Latest news with #GEHitachi
Yahoo
19-06-2025
- Business
- Yahoo
Nvidia's (NVDA) VC Arm Joins $650 Million TerraPower Fundraise for U.S. Nuclear Deployment
TerraPower said Wednesday it raised $650 million in funding from new and existing investors, including NVentures, the venture capital division of Nvidia (NVDA, Financials), as well as HD Hyundai and company founder Bill Gates (Trades, Portfolio). Warning! GuruFocus has detected 4 Warning Signs with NVDA. The privately held nuclear energy firm said the capital will support construction of its first commercial Natrium reactor and future deployments in the U.S. and abroad. The plant, which began non-nuclear construction last year, is awaiting regulatory approval expected in 2026. The Natrium system combines advanced reactor technology with grid-scale energy storage. TerraPower, founded by Gates, is developing the reactor in partnership with GE Hitachi. Nvidia's Sid Siddeek, head of NVentures, said in the company statement that rising AI-related energy needs could increase demand for carbon-free power sources, such as nuclear. UBS acted as exclusive placement agent for the funding round. TerraPower did not disclose valuation details. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
10-06-2025
- Business
- Daily Mail
Winding road back for Rolls: Mini nuclear power plant deal could spark a chain reaction, says ALEX BRUMMER
Finally, after long delays, an unnecessary bidding competition and division inside government, Rolls-Royce has received the go-ahead to build a new generation of small modular reactors (SMRs). Almost a decade has passed since a team of Rolls' engineers visited the Daily Mail's City office to make the case for a new generation of smaller, British-made nuclear reactors. It planned to use the tried-and-tested turbines which power UK submarines. The Rolls-Royce design was innovative, would be infinitely cheaper than the super-reactor being built at Hinkley in Somerset and now destined for Sizewell C in Suffolk, and would be flexible. The reactor could be constructed on, or near, the sites of Britain's fading nuclear fleet or close to where reliable baseload power would be needed. No one quite knew at the time that the climate change agenda and demand for data centres to power AI and the digital economy would catapult SMR technology to prominence. Rolls has been straining at the leash to pursue a technology that could transform British industrial capability and exports with a potential market of $250billion to $400billion by 2035 to 2040. As the sand slipped through the egg-timer over the last several years, the world's other big electrical engineers woke up to the potential. Westinghouse of Canada (sold off by Gordon Brown), GE-Hitachi and British rival Holtec moved into the territory. Bizarrely, Rolls-Royce was kept waiting while the UK conducted an open auction, giving rivals the opportunity to play catch-up. While Britain sat on its hands, the Czech Republic became the first major customer for SMRs made by a Rolls-Royce consortium. Only now have licences and some £2.5billion of support been provided for three pioneering modular reactors in the UK. Since Labour came to office, the Energy Secretary Ed Miliband and Great British Energy have been focused on windfarms and solar power, to the detriment of everything else. Britain's fading nuclear capability meant we were stuck with a power system dependent on the wind blowing, the sun shining and still undeveloped fuel cell storage capacity. It is to the credit of the Government, and one suspects Keir Starmer's obsession with big tech, that SMRs are being embraced along with a second super-reactor to be built by France's state-owned EDF. The opportunity for Rolls in the UK and overseas to create a new business to sit alongside its Trent family of aerospace engines and defence capabilities is enormous. The thirst for electric power by Google, Amazon, Apple and Bitcoin miners, among others, is unrelenting. Several contracts, with UK makers, have already been signed by the Silicon Valley giants. New nuclear has zero carbon emissions but decommissioning and waste are still big unresolved issues. Nevertheless, the volumes of spent fuel from new generation modern reactors is a fraction of their late 20th century forbearers. Rolls-Royce shares (which I hold) have been on a tear since chief executive Tufan 'Turbo' Erginbilgic has been at the helm. The shares are up 690 per cent over the last five years placing a value on the group of £75.6billion defying dissonance with London listings. Wow. Comeback kid The long haul back for Marks & Spencer after the cyber-attack has taken a significant step. Shoppers will again be able to access fashion items such as clothing for home delivery. They will have to be a little more patient if they want beauty products or homeware. Food has been less of a problem as deliveries are already in the hands of Ocado through what, until now, has been a fraught joint venture. There can be few causes for cheer in something so disruptive which has cost an estimated £300million, undermined consumer confidence in the security of personal data and asserted downward pressure on the shares. Before the attack, M&S was on an upward trajectory. The cyber shock should assist chief executive Stuart Machin in overcoming executive complacency about progress. Having taken the opportunity to update sclerotic systems, it is quite possible that with a following wind it will come back stronger.
