DOE Announces Funding for Small Nuclear Reactors
The U.S. Department of Energy announced that it has selected NuScale Power as its second winner in the agency’s public-private partnership program to support the development of small modular reactors (or, SMR). The award includes a five-year cost-sharing program including up to $226 million in funding — DOE will provide 50 percent of the cost of the project and requires matching funding from the company.
DOE originally announced its decision to partner with the nuclear industry to develop SMRs in March 2012, issuing a Funding Opportunity Announcement (or, FOA) worth up to $452 million. Babcock & Wilcox (NYSE:BWC) received the first award in November 2012 and after negotiations with DOE, the two signed an agreement in April 2013 that provides B&W with $79 million in federal funding.
DOE defines SMRs as nuclear reactors that are 300 megawatts or less, about one-third the size of a conventional large-scale nuclear reactor. B&W’s MPower design will have a capacity of 180 MW, while NuScale’s Power Module will generate a much smaller 45 MW.