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Nuclear’s next acceleration: Fueling a new era of U.S. energy growth

Michael Fitzgerald
Nuclear Business Development Manager

Pressure Points Newsletter - March 2026

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    News about the nuclear industry is leading news broadcasts and on the front page. The United States and the world are experiencing an unprecedented period of nuclear growth. Increasing energy demand, driven by data center projects, the focus on transitioning to clean energy sources, and the need for energy security have created a renewed demand for nuclear energy. Concurrently, commercialization of reactor technologies — including modularized construction, improved fuel forms, and non-light water reactor technologies — are working to make nuclear power more competitive compared to other energy alternatives. In the United States, investments in the nuclear industry’s ecosystem have begun, along with the initial wave of small modular reactor (SMR) projects.

    Nuclear fuel cycle projects

    An expansion of nuclear power requires investment in the nuclear fuel supply chain, which includes mining, conversion, enrichment, and fabrication. Each of these phases of nuclear fuel production has chokepoints and limitations, while adequate for current demand will not meet expected growth. Several emerging reactor designs, especially advanced reactor designs, require nuclear fuel forms that are not commercially available. Additionally, the United States has been dependent on imports of uranium from Kazakhstan, Namibia, Australia, and Canada.[1]

    In January 2026, the U.S. Department of Energy (DOE) announced $2.7bn in funding to strengthen domestic enrichment capabilities for low enriched uranium (LEU) and high-assay low enriched uranium (HALEU). Additionally, $28m was awarded to Global Laser Enrichment to advance next generation enrichment technologies.[2] The DOE has also previously awarded support to Oklo, Terrestrial Energy, TRISO-X (fuel fabrication arm of X-Energy), and Valar Atomics for fuel fabrication capacity.[3] Private investors are also investing in the nuclear fuel supply chain. Standard Nuclear is raising $140m through a Series A for their efforts to commercialize TRi-structural ISOtropic (TRISO) fuel.[4]

    Nuclear reactor pilot projects

    Executive Order (EO) 14301 initiated streamlining of reactor testing activities at national labs and established a pilot program for the testing of advanced reactors. The EO also established a goal of at least three projects achieving criticality by July 4, 2026. The Reactor Pilot Program provides a pathway from advanced reactor testing to support licensing and commercialization of these designs.[5] In August 2025, the DOE announced selection of 11 firms for the Reactor Pilot Program — Aalo Atomics Inc., Antares Nuclear Inc., Atomic Alchemy Inc., Deep Fission Inc., Last Energy Inc., Oklo Inc., Natura Resources LLC, Radiant Industries Inc., Terrestrial Energy Inc., and Valar Atomics Inc.[6]

    Several of these firms are constructing demonstration reactors on DOE land, especially Idaho National Laboratory, while a few have sought private land for their demonstration. The speed of development of these projects has not been seen since the U.S.’s first foray into nuclear power during the Manhattan Project.[7] Some examples of this fast pace of development and construction include Valar Atomics breaking ground in September 2025 at the Utah San Rafael Energy Lab (USREL).[8] In December 2025, Aalo announced shipment of the first five Aalo-0 test modules from their factory in Austin, Texas, to their testing location at INL.[9] The planned progress continues, with Radiant committing to 60 Effective-Full-Power-Days of operation in 2026. Development in microreactor and advanced SMR designs is also being accelerated through the U.S. Army’s JANUS Project, which aims to install nine microreactors at various defense sites.[10]

    Investment in operating nuclear power plants

    Growing nuclear power generation capacity in the United States is built on the foundation of ensuring adequate and stable resources are available to support continued operation of the operating nuclear fleet. Several nuclear power plants were driven into early retirement due to cheap and abundant power from natural-gas-fired power plants. However, a combination of public and private funding is currently supporting the restart of several of these facilities. The DOE Energy Dominance Financing Office announced a $1bn loan to Constellation to support the restart of the Crane Clean Energy Center, following in the path blazed by Holtec with their restart of Palisades.[11] Private funding is also providing support for restarts, with NextEra and Google reaching a 25-year power purchase agreement that is funding the restart of Duane Arnold.

    Private funding through power purchase agreements is also providing stable revenue for nuclear plants that are still operating, largely funded by tech companies. In September 2024, Microsoft signed a 20-year power purchase agreement with Constellation, which provides support for restarting the Crane Clean Energy Center.[12] In June 2025, Amazon signed a deal with Talen Energy to power a 960 MW data center located near the Susquehanna Nuclear Power Plant.[13] In June 2025, Meta signed an agreement to buy all the power output of the Clinton Clean Energy Center, preventing its early shutdown. Google has provided financial support for the restart of Duane Arnold.[14]

    Planned nuclear construction projects

    The initial wave of nuclear construction projects in the United States is in its early phase of execution. GE Vernova Hitachi, Terrapower, X-Energy, and Holtec all have SMRs starting construction. The hope is for SMRs to reduce the risk related to construction costs and deployment timelines by using modularized construction, factory fabrication, and standardized licensing approaches.

