FinancialBuzz.com News Commentary
NEW YORK, Jan. 23, 2023 /PRNewswire/ -- Nuclear power is back at the center of attention as an effective method for combating climate change. In addition to the support governments around the world have shown for the industry in recent years, private investors and market movers are now getting involved. Furthermore, celebrities and major movie directors are now working on destigmatizing nuclear energy. For example, director Oliver Stone has shown his support for nuclear power with a screening of his documentary movie 'Nuclear' at this year's World Economic Forum in Davos. According to the New York Times, the screening, "was packed - to the point of attendees sitting on the floor." Mr. Stone reasoned that the appetite for his film comes from a lack of alternative solutions, "Despite our investments in renewables, it's not improving our carbon emissions because we haven't tackled the core issue - eliminating fossil fuels," he told DealBook. "Climate change has forced us to take a new look at nuclear power." NuScale Power Corporation (NYSE: SMR), Brookfield Business Partners L.P. (NYSE: BBU), BWX Technologies, Inc. (NYSE: BWXT), Rolls Royce Holdings plc (OTC: RYCEY), Northrop Grumman Corporation (NYSE: NOC).
In the United States, however, the use of nuclear energy is limited. According to Barron's, nuclear power "accounts for about 19% of total U.S. electricity production, a level that hasn't changed much in the past decade." This stagnation is, in part, due to the fact that most of the country's plants were built in a 20-year span between 1970 and 1990 and "six have closed since the end of 2017, with three more expected to go out of operation by 2025." Meanwhile, France, a country that famously reliant on nuclear power for its energy needs, saw its nuclear industry underperform during the recent energy crisis, with long maintenance outages and an ageing fleet blamed for the deficit.
As such, it is becoming clear that there is demand for an innovative approach to revitalize this industry, and it is where companies like NANO Nuclear Energy Inc. are positioning themselves. NANO Nuclear Energy Inc. is a company emerging from the shared micro-Small Modular Reactor (µSMR) and Advanced Nuclear Reactor (ANR) ambitions of a world class nuclear technical team filled with influential and foremost nuclear experts in the field, working alongside business and industry professionals, possessing strong relationships with both government, and the private and public nuclear industries. Our company is committed to building Smaller, Cheaper, and Safer nuclear energy for the future by incorporating the latest technology into its own proprietary novel reactor designs, intellectual properties, and research methods. Currently in technical development is 'ZEUS', NANO Nuclear Energy's first generation portable, on-demand capable advanced nuclear micro reactor.
NANO Nuclear Energy Inc. announced back in November that it has appointed Dr. Ian Farnan as Lead for Nuclear Radiation and Materials. Chair of Cambridge Nuclear Energy Centre and Professor of Earth & Nuclear Materials, Dr. Farnan is an expert in the effect of nuclear radiation on materials from nuclear fuels and claddings to waste forms. He has extensive experience of high temperature materials and is currently involved in supporting the development of molten salt technology through fundamental research on in situ measurements of dissolution and speciation in molten salts.
In the US, from 2007-15, he served as a member of the scientific advisory committee of the EMSL Directorate of Pacific Northwest National Laboratory. In Europe, he has led national (UK EPSRC) and international (Euratom) research consortia including the RCUK/NDA spent fuel research group and more recently within the EPSRC advanced materials for fission program, the consortium Carbides for Future Fission Environments. He currently serves as Discipline Lead for Materials Science with the UK NDA's Nuclear Waste Services' Research Services Organisation.
"It is a pleasure to welcome Dr. Farnan to the NANO Nuclear team," said James Walker, NANO Nuclear Energy's CEO and Director. "He is a leading expert in the field and his addition is a testament to what we are building here at NANO Nuclear. I am excited to collaborate with Dr. Farnan as we develop our innovative, breakthrough technologies and continue to realize our growth strategy."
James Walker, CEO and Director of NANO Nuclear Energy, former UK Subject Matter Expert for the UK Nuclear Material Recovery Capabilities and was the technical project manager for constructing the UK reactor core manufacturing facilities, states that, "It is a pleasure to welcome Dr. Farnan to the NANO Nuclear team. He is a leading expert in the field and his addition is a testament to what we are building here at NANO Nuclear. I am excited to collaborate with Dr. Farnan as we develop our innovative, breakthrough technologies and continue to realize our growth strategy."
NuScale Power Corporation (NYSE: SMR) announced earlier this month that the Project Management Committee (PMC) for the Carbon Free Power Project (CFPP) reaffirmed its commitment to NuScale's industry-leading small modular reactor (SMR) technology by approving a new Budget and Plan of Finance (BPF) and an update to the Development Cost Reimbursement Agreement (DCRA). This key milestone was reached with the receipt and acceptance of the CFPP's Class 3 Project Cost Estimate (PCE), which further refines the anticipated total cost of the project.
Brookfield Business Partners L.P. (NYSE: BBU) reported back in October together with its institutional partners (collectively "Brookfield"), today announced an agreement to sell its nuclear technology services operation, Westinghouse Electric Company ("Westinghouse"), to a strategic consortium led by Cameco Corporation and Brookfield Renewable Partners (the "Consortium") for a total enterprise value of approximately $8 billion (the "transaction") including proceeds from the disposition of a non-core asset expected to be received prior to closing the transaction. Westinghouse is a global leader in providing mission critical technologies, products and services to the nuclear power industry. The business was acquired by Brookfield out of bankruptcy in 2018. Since its acquisition, Brookfield appointed a new world-class management team and successfully repositioned the business by strengthening the organizational structure, refocusing its product and service offerings, optimizing the global supply chain and investing in new technology.
