Key Players in the Nuclear Small Modular Reactors (SMRs) Market: A Detailed Company Profile

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Nuclear Small Modular Reactors Market Companies

Nuclear Small Modular Reactors (SMRs) Market Companies
  • NuScale Power (U.S.)
  • Rolls-Royce SMR (UK)
  • Westinghouse Electric Company (U.S.)
  • GE Hitachi Nuclear Energy (U.S./Japan)
  • Holtec International (U.S.)
  • TerraPower (U.S.)
  • X-energy (U.S.)
  • Kairos Power (U.S.)
  • BWX Technologies/BWXT (Canada/U.S.)
  • Rosatom (Russia)
  • CNNC/CGN (China)
  • KHNP/KAERI (South Korea)
  • Oklo (U.S.)
  • Newcleo (France)
  • Ultra Safe Nuclear Corporation (USNC)

NuScale Power (U.S.)

  • Company Name and Headquarters: NuScale Power, LLC (headquartered in Portland, Oregon, U.S.)

  • Product Offerings related to Nuclear SMRs: NuScale is developing a pressurized water reactor (PWR) SMR design. Their flagship product is the NuScale Power Module™ (NPM), a 77 MWe (previously 50 MWe) integral PWR. They offer a scalable power plant design, allowing for configurations from 4 to 12 modules, providing up to 924 MWe.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: While commercial deployment is still some years away, NuScale holds a significant lead in regulatory approval in the U.S. and is often cited as a frontrunner. Specific revenue figures from SMRs are not yet available as no plants are operational, but their valuation is based on future deployment potential.

  • Recent Developments, Partnerships, or Innovations:

    • First SMR design to receive design certification from the U.S. Nuclear Regulatory Commission (NRC) in 2020, with an updated 77 MWe design certified in 2023.

    • Partnership with UAMPS (Utah Associated Municipal Power Systems) for the Carbon Free Power Project (CFPP) in Idaho, aiming for the first module to be operational by 2029.

    • Memoranda of Understanding (MOUs) and collaborations with entities in Romania, Poland, Ukraine, and others for potential SMR deployment.

    • Focus on enhanced safety features and passive cooling.

  • Competitive Positioning and Strategic Focus: NuScale’s primary competitive advantage is its U.S. NRC design certification, which provides a significant regulatory head start. Their strategic focus is on rapid commercialization, leveraging their certified design, and targeting diverse applications including power generation, industrial heat, and desalination.

  • Key Customers or Industries Served: Utilities (municipal and private), industrial users (e.g., hydrogen production, data centers), and governments seeking reliable, carbon-free baseload power.

Rolls-Royce SMR (UK)

  • Company Name and Headquarters: Rolls-Royce SMR (headquartered in Derby, UK). It’s a subsidiary formed by Rolls-Royce, with support from BNF Resources UK Limited and Exelon Generation Limited.

  • Product Offerings related to Nuclear SMRs: Rolls-Royce SMR is developing a 470 MWe pressurized water reactor (PWR) design. Their approach emphasizes modular construction and factory-built components to reduce costs and construction times.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: As a relatively new entity focused on SMRs, specific market share and revenue are not yet established. The UK government has invested significantly, signaling strong national support.

  • Recent Developments, Partnerships, or Innovations:

    • Received £210 million from the UK government as part of a £405 million funding package to develop its SMR design.

    • Selected as the preferred technology for a potential SMR program in the UK.

    • Collaboration with various suppliers and engineering firms for modular construction.

    • Signed MOUs with Czech Republic, Turkey, Estonia, and other nations for potential deployment.

  • Competitive Positioning and Strategic Focus: Leveraging Rolls-Royce’s extensive engineering and manufacturing heritage, the company aims to deliver a cost-effective, factory-built SMR. Their strategic focus is on domestic deployment in the UK first, followed by international export, aiming for a rapid deployment schedule for a fleet of SMRs.

  • Key Customers or Industries Served: UK government and utility companies, as well as international governments and utilities looking for a dispatchable, carbon-free power source.

Westinghouse Electric Company (U.S.)

  • Company Name and Headquarters: Westinghouse Electric Company LLC (headquartered in Cranberry Township, Pennsylvania, U.S.)

  • Product Offerings related to Nuclear SMRs: Westinghouse offers the AP300™ SMR, a 300 MWe single-loop pressurized water reactor (PWR) derived from its larger AP1000® plant. They also have a legacy in various reactor technologies.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: While a major player in large-scale nuclear, their SMR offering is newer. They aim to capture a significant share of the future SMR market. Revenue from the SMR segment is currently minimal but anticipated to grow with design maturation and deployment.