    Terrapower – Natrium

    Terrapower’s Natrium Reactor is being constructed in Kemmerer, Wyoming, adjacent to the retiring Naughton coal plant. The sodium-cooled fast reactor design of Natrium has integrated thermal storage and is capable of delivering 345 MWe and 500 MWe peak. Groundbreaking occurred in June 2024 for the non-nuclear construction, with the NRC approval expected in December 2026.

    GE Vernova Hitachi – BWRX-300

    GE Vernova Hitachi’s decades of experience in boiling-water reactors are interwoven in its latest offering in the BWRX-300 reactor design. This design has a rated power of 300 MWe. The reactor is designed for affordability and rapid deployment, using natural circulation and passive cooling for safety. The BWRX-300 has garnered much attention — across Europe, Canada, and the United States.[15]

    The first BWRX-300 is being constructed for Ontario Power Generation at Darlington, Ontario. The second BWRX-300 planned for construction is for the Tennessee Valley Authority (TVA) at the Clinch River Site, outside Oak Ridge, Tennessee. TVA will be starting site preparation activities in 2026, with approval of the construction permit application from the NRC expected by October 2026. Additional sites are being considered for the BWRX-300 across the United States and Canada.

    X-Energy – Xe-100

    X-Energy developed the high-temperature gas-cooled Xe-100 reactor design, which delivers 80 MWe. This design is scalable to a four pack, delivering 320 MWe or 12 pack delivering 960 MWe. Additionally, the higher steam temperature makes the Xe-100 design an ideal choice for industrial processes that require higher temperatures. The first Xe-100 project is planned for Dow Chemical at their plant in Seadrift, Texas. The construction permit is expected to be issued by the NRC in October 2026. Amazon and Energy Northwest signed a deal to develop an X-Energy near the Columbia Generating Station.[16]

    Holtec – SMR-300

    Holtec’s SMR-300 is a pressurized water reactor, with a once-through steam generator and integral pressurizer. This design is capable of producing 320 MWe. The design utilizes advanced passive safety systems, to obtain walk-away safety. Holtec plans to demonstrate construction of their first SMR-300 at the Palisades site in Michigan. The DOE has awarded $400m to Holtec to accelerate the deployment of SMR technologies.[17]

    Gigawatt-scale projects

    EO 14302 set the objective of having ten large light-water reactors under construction by 2030.[18] These projects are expected to add approximately 10 GW of electricity generation capacity to the grid. The DOE’s Energy Dominance Financing Office now has approximately $83bn available to allocate to major projects.[19] Many states like Tennessee, Texas, New York, Illinois, South Carolina, and Virginia are actively courting large nuclear power projects in their states.[20] The only two projects that have a specific location defined are the restart of construction activities at V.C. Summer units 2 and 3 in South Carolina and Fermi America’s energy campus in Texas. While there are several sites with previously approved construction permits or licensing activities, the first strong indication of projects moving forward will be securing the financing.

    Where the U.S. nuclear industrial base is moving

    The current period of growth of the U.S. nuclear industry combines continued support of the operating fleet, construction of fielded designs, and the development of the next generation of advanced reactors as SMR and microreactors. Large investments are being made across the spectrum of nuclear vendors — including nuclear fuels, manufacturers, and service providers. This period of growth is anticipated to demand increased capacity from existing vendors. Additionally, new nuclear vendors are going to be needed to fill capacity gaps and provide critical capabilities not currently present in the industry.

      References

      About the author

      Michael Fitzgerald  |  Nuclear Business Development Manager  |  michael_fitzgerald@hsb.com

      Michael Fitzgerald works for HSB as the Nuclear Business Development Manager. He earned a B.S. in marine engineering from the U.S. Merchant Marine Academy and master’s degrees in engineering management and mechanical engineering from the Catholic University of America. Prior to working as an Engineering Manager for several federal agencies, including the Nuclear Regulatory Commission, he served as a nuclear-qualified Surface Warfare Officer. He is licensed as a Professional Engineer in Tennessee and the District of Columbia and is an adjunct faculty member of CUA’s School of Engineering.

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      Pressure Points Newsletter - March 2026

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