U.S. Energy Department Funds Nuclear Upgrades
Renewed support for cleaner power plants
While countries like Japan and Australia are cutting nuclear out of their energy portfolios, the U.S. is pushing forward with more advanced nuclear technologies.
On July 31, the Energy Department announced that they would fund research, development, and demonstration projects for advanced nuclear reactors. This push for newer designs is being presented as a competition to anyone who wishes to offer their ideas.
The department will be offering several rounds of funding for two of the most promising projects. The Energy Department will partner with the nuclear industry to offer $6 million in funding per project. The Federally Funded Research and Development Center (FFRDC) will offer an additional $2.4 million, and the department itself will offer up to $3.6 million per project.
The participants must also invest their own money, $1.5 million, as a cost share. In total, the two projects will be able to receive $40 million over the course of several years.
John Kotek, the Acting Assistant Secretary for Nuclear Energy, says “we have been encouraged by recent interest in advanced reactor technology.”
Certainly the U.S. has been looking for ways to both reduce carbon emissions and diversify its energy portfolio. One of our recent reports touted the importance of nuclear power to the country's energy demand.
This competition is aimed at encouraging collaboration between the nuclear industry and national laboratories to create a cleaner, safer, and more affordable version of the U.S.'s nuclear power.
The Energy Department intends for these projects to be ready for demonstration by 2035.
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Since 1995, Christian DeHaemer has specialized in frontier market opportunities. He has traveled extensively and invested in places as varied as Cuba, Mongolia, and Kenya. Chris believes the best way to make money is to get there first with the most. Christian is the founder of Bull and Bust Report and an editor at Energy and Capital. For more on Christian, see his editor's page.
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