BWX Technologies, Inc. (NYSE: BWXT) reported last year that will build the first advanced nuclear microreactor in the United States under a contract awarded by the U.S. Department of Defense (DoD) Strategic Capabilities Office (SCO). The Project Pele full-scale transportable microreactor prototype will be completed and delivered in 2024 for testing at the Idaho National Laboratory. The prototype will be built under a cost-type contract valued at approximately $300 million, depending on options selected, by BWXT Advanced Technologies LLC in facilities in Lynchburg, Virginia and Euclid, Ohio. Over the next two years, BWXT expects that approximately 120 employees will work on the project, including roughly 40 skilled trades, engineers and other positions that will be hired to support this effort and other projects.
Rolls Royce Holdings plc (OTC: RYCEY) is part of the winning BWXT team along with Northrop Grumman Corporation (NYSE: NOC), Aerojet Rocketdyne and Torch Technologies.
Subscribe Now! Watch us report LIVE https://www.youtube.com/FinancialBuzzMedia
Follow us on Twitter for real time Financial News Updates: https://twitter.com/financialbuzz
Follow and talk to us on Instagram: https://www.instagram.com/financialbuzz
Facebook Like Us to receive live feeds: https://www.facebook.com/Financialbuzz/
About FinancialBuzz.com
FinancialBuzz.com, a leading financial news informational web portal designed to provide the latest trends in Market News, Investing News, Personal Finance, Politics, Entertainment, in-depth broadcasts on Stock News, Market Analysis and Company Interviews. A pioneer in the financially driven digital space, video production and integration of social media, FinancialBuzz.com creates 100% unique original content. FinancialBuzz.com also provides financial news PR dissemination, branding, marketing and advertising for third parties for corporate news and original content through our unique media platform that includes Newswire Delivery, Digital Advertising, Social Media Relations, Video Production, Broadcasting, and Financial Publications.
FinancialBuzz.com is not a financial advisory or advisor, investment advisor or broker-dealer and do not undertake any activities that would require such registration. The information provided on http://www.FinancialBuzz.com (the 'Site') is either original financial news or paid advertisements provided [exclusively] by our affiliates (sponsored content), FinancialBuzz.com, a financial news media and marketing firm enters into media buys or service agreements with the companies which are the subject to the articles posted on the Site or other editorials for advertising such companies. FinancialBuzz.com has not been compensated directly by any of the companies mentioned here in this editorial unless mentioned otherwise. We are not an independent news media provider and therefore do not represent or warrant that the information posted on the Site is accurate, unbiased or complete. FinancialBuzz.com receives fees for producing and presenting high quality and sophisticated content on FinancialBuzz.com along with other financial news PR media services. FinancialBuzz.com does not offer any personal opinions, recommendations or bias commentary as we purely incorporate public market information along with financial and corporate news. FinancialBuzz.com only aggregates or regurgitates financial or corporate news through our unique financial newswire and media platform. For nano nuclear energy inc. video production, filming editing, news reporting, financial and corporate news dissemination, FinancialBuzz.com has been compensated five thousand dollars by the company. Our fees may be either a flat cash sum or negotiated number of securities of the companies featured on this editorial or site, or a combination thereof. The securities are commonly paid in segments, of which a portion is received upon engagement and the balance is paid on or near the conclusion of the engagement. FinancialBuzz.com will always disclose any compensation in securities or cash payments for financial news PR advertising. FinancialBuzz.com does not undertake to update any of the information on the editorial or Site or continue to post information about any companies the information contained herein is not intended to be used as the basis for investment decisions and should not be considered as investment advice or a recommendation. The information contained herein is not an offer or solicitation to buy, hold or sell any security. FinancialBuzz.com, members and affiliates are not responsible for any gains or losses that result from the opinions expressed on this editorial or Site, company profiles, quotations or in other materials or presentations that it publishes electronically or in print. Investors accept full responsibility for any and all of their investment decisions based on their own independent research and evaluation of their own investment goals, risk tolerance, and financial condition. FinancialBuzz.com. By accessing this editorial and website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as may be amended from time to time. None of the content issued by FinancialBuzz.com constitutes a recommendation for any investor to purchase, hold or sell any particular security, pursue a particular investment strategy or that any security is suitable for any investor. This publication is provided by FinancialBuzz.com. Each investor is solely responsible for determining whether a particular security or investment strategy is suitable based on their objectives, other securities holdings, financial situation needs, and tax status. You agree to consult with your investment advisor, tax and legal consultant before making any investment decisions. We make no representations as to the completeness, accuracy or timeless of the material provided. All materials are subject to change without notice. Information is obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. For our full disclaimer, disclosure and Terms of Use, please visit: http://www.financialbuzz.com
info@financialbuzz.com
+1-877-601-1879
www.FinancialBuzz.com
View original content:https://www.prnewswire.co.uk/news-releases/nuclear-power-back-in-vogue-as-governments-pursue-viable-energy-alternatives-301727834.html