  • Recent Developments, Partnerships, or Innovations:

    • Launched the AP300 SMR design in 2023, leveraging proven AP1000 technology for faster licensing.

    • Engaged with potential customers and regulatory bodies globally.

    • Continuing innovation in fuel technology and operational efficiency for their reactor designs.

  • Competitive Positioning and Strategic Focus: Westinghouse benefits from a long-standing reputation and vast experience in nuclear power plant design, construction, and operation globally. Their strategic focus is on offering a proven, reliable, and passively safe design based on the AP1000 to accelerate deployment and reduce risk.

  • Key Customers or Industries Served: Global utilities, government agencies, and industrial clients seeking reliable, dispatchable power solutions.

GE Hitachi Nuclear Energy (U.S./Japan)

  • Company Name and Headquarters: GE Hitachi Nuclear Energy (a joint venture headquartered in Wilmington, North Carolina, U.S.)

  • Product Offerings related to Nuclear SMRs: GE Hitachi offers the BWRX-300, a 300 MWe boiling water reactor (BWR) with natural circulation. It’s an evolution of their globally deployed Boiling Water Reactor (BWR) technology.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: GE Hitachi is a significant player in the conventional nuclear market. For SMRs, they are a strong contender with early regulatory engagement in several countries. Revenue is still largely prospective for the SMR segment.

  • Recent Developments, Partnerships, or Innovations:

    • Selected by Ontario Power Generation (OPG) for the Darlington New Nuclear Project in Canada, aiming for commercial operation by 2028.

    • Design selected for potential deployment in Poland and Estonia.

    • Focus on a simpler, more passive safety design compared to previous BWRs.

    • Collaboration with various industry partners for supply chain and construction.

  • Competitive Positioning and Strategic Focus: GE Hitachi leverages its vast experience in BWR technology and global supply chain. Their strategic focus is on delivering a cost-competitive, simplified design with passive safety features that can be deployed relatively quickly, aiming for global market penetration.

  • Key Customers or Industries Served: Utilities in North America, Europe, and Asia seeking carbon-free power, industrial process heat, and grid stability.

Holtec International (U.S.)

  • Company Name and Headquarters: Holtec International (headquartered in Jupiter, Florida, U.S.)

  • Product Offerings related to Nuclear SMRs: Holtec is developing the SMR-160, a 160 MWe pressurized light water reactor. It features passive safety systems and is designed for diverse applications.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: Primarily known for its dry storage and transport of nuclear fuel, Holtec is a newer entrant into reactor design. Their SMR segment is still in development, so specific market share and revenue figures are not yet established.

  • Recent Developments, Partnerships, or Innovations:

    • Received funding from the U.S. Department of Energy (DOE) for SMR development.

    • Engaging with regulatory bodies in the U.S., Canada, and Ukraine.

    • Focus on deep underground siting capability for enhanced security.

    • Collaboration with Mitsubishi Electric for instrumentation and control systems.

  • Competitive Positioning and Strategic Focus: Holtec aims to differentiate with its focus on inherent safety, including the ability for deep underground deployment and full passive cooling. Their strategic focus is on securing early adopters for their unique design and leveraging their experience in other parts of the nuclear fuel cycle.

  • Key Customers or Industries Served: Utilities, governments, and industries requiring secure, reliable, and passively safe nuclear power.

TerraPower (U.S.)

  • Company Name and Headquarters: TerraPower LLC (headquartered in Bellevue, Washington, U.S.)

  • Product Offerings related to Nuclear SMRs: TerraPower is developing the Natrium™ reactor, a 345 MWe sodium-cooled fast reactor combined with a molten salt energy storage system. This unique design allows for flexible power output. They are also exploring molten chloride fast reactors.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: TerraPower is a privately held company backed by Bill Gates. As an advanced reactor developer, they are poised for future market entry. Revenue from SMRs is prospective.

  • Recent Developments, Partnerships, or Innovations:

    • Selected by the U.S. DOE for the Advanced Reactor Demonstration Program (ARDP).

    • Partnered with PacifiCorp to build the first Natrium plant at a retiring coal plant site in Wyoming, aiming for completion by 2030.

    • Collaboration with GE Hitachi on the Natrium project.

    • Focus on enhanced economics, fuel flexibility, and the ability to complement intermittent renewables with dispatchable power.

