Today: Apr 17, 2024

Nuclear game-changer trims staff by 50%.

3 months ago

TLDR:

  • NuScale Power, a pioneering nuclear energy startup, is laying off as much as 40% of its workforce due to mounting costs and the cancellation of its first power plant project.
  • Surging construction costs are impacting the clean energy sector, with nuclear power being particularly affected.
  • The US government is aiming to triple atomic energy production as part of its climate goals, but nuclear startups are facing financial challenges.
  • Other nuclear startups, including X-energy and Oklo, are also navigating choppy waters.
  • International nuclear competitors, such as Russia and China, are building more reactors and securing deals with other countries.
  • The US has banned its nuclear companies from working in China, while also taking steps to supply its own nuclear fuel.

NuScale Power, a nuclear energy startup, is laying off up to 40% of its workforce due to mounting costs and the cancellation of its first power plant project. The move comes as the cost of construction continues to rise and as clean energy projects, especially nuclear power, face financial challenges. The US government has pledged to triple atomic energy production worldwide in the next three decades, but the country’s nuclear startups are struggling to keep up with international competitors such as Russia and China. While other industries, such as uranium mining, are experiencing a boom in demand, nuclear startups are finding it difficult to secure funding and complete major projects.