Blog Post

In this summary, we spotlight the 2024 Nuclear SMR Innovators, as identified in Reuters Events’ comprehensive report. 

In the realm of nuclear energy, the year 2023 was a period of both challenges and opportunities. Particularly, for the market of advanced nuclear and small modular reactor (SMR) technologies there has been a dynamic shift. Notably, despite facing setbacks such as canceled orders and rescinded awards, these technologies have remained integral in the global effort to combat climate change. Consequently, their role in providing low-carbon energy sources has gained increasing recognition and importance. In this article, we will highlight 50 companies that have made significant strides in the advanced nuclear and SMR sector in 2023 and are poised to shape the industry in 2024 and beyond. 

Please note that this list is not exhaustive, and the inclusion or exclusion of a company does not reflect its standing in the industry. The companies listed below are not ranked in any order, and their position in this report does not indicate their importance within the nuclear value chain. 

Leading Utilities Among 2024 Nuclear SMR Innovators

Nuclearelectrica 

Firstly, Nuclearelectrica, a Romanian utility, is set to become the first to deploy a NuScale SMR after a previous deal fell through. The company plans to install a NuScale VOYGR unit at its Doicești thermal power plant site. 

Ontario Power Generation 

Additionally, Ontario Power Generation, a government-owned utility, is leading the way in North America with plans to construct four SMRs at its Darlington site, with the first reactor expected to be online by 2029. 

China National Nuclear Power 

Furthermore, China National Nuclear Power is already building its first SMR, Linglong One, at the Changjiang Nuclear Power Plant in Hainan Province. This SMR will be China’s second, following the successful connection of the HTR-PM unit to the grid in 2021. 

Other Players to Watch: 

Constellation Energy for backing Rolls-Royce SMR Limited. 

Dominion Energy for encouraging SMR deployment in Virginia. 

Duke Energy for committing to building two SMRs by 2035. 

Energoatom for plans to deploy a Westinghouse Electric Company AP300 SMR. 

Energy Northwest for its joint development agreement with X-energy. 

Fermi Energia for planning an SMR in Estonia. 

Tennessee Valley Authority for advancing the deployment of GE Hitachi’s SMR design. 

Reactor Development Pioneers in 2024 Nuclear SMR Innovators

ARC Clean Technology 

Moreover, ARC Clean Technology, based in New Brunswick, Canada, aims to have its 100-megawatt electric (MWe) sodium-cooled ARC-100 design operational by the end of the decade. The company submitted an environmental assessment registration and license application in July 2023. 

TerraPower 

Similarly, TerraPower, backed by Microsoft magnate Bill Gates, is collaborating with GE Hitachi Nuclear Energy to develop a novel sodium fast reactor with a molten salt storage system for increased efficiency. 

X-Energy 

Also, X-energy has emerged as a prominent player in the crowded SMR developer field, winning an expanded contract from the U.S. Department of Defense in September 2023 to develop a transportable, cost-effective advanced nuclear microreactor prototype. 

Other Players to Watch: 

EDF for its Nuward SMR design, expected to be commercialized by 2025. 

GE Hitachi Nuclear Energy for its BWRX-300 300 MWe boiling water reactor. 

Holtec Britain for being shortlisted for a British SMR contract. 

NuScale Power for being the only SMR firm to receive U.S. Nuclear Regulatory Commission certification. 

Oklo for its dual energy owner and reactor developer business model. 

Rolls-Royce SMR for its deployment plans in Britain and the Netherlands. 

Westinghouse Electric Company for its 300 MWe single-loop PWR design. 

2024 Nuclear SMR Innovators: Key Financers and Banks

Bank of America 

In the financial sector, Bank of America’s Research Investment Committee issued a report in May 2023, forecasting a 20 to 40% upside on uranium and nuclear power. The bank’s analysts expressed bullishness on the industry, countering the challenging outlook for SMRs. 

Citigroup 

In contrast, Citigroup Global Markets joined UBS Securities in advising special purpose acquisition company (SPAC) Ares Acquisition Corporation on its $1.8 billion merger with X-energy and provided financial advice for Oklo’s $850 million equity SPAC deal with AltC Acquisition Corp. 

