Department of Energy Opens Applications for $900M SMR Fund

Last week, the Department of Energy opened applications to support small modular reactor deployment. The funding is for Generation III+ Light Water Small Modular Reactors. The original notice of intent to fund light water SMRs was released June 17, 2024.

“DOE estimates the U.S. will need approximately 700-900 GW of additional clean, firm capacity to reach net-zero emissions by 2050. Nuclear power is a proven option that could be deployed to meet this need, including growing demand from artificial intelligence and other data centers and the reshoring of manufacturing, while creating high-paying jobs with concentrated economic benefits for communities most impacted by the energy transition.”

See the Department of Energy’s “Pathways to Advanced Nuclear Commercial Liftoff Report” for a detailed overview of the cost benefit analysis of advanced nuclear energy.

Global Electricity Demand Set for Exponential Growth

Data Center Electricity Demand

Data Center Electricity Demand Growth

Today, data centers account for 4% of the total United States electricity demand. In 2030, this number is projected to soar according to a McKinsey report to 12% of the total electricity demand in the United States. Current infrastructure is not up for the task to meet demand which poses the question: How will we meet this unprecedented demand?

In 2030, data centers will need over 600 terawatt-hours of electricity. To give a sense of scale, 1 terawatt-hour is enough power to:

1. Cool 500,000 homes for one year
2. Light over 1 million homes for one year
3. Fully power more than 70,000 homes for one year

Recently big tech companies, such as Amazon’s $500m investment, have announced massive great interest in nuclear energy due to it’s scalability and clean output of reliable energy. To keep up with this demand, our infrastructure has a long way to go hence these investments in nuclear.

Mining Site Electrification

Mining Site Electricity Growth

To achieve the Mining Industries ambitious 2050 net-zero targets, emissions need to be reduced by 85% to hit targets. According to McKinsey, there are great opportunities to improve operations:

“Operational expenditures gains. Electrification could reduce energy costs by as much as 40 to 70 percent and reduce maintenance costs for mobile equipment by approximately 30 percent.

Operational improvements. Electric equipment could allow for steeper ramp designs, lower stripping ratios, faster cycle times, and less-frequent breakdowns.

CO2 emissions abatement. A fully electrified mine with renewable-power sources could have a carbon footprint that is 60 to 80 percent lower, avoiding carbon taxes and capturing potential green-product premiums.”

Micro reactors are of great interest in the mining community. They offer vast benefits over traditional diesel generators that may be used for power. Operational costs of refueling diesel including: maintaining fuel supply, transporting & storing fuel, generator maintenance, and more all add up to increasing costs for operators.

Micro reactors offer a unique solution for the mining industry in providing dispatchable, low maintenance, cost effective, and reliable energy.

Remote Community Power Supply Needs

Remote Community Electricity Growth

Today, over 1 billion people do not have access to a reliable energy source. A vast majority of these people are in rural areas without the infrastructure needed to support their communities. Remote areas which are using energy, are paying vastly higher prices for their commercial electricity compared to urban areas.

The most cost effective solution for these communities are microgrids. Microgrids offer flexibility in deployment given their size and energy output.

Given the vast benefits of microreactors, they offer the highest efficiency for available microgrids. For remote communities that desperately need access to reliable energy, microreactors offer a compelling solution to their needs.

The Department of Energy is working on helping guide the transition. Learn more about specific projects awarded here.

See the Hadron Energy Team at TechCrunch Disrupt 2024!

TechCrunch Disrupt 2024 in San Francisco, CA

We are excited to announce that Hadron Energy will be attending TechCrunch’s Disrupt 2024 in San Francisco, CA! With over 10,000 tech professionals, founders, venture capitalists, c-suite executives, and more, we are thrilled to be amongst the best in the business. With unprecedented growth in energy demand, especially in the tech industry, we are bound to host many thought provoking conversations.

If you are planning to attend and would like to meet the team, let us know by sending a message on LinkedIn here.

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Hadron Energy Team Outing

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