🚀Both Amazon, Google Goes Nuclear

Welcome to Nuclear Update! If you thought nuclear reactions were powerful, wait until you see the news we’ve got this week!

Here’s what we have in store:

• 🚀Both Amazon, Google Goes Nuclear

• 🎉Germany Shifts to Supporting Nuclear Energy

• 🤔China to Buy $2.6 Billion in Uranium from Kazatomprom

• 💪Elon Musk: “The Dangers of Nuclear Power are Greatly Overstated”

• 🤑DOE Launches $900M Funding for SMRs

🚀Both Amazon, Google Goes Nuclear

Google and Amazon are both making significant moves into nuclear power as part of their broader strategies to support clean energy and meet the growing energy demands of their data centers, especially in the face of increasing AI advancements.

Google has announced a deal to purchase power from Kairos Power, a developer of Small Modular Reactors (SMRs). The agreement aims to bring the first reactor online by 2030 and expand to 500 MW by 2035, providing Google’s data centers with 24/7 carbon-free power.

While the exact financial terms of the deal have not been disclosed, the partnership is a significant milestone in advancing nuclear energy technologies.

Meanwhile, Amazon has committed over $500 million USD across three major nuclear power deals. The first is with Dominion Energy to explore an SMR project near Virginia’s North Anna nuclear power station, expected to deliver 300 MW.

In a second deal, Amazon is partnering with Energy Northwest to develop four SMRs in Washington, potentially expanding to 960 MW.

Additionally, Amazon has invested $500 million in X-energy, a key developer of SMR technologies, aligning with its goal of achieving net-zero carbon emissions.

Both companies' investments underscore the pivotal role SMRs will play in shaping the future of clean energy, particularly in meeting the power demands of AI-driven data centers.

🤔China to Buy $2.6 Billion in Uranium from Kazatomprom

Kazatomprom, the world’s largest uranium producer, is set to finalize a major $2.6 billion USD deal with China, representing over 50% of the company’s total assets.

The agreement, involving CNNC Overseas and China National Uranium Corporation, will be subject to a shareholder vote on November 15, 2024.

With no domestic uranium production, China is aggressively buying and stockpiling uranium to ensure a stable supply for its rapidly expanding nuclear energy sector.

Kazatomprom, which reported a 27.4% rise in net profit for the first half of 2024, stands to further strengthen its financial position. However, this significant commitment to China may reduce the availability of uranium for Western nations, particularly as the U.S. and Europe seek to expand their nuclear energy capacities.

💪Elon Musk: “The Dangers of Nuclear Power are Greatly Overstated”

🤑DOE Launches $900M Funding for SMRs

The U.S. Department of Energy (DOE) has opened applications for up to $900 million in funding to support the deployment of SMRs, with funds coming from the 2021 bipartisan infrastructure law.

The funding will be allocated in two tiers: $800 million for milestone-based awards to support early-stage projects, and $100 million to address challenges such as design and licensing.

Secretary of Energy Jennifer Granholm emphasized nuclear energy’s importance in meeting the U.S.’s growing energy demands, highlighting its role in providing carbon-free energy to the grid.

Applications are due by January 2025.

⚛️Nuclear Nuggets

An Nvidia-Backed cloud services firm wants to build a new data center in Japan, with one prerequisite: there should be nuclear power available nearby.

First design details of fusion energy plant revealed by Tokamak Energy.

BRICS members have proposed a BRICS nuclear platform to advance nuclear technology projects among member countries. The platform aims to promote nuclear energy as a clean energy source and assist with regulatory challenges.

Japan nuclear regulator approves Japan’s oldest reactor to operate beyond 50 years.

😂Meme of the Week

💪Review of the Week

We hope you’re leaving with as much energy as we are. Until next time, stay positively charged and ready for more nuclear updates!

Fredrik

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research