Yahoo
21-05-2025
- Business
- Yahoo
TVA is first US utility to apply for an SMR construction permit
This story was originally published on Utility Dive. To receive daily news and insights, subscribe to our free daily Utility Dive newsletter. The Tennessee Valley Authority on Tuesday became the first American utility to submit a small modular reactor construction permit application to the Nuclear Regulatory Commission. The application is a key step in TVA's plan to build a 300-MW SMR by 2032 at its 1,200-acre Clinch River Nuclear site in Tennessee. Non-nuclear construction could begin next January 'or sooner' as the NRC works through an expected two years of review and six months of public hearings, TVA spokesperson Scott Fiedler said in an email. TVA aims to begin nuclear construction at Clinch River in late 2028 and commission the new power plant by the end of 2032, 'subject to change based on regulatory approval and other factors,' it says. In a statement hailing 'a significant milestone for TVA, our region and our nation,' TVA President and CEO Don Moul said the application would accelerate 'the development of new nuclear technology, its supply chain and delivery model to unleash American energy.' TVA says it will be the first U.S. utility to deploy GE Hitachi's BWRX-300 boiling water SMR. The design borrows from larger boiling water reactors developed by GE since the 1960s, but occupies a significantly smaller footprint and incorporates passive safety features that nuclear experts say reduce the risk of safety events. Advanced nuclear reactors like the BWRX-300 will help power producers deliver the energy needed to support artificial intelligence, quantum computing and advanced manufacturing industries, TVA said in a news release announcing the application. In 2023, TVA said it would form a working group with GE Hitachi, Ontario Power Generation and Synthos Green Energy to develop a standard design for the BWRX-300 and its modular components. The $400 million effort aimed to ready the reactor for deployment in the U.S., Canada, Poland and other countries, TVA said. 'TVA has put in the work to advance the design and develop the first application for the BWRX-300 technology, creating a path for other utilities who choose to build the same technology,' Moul said. In April, the Canadian Nuclear Safety Commission approved an Ontario Power Generation application to build the first of four BWRX-300 reactors at its Darlington nuclear power plant site. OPG hopes to begin construction later this year and commission the first reactor in 2029. In its 2025 draft integrated resource plan, TVA proposed adding up to 1 GW of nuclear capacity by 2035. That would be a small share of a new generation mix dominated by solar (up to 20 GW), gas (up to 19 GW) and energy storage (up to 6 GW). But TVA appears committed to ensuring nuclear remains part of its energy mix in the future. 'This is not about building an SMR. We are working to develop a technology, a supply chain, a delivery model and an industry that will unleash American energy,' Moul said last month, as TVA announced its application for a $800 million DOE grant to offset some of the Clinch River project's costs. The years-long federal permitting process for new reactors is a check on TVA's — and other reactor sponsors' — near-term nuclear ambitions. The NRC review of TVA's construction permit application could stretch into 2028, based on NRC's generic schedule. If NRC issues the construction permit, TVA could begin building the reactor complex while seeking a separate operating license that NRC says can take up to 36 months to review. A final decision on the operating license might not come until 2031 or early 2032, not far off from TVA's December 2032 target to power up the reactor. The BWRX-300 does have a significant advantage over some competing advanced reactor designs: It uses the same low-enriched uranium fuel as the other 94 reactors in the U.S. commercial fleet. That means it can tap into an established, global supply chain for the material. SMRs under development by X-energy, Oklo and other emerging nuclear technology companies require high-assay, low-enriched uranium, or HALEU, which is much scarcer. The U.S. is investing billions to develop a domestic HALEU supply chain to counter a self-imposed ban on Russian HALEU imports that takes effect in 2028. But substantial domestic, private-sector supplies remain years off. Recommended Reading Santee Cooper wants to sell its unfinished reactors. What happens next?