  • Competitive Positioning and Strategic Focus: TerraPower’s innovative Natrium design with integrated energy storage provides significant grid flexibility, a key differentiator. Their strategic focus is on rapid demonstration and deployment of their advanced reactor technology to support decarbonization efforts, particularly in regions transitioning from fossil fuels.

  • Key Customers or Industries Served: Utilities, grid operators, and industries seeking flexible, high-capacity, carbon-free power that can integrate well with renewable energy sources.

X-energy (U.S.)

  • Company Name and Headquarters: X-energy (headquartered in Rockville, Maryland, U.S.)

  • Product Offerings related to Nuclear SMRs: X-energy is developing the Xe-100, a 80 MWe high-temperature gas-cooled reactor (HTGR) that uses TRISO (TRI-structural ISOtropic) fuel pebbles. It’s designed to be deployed in modules of four, for a total of 320 MWe, and can produce electricity and high-temperature steam for industrial applications.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: As an advanced reactor developer, X-energy is focused on future market entry. Revenue from SMRs is prospective.

  • Recent Developments, Partnerships, or Innovations:

    • Selected by the U.S. DOE for the Advanced Reactor Demonstration Program (ARDP).

    • Partnered with Energy Northwest and Grant County Public Utility District to potentially deploy the first Xe-100 plant at a site near Richland, Washington.

    • Developing its proprietary TRISO-X fuel fabrication facility.

    • Signed an MOU with Dow for potential deployment at its Seadrift, Texas facility for industrial process heat and power.

  • Competitive Positioning and Strategic Focus: X-energy’s use of TRISO fuel offers inherent safety advantages and resistance to meltdown, a key differentiator. Their strategic focus is on commercializing their HTGR technology for both electricity generation and critical industrial process heat applications, aiming for a rapid, modular deployment.

  • Key Customers or Industries Served: Utilities, chemical and petrochemical industries, and other heavy industries requiring high-temperature process heat and reliable power.

Kairos Power (U.S.)

  • Company Name and Headquarters: Kairos Power (headquartered in Alameda, California, U.S.)

  • Product Offerings related to Nuclear SMRs: Kairos Power is developing the Hermes reactor, a fluoride salt-cooled high-temperature reactor (FHR) using TRISO fuel in pebble form. Their long-term vision is the Kairos Power FHR (KP-FHR) which would be much larger. Hermes is a non-power test reactor.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: Kairos Power is a privately held company focused on advanced reactor development and demonstration. Revenue from SMRs is long-term and prospective.

  • Recent Developments, Partnerships, or Innovations:

    • Received a construction permit from the U.S. NRC for their Hermes test reactor in Oak Ridge, Tennessee, a significant regulatory milestone.

    • Focus on “graduated approach” to development, starting with a non-power test reactor.

    • Innovation in liquid fluoride salt cooling and TRISO fuel technology.

  • Competitive Positioning and Strategic Focus: Kairos Power aims to deliver a safe, affordable, and rapidly deployable advanced reactor through a unique combination of TRISO fuel and liquid salt cooling. Their strategic focus is on demonstrating the technology and achieving commercial readiness for a variety of industrial and power generation applications.

  • Key Customers or Industries Served: Future customers would include utilities and industrial users seeking reliable, carbon-free power and high-temperature process heat.

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BWX Technologies/BWXT (Canada/U.S.)

  • Company Name and Headquarters: BWX Technologies, Inc. (headquartered in Lynchburg, Virginia, U.S., with significant operations in Canada).

  • Product Offerings related to Nuclear SMRs: BWXT is developing a microreactor (Banff) and has extensive experience in naval nuclear propulsion. For SMRs, BWXT Canada is developing a 300 MWe SMR design (initially a 200MWe design). They are also a key supplier of nuclear components and fuel.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: BWXT is a leading manufacturer of nuclear components. While their own SMR design is in development, they are a critical part of the supply chain for other SMR developers. Revenue from their SMR reactor design is prospective, but component manufacturing is substantial.

  • Recent Developments, Partnerships, or Innovations:

    • Selected by Ontario Power Generation (OPG) to perform initial engineering work for potential SMR deployment at the Darlington site (though GE Hitachi’s BWRX-300 was ultimately chosen for the first build).

    • Focus on robust, proven CANDU reactor technology adaptation for their SMR.

    • Development of advanced nuclear fuels and manufacturing capabilities for SMRs.

  • Competitive Positioning and Strategic Focus: BWXT leverages its decades of experience in nuclear manufacturing and fuel supply for naval and commercial reactors. Their strategic focus is on both developing their own SMR design and being a critical supplier to other SMR programs, aiming for a strong position in the SMR ecosystem.

