, or external power. Kronos is engaged with the Nuclear Regulatory Commission. It intends to submit a construction permit for its first-of-a-kind project at the University of Illinois Urbana-Champaign. Additional interests include U.S. Air Force feasibility studies and a recent memorandum of understanding with a UAE investor for deployment in the Middle East.
To address an even lower range of power capacities, NNE is also developing the Loki reactor, which is a direct derivative of the Kronos design. Loki is a portable, space-capable microreactor with a design capacity of 1 MWe, or less. Optimized for transportability and rugged environments, LOKI targets off-grid and extraterrestrial applications including cis-lunar power systems. (For more on nuclear applications in space, read this recent article.)
Beyond reactors, NNE is building a vertically integrated business. Their wholly-owned subsidiaries are developing fuel fabrication technology, nuclear fuel transportation methods, and strategic partnerships with uranium miners and conversion facilities. NNE is also working closely with LIS Technologies on advancing next generation laser uranium enrichment technology.
GEV and NNE are constituents of the VettaFi Nuclear Renaissance Index (NUKZX), alongside Oklo (OKLO) and Cameco (CCJ), which owns 49% of Westinghouse. 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:
Profiling Reactor Technology: Westinghouse and Oklo
A New Wave of Federal Nuclear Support & Coordination
To the Moon: Nuclear Energy’s New Frontier
Not All Nuclear Exposure Is Created Equally
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