Hamilton Spectator
20-05-2025
- Business
- Hamilton Spectator
Ontarians urge Ford government to scrap US nuclear deal for Canadian renewable energy
A new province-wide poll shows 80 per cent of Ontarians want the Ford government to cancel a major US nuclear deal in favour of Canadian renewable energy alternatives. Ford signed contracts in 2021 with US-based GE Hitachi for small modular reactors (SMRs) at the Darlington site and for enriched uranium imports — as the province moves ahead with its $20.9 billion plan to build four of the first SMRs in Canada. The first reactor is scheduled to be completed by 2029 and connected to the grid by 2030, supplying power to approximately 300,000 homes. The province says the project, once complete, will deliver 1,200 megawatts — enough electricity for 1.2 million homes. Despite the scale of the investment, it remains unclear how much of the $20.9 billion will go to GE Hitachi or other US-based suppliers. According to Ontario Power Generation (OPG), GE Hitachi is the technology developer for the Darlington SMRs — responsible for the design, procurement of major components, and engineering support for the project. Earlier this year, in response to new US tariffs, Ontario barred American firms from its electricity procurement process, urging utilities to 'buy Canadian' and seek domestic alternatives. The poll of 1,200 Ontarians, conducted by Oraclepoll Research for the Ontario Clean Air Alliance, found overwhelming support for clean energy alternatives: 88 per cent support expanding the grid to import water, wind, and solar from Quebec, Manitoba and the Maritimes; 70 per cent prefer wind and solar over US nuclear technology; 66 per cent back offshore wind projects in the Great Lakes; and 72 per cent support zero-interest utility programs for heat pumps to reduce gas use. Ontario Energy Minister Stephen Lecce defended the SMR project, calling it a 'nation-building' initiative. It will create 18,000 Canadian jobs, inject $500 million annually into the economy, and 80 per cent of project spending will remain in Ontario, he added. The construction 'will be led by Canadian workers using Canadian steel, concrete and materials to help deliver the extraordinary amount of reliable and clean power we will need to deliver on our ambitious plan to protect Ontario and unleash our economy,' Lecce said in a news release . But Jack Gibbons, chair of the Ontario Clean Air Alliance, says the project increases Ontario's dependence on foreign suppliers at a time when trade tensions with the US are escalating. According to the alliance, the new reactors will rely on enriched uranium Canada cannot produce due to international non-proliferation agreements — meaning the fuel must be imported from the United States. 'It just doesn't make sense to build new, high-cost US nuclear reactors that will drive up our electricity bills, increase our dependence on the United States, and jeopardize our national security,' Gibbons said. 'We have safer and much cheaper alternatives: wind and solar combined with storage and stronger east-west energy cooperation.' Gibbons told Canada's National Observer the timing of this nuclear investment is particularly concerning, as Ontario is urging utilities to cut reliance on American suppliers. 'This is exactly the time for Ontario to look for alternative, clean-energy sources within Canada,' he said. In an emailed response to concerns raised by the Ontario Clean Air Alliance, OPG said building wind, solar, and battery storage to match the Darlington new nuclear project's power output would be more expensive. OPG also said the renewable alternative would require far more land, new transmission lines and face supply chain risks, according to an analysis by the Independent Electricity System Operator (IESO). In contrast, the power company says the Darlington plan uses existing infrastructure, carries fewer risks, and is in a strategic location. Based on these findings, the IESO recommended going ahead with the project. The agency said the project is overwhelmingly Ontario-made. While the reactor design originates in the US, OPG says 80 per cent of the project's sourcing is from Ontario, with only five per cent coming from US suppliers. On the issue of fuel supply, the utility says it has established a diversified supply chain to minimize risks. Gibbons called on Premier Ford to collaborate with Prime Minister Mark Carney, who has pledged to make Canada a global clean-energy leader. According to the IESO, demand in Ontario is expected to rise 75 per cent by 2050. A recent report by the Ontario Clean Air Alliance estimates that electricity from new nuclear power would cost 3.6 times more than onshore wind, three times more than solar, and 1.7 times more than offshore wind. The alliance report also highlights Ontario's untapped renewable potential — especially wind energy from the Great Lakes, which could supply more than enough clean electricity to meet future demand.