  • Key Customers or Industries Served: Governments (especially defense), nuclear utilities, and other SMR developers requiring specialized nuclear components, fuel, and reactor designs.

Rosatom (Russia)

  • Company Name and Headquarters: Rosatom State Nuclear Energy Corporation (headquartered in Moscow, Russia).

  • Product Offerings related to Nuclear SMRs: Rosatom is developing several SMR designs, including the RITM-200 series (a PWR-based reactor derived from icebreaker propulsion systems, producing up to 50 MWe per module) and floating power units (KLT-40S). They also have a larger 300 MWe water-cooled SMR, the VBER-300.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: Rosatom is a dominant global player in the traditional nuclear power market and has already deployed its first floating SMR. Specific revenue for SMRs is not publicly disaggregated, but significant investment is being made.

  • Recent Developments, Partnerships, or Innovations:

    • Launched the world’s first floating nuclear power plant, the Akademik Lomonosov, equipped with two KLT-40S reactors, in 2019, operational in Pevek, Chukotka.

    • Developing land-based versions of the RITM-200.

    • Signed agreements with several countries for potential SMR deployment.

    • Continuous innovation in fuel cycle and reactor technology.

  • Competitive Positioning and Strategic Focus: Rosatom benefits from strong government backing and an integrated nuclear industry supply chain. Their strategic focus is on demonstrating and deploying proven reactor technology, including for remote regions and industrial applications, and expanding their global footprint in the SMR market.

  • Key Customers or Industries Served: Russian domestic energy market, and international governments and utilities, particularly in developing countries, seeking comprehensive nuclear power solutions, including SMRs for remote power and industrial use.

CNNC/CGN (China)

  • Company Name and Headquarters: China National Nuclear Corporation (CNNC) and China General Nuclear Power Group (CGN) (both headquartered in Beijing, China).

  • Product Offerings related to Nuclear SMRs:

    • CNNC: Developing the ACP100 (Linglong One), a 125 MWe pressurized water reactor.

    • CGN: Developing the ACPR50S, a 60 MWe pressurized water reactor for offshore applications. They are also involved in HTGR development.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: Both CNNC and CGN are major players in the global nuclear industry, rapidly expanding their domestic and international large reactor fleets. For SMRs, they are actively developing and deploying prototypes, with significant state backing. Revenue is largely prospective.

  • Recent Developments, Partnerships, or Innovations:

    • CNNC: Started construction of the world’s first commercial land-based SMR, the Linglong One, at the Changjiang Nuclear Power Plant in Hainan Province, targeting completion by 2026.

    • CGN: Developing offshore SMRs for island power supply, desalination, and oil & gas platforms. Also involved in the HTR-PM (High-Temperature Reactor Pebble-bed Module) project, an HTGR demonstrator.

    • Significant investment in advanced nuclear materials and manufacturing.

  • Competitive Positioning and Strategic Focus: Both companies benefit from strong state support and a rapidly maturing domestic nuclear supply chain. Their strategic focus is on achieving energy independence, exporting their nuclear technology globally, and deploying SMRs for diverse applications, including remote power, industrial heat, and marine propulsion.

  • Key Customers or Industries Served: Domestic Chinese energy market, industrial users, and international governments and utilities, particularly in Belt and Road initiative countries.

KHNP/KAERI (South Korea)

  • Company Name and Headquarters: Korea Hydro & Nuclear Power Co., Ltd. (KHNP, headquartered in Gyeongju, South Korea) and Korea Atomic Energy Research Institute (KAERI, headquartered in Daejeon, South Korea).

  • Product Offerings related to Nuclear SMRs: They are jointly developing the SMART (System-integrated Modular Advanced Reactor), a 100 MWe integral pressurized water reactor designed for electricity generation, desalination, and industrial heat.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: KHNP is a major operator of conventional nuclear power plants. The SMART reactor has received standard design approval from the Korean regulator. Revenue from SMRs is prospective, but they are a serious contender.

  • Recent Developments, Partnerships, or Innovations:

    • SMART received Standard Design Approval (SDA) from the Korean NRC in 2012, making it one of the most mature designs globally.

    • Signed an MOU with Saudi Arabia for a SMART Pre-Project Engineering (PPE) agreement.

    • Focus on passive safety and integral design.

  • Competitive Positioning and Strategic Focus: Leveraging South Korea’s advanced manufacturing capabilities and experienced nuclear industry, they aim to export the SMART reactor as a cost-effective, proven SMR solution. Their strategic focus is on global deployment, particularly in regions needing smaller, multi-purpose nuclear power plants.

