💥World’s Biggest Banks Pledge Support for Nuclear

Welcome to Nuclear Update, where every nuclear update is a reaction worth noting – sparking curiosity and powering your knowledge.

This is what we got for you this week:

• 💥World’s Biggest Banks Pledge Support for Nuclear

• 🚚First Transportable Reactor Set for 2026 Deployment

• 🥳SMART100 SMR Design Receives Approval💰

• 🎁Airbnb Co-Founder and Supermodel Donate $10M to Turbocharge Nuclear Energy

💥World’s Biggest Banks Pledge Support for Nuclear

Fourteen of the world’s largest financial institutions, including Bank of America, Goldman Sachs, and Morgan Stanley, have pledged support for nuclear energy and the COP28 goal of tripling nuclear capacity by 2050.

At last week's Climate Week event in New York, the gathering underscored the critical role of private finance in advancing nuclear energy as a key solution for decarbonizing power grids and accelerating clean energy production. Leaders from both the nuclear and financial sectors emphasized the need to develop financial instruments to make nuclear energy more competitive with other clean energy sources.

The initiative aims to strengthen partnerships between nuclear companies, data centers, and financial institutions.

This support marks a significant shift, as banks have historically been cautious about nuclear energy due to its high costs and political sensitivities. However, this backing unlocks financing for a new wave of nuclear power plants.

🚚First Transportable Reactor Set for 2026 Deployment

The Department of Defense (DoD) has begun construction on Project Pele, a transportable nuclear reactor at Idaho National Laboratory (INL).

This Generation IV reactor, developed by BWXT Advanced Technologies, is set for assembly in early 2025, with full deployment expected in 2026.

It will be the first of its kind to generate electricity in the U.S. The reactor is designed for transport in four 20-foot containers and will provide resilient, carbon-free power to support critical DoD operations in remote environments.

The project is a collaborative effort involving the Department of Energy, Nuclear Regulatory Commission, and other contractors, aiming to improve energy resilience and advance nuclear power for both military and civilian applications. INL sees this as a pioneering step in hosting advanced experimental reactors.

🥳SMART100 SMR Design Receives Approval

On 26 September, South Korea’s Nuclear Safety and Security Commission granted standard design approval for the SMART100 small modular reactor.

Developed by the Korea Atomic Energy Research Institute (KAERI), Korea Hydro & Nuclear Power (KHNP), and Saudi Arabia's KA-CARE, SMART100 is an advanced version of the SMART reactor, which was the first SMR to receive design approval in 2012.

The SMART100 enhances safety and efficiency, offering a thermal output of 365 MW and electrical output of 110 MW, with a 60-year lifespan and three-year refueling cycle. Key safety improvements include a fully passive safety system that ensures reactor cooling without external power.

The reactor's simplified, modular design boosts economic feasibility and reduces accident risks. KAERI emphasized its readiness for global export, marking a significant step forward in the development of this advanced nuclear technology.

🎁Airbnb Co-Founder and Supermodel Donate $10M to Turbocharge Nuclear Energy

AirBnB co-founder Joe Gebbia and Brazilian model Isabelle Boemeke have personally donated $10 million of their own money to establish the Nuclear Scaling Initiative (NSI) in collaboration with the Clean Air Task Force, EFI Foundation, and Nuclear Threat Initiative.

The NSI aims to scale nuclear energy deployment tenfold by 2030, targeting 50 gigawatts of clean, safe power annually to combat climate change. Key objectives include creating a demand order book for nuclear plants, harmonizing global regulations, developing a skilled workforce, and embedding nuclear security into scaling efforts.

The donation, which includes a $5 million matching challenge to attract further support, reflects growing momentum for nuclear energy. The NSI seeks to address the need for a comprehensive roadmap, promoting international collaboration and advancing nuclear energy as a critical component in the clean energy transition.

⚛️Nuclear Nuggets

A new Nuclear Energy ETF with ticker “URAN” has been launched in the US.

Sweden will begin construction on a new nuclear reactor before the country's next legislative election in 2026, Prime Minister Ulf Kristersson said in an interview published on Friday.

The Polish government has announced they will allocate $15 BUSD to construct their first power plant with partners Westinghouse & Bechtel.

😂Meme of the Week

💪Review of the Week

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