National Observer
20-05-2025
- Business
- National Observer
Ontarians urge Ford government to scrap US nuclear deal for Canadian renewable energy
A new province-wide poll shows 80 per cent of Ontarians want the Ford government to cancel a major US nuclear deal in favour of Canadian renewable energy alternatives. Ford signed contracts in 2021 with US-based GE Hitachi for small modular reactors (SMRs) at the Darlington site and for enriched uranium imports — as the province moves ahead with its $20.9 billion plan to build four of the first SMRs in Canada. The first reactor is scheduled to be completed by 2029 and connected to the grid by 2030, supplying power to approximately 300,000 homes. The province says the project, once complete, will deliver 1,200 megawatts — enough electricity for 1.2 million homes. Despite the scale of the investment, it remains unclear how much of the $20.9 billion will go to GE Hitachi or other US-based suppliers. According to Ontario Power Generation (OPG), GE Hitachi is the technology developer for the Darlington SMRs — responsible for the design, procurement of major components, and engineering support for the project. Earlier this year, in response to new US tariffs, Ontario barred American firms from its electricity procurement process, urging utilities to 'buy Canadian' and seek domestic alternatives. The poll of 1,200 Ontarians, conducted by Oraclepoll Research for the Ontario Clean Air Alliance, found overwhelming support for clean energy alternatives: 88 per cent support expanding the grid to import water, wind, and solar from Quebec, Manitoba and the Maritimes; 70 per cent prefer wind and solar over US nuclear technology; 66 per cent back offshore wind projects in the Great Lakes; and 72 per cent support zero-interest utility programs for heat pumps to reduce gas use. Ford signed contracts in 2021 with US-based GE Hitachi for small modular reactors (SMRs) at the Darlington site and for enriched uranium imports — as the province moves ahead with its $20.9 billion plan to build four of the first SMRs in Canada. Ontario Energy Minister Stephen Lecce defended the SMR project, calling it a 'nation-building' initiative. It will create 18,000 Canadian jobs, inject $500 million annually into the economy, and 80 per cent of project spending will remain in Ontario, he added. The construction 'will be led by Canadian workers using Canadian steel, concrete and materials to help deliver the extraordinary amount of reliable and clean power we will need to deliver on our ambitious plan to protect Ontario and unleash our economy,' Lecce said in a news release. But Jack Gibbons, chair of the Ontario Clean Air Alliance, says the project increases Ontario's dependence on foreign suppliers at a time when trade tensions with the US are escalating. According to the alliance, the new reactors will rely on enriched uranium Canada cannot produce due to international non-proliferation agreements — meaning the fuel must be imported from the United States. 'It just doesn't make sense to build new, high-cost US nuclear reactors that will drive up our electricity bills, increase our dependence on the United States, and jeopardize our national security,' Gibbons said. 'We have safer and much cheaper alternatives: wind and solar combined with storage and stronger east-west energy cooperation.' Gibbons told Canada's National Observer the timing of this nuclear investment is particularly concerning, as Ontario is urging utilities to cut reliance on American suppliers. 'This is exactly the time for Ontario to look for alternative, clean-energy sources within Canada,' he said. In an emailed response to concerns raised by the Ontario Clean Air Alliance, OPG said building wind, solar, and battery storage to match the Darlington new nuclear project's power output would be more expensive. OPG also said the renewable alternative would require far more land, new transmission lines and face supply chain risks, according to an analysis by the Independent Electricity System Operator (IESO). In contrast, the power company says the Darlington plan uses existing infrastructure, carries fewer risks, and is in a strategic location. Based on these findings, the IESO recommended going ahead with the project. The agency said the project is overwhelmingly Ontario-made. While the reactor design originates in the US, OPG says 80 per cent of the project's sourcing is from Ontario, with only five per cent coming from US suppliers. On the issue of fuel supply, the utility says it has established a diversified supply chain to minimize risks. Gibbons called on Premier Ford to collaborate with Prime Minister Mark Carney, who has pledged to make Canada a global clean-energy leader. According to the IESO, demand in Ontario is expected to rise 75 per cent by 2050. A recent report by the Ontario Clean Air Alliance estimates that electricity from new nuclear power would cost 3.6 times more than onshore wind, three times more than solar, and 1.7 times more than offshore wind. The alliance report also highlights Ontario's untapped renewable potential — especially wind energy from the Great Lakes, which could supply more than enough clean electricity to meet future demand.