International Bank for Nuclear Infrastructure 

Significantly, the International Bank for Nuclear Infrastructure is positioning itself as a key financier for SMRs by signing up nuclear markets like Canada, France, and the U.S. to act as a multilateral lending organization. 

Other Players to Watch: 

The Finance Ministry of Estonia for progressing with SMR site identification. 

Gugenheim Securities for providing financial advice on Oklo’s SPAC transaction. 

Jiude Capital for seed funding of Singaporean SMR hopeful Heatnuc. 

Korea Trade Insurance Corporation and the Export-Import Bank of Korea for supporting Holtec SMRs. 

The Philippine Department of Energy for investigating SMR financing. 

The U.S. Export-Import Bank and the U.S. International Development Finance Corporation for supporting SMRs in Poland. 

The U.S. Government for financing the deployment of a NuScale SMR in Romania. 

Supply Chain Champions in the 2024 Nuclear SMR Innovators

Atomic Energy of Canada Limited 

In terms of supply chain contributions, Atomic Energy of Canada Limited, made headlines in May 2023 with the announcement that its Chalk River Laboratories site would host the world’s first micro-modular reactor, a 5 MWe unit developed by Global First Power. 

Electric Power Research Institute 

Subsequently, the Electric Power Research Institute collaborates with the U.S. Nuclear Energy Agency on waste management strategies for SMRs and advanced nuclear energy systems through its Advanced Nuclear Technology Program. 

Paragon Energy Solutions 

Also worth noting, Paragon Energy Solutions plays a crucial role in advancing SMR technologies by providing safety-related parts and components to the nuclear industry. It has worked with NuScale and X-energy in recent years and became the worldwide supplier for three X-energy control systems in May 2023. 

Other Players to Watch: 

Aveva for nuclear digitization. 

Canadian Nuclear Laboratories for supporting the Chalk River Laboratories project. 

Celeros Flow Technology for nuclear-qualified pumps. 

Cohesive for nuclear asset management and advisory services. 

The Gateway for Accelerated Innovation in Nuclear for technical, regulatory, and financial support. 

Oberon Technologies for virtual reality-assisted training. 

Reuter-Stokes for neutron monitoring detection. 

Notable Contributors to the 2024 Nuclear SMR Innovators

European Commission 

Turning to international initiatives, The European Commision’s support for an industrial alliance is noteworthy. In November 2023, EU Energy Commissioner Kadri Simson backed the development of an industrial alliance for SMRs, set to launch in the coming months. This initiative aims to bring together member states and foster collaboration in the European nuclear industry. 

NexGen Energy 

Moreover, NexGen Energy became the first company in over 20 years to receive Canadian authority approval for uranium mining in November 2023. The company’s Rook I project in Saskatchewan is located in one of the world’s best uranium mining locations. 

Nuclear Power Institute of China 

Lastly, the Nuclear Power Institute of China’s ACP100 pressurized water reactor (PWR), known as Linglong One, is expected to become the world’s first commercially available SMR design. Officials from Ghana, Kenya, and Morocco have expressed interest in this 125 MWe reactor. 

Other Players to Watch: 

Anthropocene Institute for fostering nuclear innovation. 

Canadian Nuclear Safety Commission for funding SMR development. 

Fortum and Studsvik for their plans to develop nuclear plants in Sweden. 

Natural Resources Canada for its support of SMR research and development. 

North American Young Generation in Nuclear for developing future leaders in the nuclear industry. 

Nuclear Energy Institute for defending industry interests in the U.S. 

Ultimately, the advanced nuclear and SMR sector is poised for significant advancements in 2024. These 50 companies, spanning utilities, reactor developers, banks and financiers, and the supply chain, are at the forefront of innovation and are expected to play a crucial role in shaping the future of clean, reliable, and sustainable energy generation. Despite the challenges faced, the urgency to address climate change and achieve net-zero emissions has positioned nuclear power, particularly SMRs, as a key player in the global transition to a low-carbon future. 

As we anticipate the exciting developments from these trailblazers in nuclear innovation, continue exploring how Accelerant Solutions is driving the industry forward.