  • Key Customers or Industries Served: International governments and utilities, especially in the Middle East and Southeast Asia, seeking combined power and desalination solutions.

Oklo (U.S.)

  • Company Name and Headquarters: Oklo Inc. (headquartered in Sunnyvale, California, U.S.)

  • Product Offerings related to Nuclear SMRs: Oklo is developing Aurora, a fast neutron reactor, which is a microreactor capable of generating approximately 1.5 MWe of electricity or 1.5 MWt of heat. It uses metallic, high-assay low-enriched uranium (HALEU) fuel.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: Oklo is an early-stage company focused on advanced microreactor technology. Their SMR segment is prospective.

  • Recent Developments, Partnerships, or Innovations:

    • Submitted a combined license application (COLA) to the U.S. NRC for their Aurora microreactor, which the NRC later rejected but provided valuable feedback for resubmission.

    • Focus on a compact, passively safe design with a long refueling interval (up to 20 years).

    • Received a site use permit from the U.S. DOE for the Idaho National Laboratory (INL).

    • Exploring applications for remote communities, industrial sites, and data centers.

  • Competitive Positioning and Strategic Focus: Oklo’s microreactor design offers extreme compactness, long operational cycles, and inherent safety, making it suitable for niche markets. Their strategic focus is on demonstrating and deploying their advanced fast reactor technology for distributed power generation.

  • Key Customers or Industries Served: Remote communities, industrial facilities, data centers, defense installations, and others needing off-grid or resilient power solutions.

Newcleo (France/UK/Italy)

  • Company Name and Headquarters: Newcleo (headquartered in London, UK, with operations in France and Italy).

  • Product Offerings related to Nuclear SMRs: Newcleo is developing lead-cooled fast reactors (LFRs). Their initial focus is on a 30 MWe LFR microreactor, followed by a 200 MWe SMR.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: Newcleo is a relatively new private company with significant funding, aiming to be a key player in advanced SMRs. Revenue is prospective.

  • Recent Developments, Partnerships, or Innovations:

    • Raised substantial private funding to accelerate LFR development.

    • Working on a first-of-a-kind microreactor and a larger SMR design.

    • Focus on using existing nuclear waste (depleted uranium and plutonium) as fuel, a major differentiator and sustainability advantage.

    • Strong emphasis on passive safety features inherent to LFRs.

  • Competitive Positioning and Strategic Focus: Newcleo’s use of LFR technology and its ability to “burn” existing nuclear waste provide a strong environmental and resource utilization argument. Their strategic focus is on bringing this innovative technology to market to provide sustainable, safe, and cost-effective nuclear energy solutions, addressing both energy needs and waste management.

  • Key Customers or Industries Served: Utilities, governments, and industries interested in advanced, sustainable nuclear solutions and nuclear waste reduction.

Ultra Safe Nuclear Corporation (USNC) (U.S.)

  • Company Name and Headquarters: Ultra Safe Nuclear Corporation (USNC, headquartered in Seattle, Washington, U.S.).

  • Product Offerings related to Nuclear SMRs: USNC is developing the Micro Modular Reactor (MMR™), a 15 MWe high-temperature gas-cooled microreactor that uses their proprietary Fully Ceramic Micro-encapsulated (FCM™) fuel. They are also developing a larger 45 MWt (thermal) advanced reactor for industrial heat.

  • Market Share and Estimated Revenue from Nuclear SMRs Segment: USNC is a private company focused on advanced microreactor and fuel technology. Revenue from SMRs is prospective.

  • Recent Developments, Partnerships, or Innovations:

    • Selected by the U.S. DOE for the Advanced Reactor Demonstration Program (ARDP) for a larger demonstration.

    • Partnered with Ontario Power Generation (OPG) and the U.S. Department of Defense for potential MMR deployment.

    • Developing their proprietary FCM™ fuel, which offers enhanced safety and performance.

    • Building a microreactor at the Canadian Nuclear Laboratories (CNL) Chalk River site.

  • Competitive Positioning and Strategic Focus: USNC’s FCM™ fuel and HTGR design offer extreme safety and high-temperature heat, making it suitable for both electricity and industrial process heat. Their strategic focus is on rapid, modular deployment of microreactors for remote power, industrial applications, and defense.

  • Key Customers or Industries Served: Remote communities, industrial sites (e.g., hydrogen production, mining), defense installations, and off-grid applications.

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