Department of Energy Announces $900 Million for Next-Gen Nuclear Reactors

The US Department of Energy (DOE) announced $900 million in funding to help companies and organizations develop the next generation of nuclear reactors.

Energy demands have been increasing, due in no small part to the rise of AI and the enormous energy requirements involved in training AI models. In some cases, the requirements are so high that they threaten companies’ climate goals. In such an environment, nuclear energy is experiencing a resurgence, as companies look to it as a source of clean energy.

The DOE wants to help foster nuclear energy development, setting aside up to $900 million for the task.

As part of the Biden-Harris Administration’s Investing in America agenda, the U.S. Department of Energy (DOE) today opened applications for up to $900 million in funding to support the initial domestic deployment of Generation III+ (Gen III+) small modular reactor (SMR) technologies. DOE plans to use this funding—made possible in part by President Biden’s Bipartisan Infrastructure Law—to spur the safe and responsible deployment of advanced reactor technologies across the country and encourage follow-on reactor projects to support our nation’s ambitious climate goals and meeting the growing demand for clean, reliable, and affordable power. Today’s announcement aims to assist the private sector in establishing a credible and sustainable pathway to deploying a fleet of Gen III+ SMRs across the country that advances environmental protection and community benefits, creates new, good-paying, high-quality jobs, and reinforces America’s leadership in the nuclear industry.

The DOE says the US roughly 700-900 GW of additional clean energy if it hopes to achieve net-zero emissions by 2050, with nuclear energy providing a viable way to achieve that goal.

“Revitalizing America’s nuclear sector is key to adding more carbon free energy to the grid and meeting the needs of our growing economy—from AI and data centers to manufacturing and healthcare,” said U.S. Secretary of Energy Jennifer M. Granholm. “Thanks to the President and Vice President’s Investing in America agenda, the nation’s nuclear industry is poised to lead the world in innovative advanced reactor technologies, which will create high-paying jobs while providing the flexible and reliable clean energy we need to support a thriving clean energy future.”

The DOE says it will fund development of next-gen reactors in two tiers:

• Tier 1: First Mover Team Support, managed by the Office of Clean Energy Demonstrations (OCED), will provide up to $800M for milestone-based awards to support up to two first mover teams of utility, reactor vendor, constructor, and end-users/off-takers committed to deploying a first plant while facilitating a multi-reactor, Gen III+ SMR orderbook and the opportunity to work with the National Nuclear Security Administration (NNSA) to incorporate safeguards and security by design into the projects.
• Tier 2: Fast Follower Deployment Support, managed by the Office of Nuclear Energy (NE), will provide up to $100M to spur additional Gen III+ SMR deployments by addressing key gaps that have hindered the domestic nuclear industry in areas such as design, licensing, supplier development, and site preparation.

Applications are due on January 17, 2025, at 5pm ET. For more information, visit the Gen III+ SMR engagement webpage here. Applicants may wish to register for the informational webinar on October 22, 2024 here. Questions about the solicitation may be directed to Gen3PlusSMR@hq.doe.gov. Questions about navigating OCED eXCHANGE may be directed to OCED-ExchangeSupport@hq.doe.gov.

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