The Biden administration is expected to continue the bipartisan strategy of accelerating the export of U.S. nuclear energy technology to overseas markets. Forbes reports that small modular reactors (SMRs) could hold the key for export success.
In the Forbes INTERVIEW, IP3 and Allied Nuclear CEO Michael Hewitt said the future of nuclear energy development is SMRs:
“I think the days of building large nuclear power plants are really in the past. Hitachi walked away from a major UK power plant project after spending $2 billion. Where does that leave us? SMRs.”
A subsidiary of IP3, Allied Nuclear advises governments in procuring nuclear technology and tailored financing; and with starting national nuclear energy programs.
“Once they’re at production, they can compete internationally,” Hewitt said of SMRs.
“Instead of constructing [SMRs], you’re assembling [them on site in country],” Hewitt said. “It’s a repetitive model” that gives investors a better handle on cost and cost overruns, he said.
The advent of SMRs opens up new market opportunities at home and abroad for nuclear energy developers. SMRs offer unique, tailor-made solutions to countries’ energy needs while cutting construction costs. As a cheaper, smaller and scalable alternative to larger light water reactors, SMRs also help sovereign governments avoid falling for the lure of “debt-trap” boondoggles built by Russia and China.