The U.S. nuclear groundswell

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May 9, 2025

In this discussion, Chris Colbert, CEO of Elementl Power and a former executive at NuScale Power, shares his insights on the revitalization of nuclear energy. He explores how recent political support and partnerships with tech giants could signal a true nuclear renaissance. Colbert highlights key projects, including collaborations with Google and the construction of innovative reactors like TerraPower’s in Wyoming. He addresses the challenges of scaling up projects for cost reduction and the crucial role of regulatory reforms in shaping the future of nuclear energy.

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ANECDOTE

Ikea Analogy for Nuclear Build

Building multiple nuclear reactors is like assembling multiple Ikea furniture pieces; the first one is challenging, but subsequent ones are faster and easier.
This analogy illustrates how repeatability can significantly reduce construction time and costs.

INSIGHT

New Nuclear Momentum

The current U.S. nuclear market shows a growing momentum unlike the stalled renaissance of the 2000s.
A combination of market demand, investor confidence, regulatory support, and corporate buyers signals a promising new wave.

INSIGHT

Hyperscalers Drive Nuclear Demand

Corporate buyers, especially hyperscalers, are now integral in nuclear power development, unlike the earlier era driven by regulated utilities.
Their demand growth and balance sheets provide a stable base for nuclear projects beyond just power purchase agreements.

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The nuclear renaissance of the 2000s turned out to be something of a mirage. Buoyed by rising fossil gas prices, growing climate awareness, and steady load growth, nuclear seemed poised for a breakout moment. But that momentum stalled. Electricity demand flatlined. The fracking boom sent gas prices plummeting. And Fukushima rattled public confidence in nuclear power. Ultimately, only two new reactors, Vogtle units 3 and 4 in Georgia, reached completion over a decade later.

So is this latest wave of nuclear hype any different?

In this episode, Shayle talks to Chris Colbert, CEO of Elementl Power, which on Wednesday announced a deal with Google to develop three nuclear projects of at least 600-megawatts each. (Energy Impact Partners, where Shayle is a partner, is an investor in Elementl.) Chris, a former executive at NuScale Power, thinks last year may have marked the start of a nuclear revival: the recommissioning of Pennsylvania’s Three Mile Island and Michigan’s Holtec Palisades; Big Tech deals to support small modular reactor development; and the start of construction on TerraPower’s Wyoming reactor, the Western Hemisphere’s first advanced nuclear facility.

But until new reactors move beyond one-off projects to serial deployment, nuclear won’t achieve the cost reductions needed for widespread adoption. Chris and Shayle discuss what it will take to turn this groundswell of activity into widespread deployment, covering topics like:

Current tailwinds, like load growth and interest from corporate buyers
Why corporate buyers may be better positioned than utilities to take on development risks
Elementl’s technology-agnostic approach
Different nuclear technologies — light water, non-light water, and advanced designs — and Chris’s predictions for when they’ll reach commercialization
Why iteration is essential to driving down costs (and why the Google deal involves three separate projects)
How regulatory timelines are speeding up
The steps of project development with a corporate buyer
Chris’s criteria for site selection — and why attracting skilled labor ranks surprisingly high

Resources:

Latitude Media: Was 2024 really the year of nuclear resurgence?
Latitude Media: Is large-scale nuclear poised for a comeback?
Catalyst: The cost of nuclear
Latitude Media: Trump’s DOE is reupping Biden-era funding for small modular nuclear reactors
Latitude Media: Utah bets on a new developer to revive its small modular reactor ambitions

Credits: Hosted by Shayle Kann. Produced and edited by Daniel Woldorff. Original music and engineering by Sean Marquand. Stephen Lacey is executive editor.

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