In the global pursuit of carbon-free energy, nuclear power is once again emerging as a viable solution. Unlike traditional large nuclear reactors, small modular reactors (SMRs) offer flexibility, safety, and efficiency on a smaller scale. SMR technology is positioning itself as a game-changer in the fight against climate change, offering an attractive option for countries seeking reliable, low-carbon energy. Small modular reactors companies are at the forefront of this movement, pioneering new technologies that could revolutionize how we generate and consume power. Let’s explore how these companies are driving the future of clean energy.

What are Small Modular Reactors?

Small modular reactors (SMRs) are nuclear reactors that generate less power than traditional reactors, typically producing up to 300 megawatts of electricity (MWe). Their modular design means they can be built in factories and assembled on-site, allowing for quicker construction and lower upfront costs compared to traditional reactors.

SMRs are not only smaller in size but also come with advanced safety features. For example, many SMR designs use passive cooling systems, which reduce the risk of overheating and meltdowns. This makes them more attractive in areas that are susceptible to natural disasters, offering both safety and reliability. Their flexibility also allows SMRs to be deployed in various locations, from industrial sites to remote regions, and can be integrated into existing energy grids to provide stable, baseload power.

The Role of SMR Companies in the Energy Transition

The development of SMRs has gained traction as countries look for ways to achieve net-zero emissions. Governments are increasingly recognizing nuclear energy as an essential part of their long-term energy strategies, and SMR companies are leading the way in making nuclear more accessible and scalable.

One of the key advantages of SMRs is their ability to complement renewable energy sources like wind and solar. While renewable sources are essential for reducing carbon emissions, they can be intermittent. SMRs provide consistent, round-the-clock power that can balance the grid when solar and wind power generation is low. This hybrid approach creates a more reliable and resilient energy system, minimizing the need for fossil fuels.

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Leading Small Modular Reactors Companies

Several companies are advancing SMR technology, with projects in various stages of development across the world. These companies are working not only on technological innovation but also on making nuclear energy more economically viable and safe.

• Westinghouse Electric Company LLC (US),
• NuScale Power, LLC. (US),
• Terrestrial Energy Inc. (Canada),
• Moltex Energy (Canada),
• GE Hitachi Nuclear Energy (US)

Recent Developments

• In June 2023, Fortum and Westinghouse Electric Company, one of world’s leading suppliers of safe and innovative nuclear technology, have signed a Memorandum of Understanding (MoU) to explore prerequisites for the development and deployment of new nuclear in Finland and Sweden. Any potential investment decisions will be made at a later stage. The collaboration with Fortum is to bring proven and industry-leading, nuclear technology to the Nordic region, delivering added energy security for many generations in the future.
• In May 2023, NuScale Power Corporation (NYSE: SMR) and Nucor Corporation (Nucor) announced the signing of a Memorandum of Understanding (MOU) to investigate co-locating NuScale’s VOYGR small modular nuclear reactor (SMR) power plants to provide clean, reliable baseload electricity to Nucor’s scrap-based Electric Arc Furnace (EAF) steel mills. The firms will also look into expanding their manufacturing partnership, in which Nucor, North America’s largest steel producer and recycler of any form of material, would supply Econiq, its net-zero steel products, for Nuscale projects.
• In April 2023, SNC-Lavalin announced its strategic agreement with Moltex on Small Modular Reactor development, thereby extending nuclear energy in Canada. SNC-Lavalin’s world-class network of expertise in engineering, licencing and regulatory affairs, cost estimation, supplier qualification and management, quality assurance, and construction and operation planning will be used by Moltex. SNC-Lavalin will work with Moltex to bring in new customers and advance Molter’s commercial objectives.
• In Jan 2023, Hitachi Nuclear Energy (GEH), Ontario Power Generation (OPG), SNC-Lavalin, and Aecon inked a deal for the installation of a BWROC 300 small modular reactor (SMR) at OPG’s Darlington New Nuclear Project site. This is North America’s first commercial contract for a grid-scale SMR.
• In Feb 2022, Terrestrial Energy Inc. signed an agreement with the Australian Nuclear Science and Technology Organisation (ANSTO). Under this agreement, ANSTO will provide technical guidance to Terrestrial Energy Inc. for the conditioning of used reactor fuel from the Integral Molten Salt Reactor (IMSR) power plants in the United States, Canada, and the United Kingdom, and other global markets.