Investors have filed a class-action lawsuit against Portland-based nuclear power company NuScale, alleging that the company misled them about a major project to build small modular nuclear reactors in the United States. The project, which would have involved building six NuScale reactors at the U.S. Department of Energy's Idaho National Laboratory, collapsed due to rising interest rates and inflation. The investors claim that NuScale made false statements and failed to disclose adverse facts about the company's business and prospects. NuScale is the only company with an approved small modular nuclear reactor design by the U.S. Nuclear Regulatory Commission. The lawsuit alleges that NuScale withheld information about the financial viability of the Idaho project and that no new customers had agreed to buy the nuclear power since March. Another planned project to supply nuclear power to two Standard Power data centers in Ohio and Pennsylvania is also questioned. The investors are seeking monetary damages and interest. The lawsuit against NuScale raises questions about the financial viability of the company's projects, including the failed Idaho project and the planned project to supply nuclear power to data centers in Ohio and Pennsylvania. The investors allege that NuScale made false statements and failed to disclose adverse facts about the company's business and prospects. The lawsuit also highlights the challenges and risks associated with developing new nuclear technologies. NuScale is the only company with an approved small modular nuclear reactor design by the U.S. Nuclear Regulatory Commission. The investors are seeking monetary damages and interest. Despite the recent cancellation of a next-generation nuclear plant, backers of the carbon-free power source remain hopeful new projects will come online by the end of the decade. The US company NuScale announced the cancellation of a small modular reactor (SMR) project in Idaho due to exploding costs, taking the estimated price from $5.3 billion up to $9.3 billion. However, analysts believe there are still positive prospects for US nuclear power, citing projects such as GE Hitachi's BWRX-300 in Ontario, Canada, and the Tennessee Valley Authority's investment in the same design. The US nuclear industry aims to improve risk sharing and standardize across multiple projects to lower costs. The United States is ahead of Europe in the development of small reactors, with the US House of Representatives approving a bill to speed up the licensing of advanced nuclear power. Efforts to address rising energy demand and boost clean energy, including advanced nuclear power, are being made by companies such as Google, Microsoft, and Nucor. The US nuclear industry remains optimistic about the future of small reactors, despite a recent setback. The industry sees potential benefits in small reactors, such as lower costs and increased flexibility. Small reactors could help address challenges faced by the traditional nuclear industry, including high construction costs and public concerns about safety. Several companies and organizations, including NuScale Power, TerraPower, and the Department of Energy, are actively developing small reactor technology. Overall, the US nuclear industry remains hopeful about the adoption of small reactors as a way to enhance the country's nuclear power capabilities.
NuScale Power has received a significant boost after the U.S. Department of Energy (DoE) announced that it will provide up to $900 million in funding to aid in the deployment of small modular nuclear reactors. The funding includes $800 million for up to two first-mover teams committed to deploying a first plant with SMRs and $100 million for design, licensing, supplier development, and site preparation. The DoE expects to announce an official solicitation and open up applications for the funding in late summer or fall this year. The DoE's funding aims to support the development of clean, firm capacity to help the U.S. reach its goal of net-zero emissions by 2050. This funding is a significant boost for NuScale Power and the small modular reactor industry as a whole, as it provides financial support and validation for the technology. With NuScale being the only company with an approved small modular nuclear reactor design by the U.S. Nuclear Regulatory Commission, this funding positions the company as a key player in the future of nuclear power in the United States. The funding also highlights the government's commitment to advancing clean energy technologies and reducing greenhouse gas emissions. The U.S. nuclear industry remains optimistic about the future of small modular reactors and sees them as a crucial component in the country's transition to a clean energy future.
The Proton Power Upgrade (PPU) project for the Spallation Neutron Source (SNS) at Oak Ridge National Laboratory is nearing completion. The project involves the construction of a curved concrete tunnel extension to connect the existing particle accelerator at SNS with the planned Second Target Station (STS). The PPU project will increase accelerator power from 1.7 megawatts to 2.8 megawatts, allowing for the world's highest peak brightness of neutrons. Neutrons are used in various research applications, including developing vaccines, analyzing batteries, and studying decarbonization. The construction involved removing 20,000 cubic yards of dirt and installing a concrete block wall for radiation shielding. The SNS will be on a planned operational hiatus until June 2024 for further upgrades. Oak Ridge National Laboratory manages the SNS, which is a Department of Energy user facility. [169b2681] [6f66eaed]