Nuclear Startup Plans South Carolina Reactor as Power Needs Soar
(Bloomberg) -- The Nuclear Co., a startup, is seeking to build a reactor in South Carolina in what would be one of the first US efforts to develop a large, conventional nuclear facility in more than a decade.
Nuclear Co. may unveil a proposal as soon as next week for an AP1000 reactor at one of three potential sites in the state, according to company officials. They didn’t provide details about costs and said the deal is still being negotiated with potential partners.
Interest in nuclear energy has been increasing in order to meet the growing demand for electricity. President Donald Trump has set a goal of having 10 big reactors under construction in the US by 2030. Still, the industry is well-known for moving slowly. The last major US project, at the Vogtle plant in Georgia, was completed in 2024, seven years behind schedule and more than double its original budget.
Nuclear Co. intends to use the same reactor design as the Vogtle plant, a strategy based on the idea of using technology that’s already in use and well understood.
“We will be bringing on new nuclear, quickly,” said Douglas Smith, Nuclear Co.’s global head of public affairs. “The future is bright.”
The company’s nuclear plant may be eligible for funding under one of two existing government-led initiatives. The Energy Department’s Office of Energy Dominance Financing, formerly the Loan Programs Office, currently provides support for private-sector projects. And the US has lined up as much as $80 billion in funding from Japan for reactors using technology from Westinghouse Electric Co., which developed the AP1000.
There are at least three potential sites in South Carolina: the VC Summer Project in Fairfield County, the Savannah River facility east of Augusta, and the W.S. Lee plant in Cherokee County.
Brookfield Asset Management is evaluating plans to potentially revive the VC Summer project, an effort to build two AP1000 reactors that was abandoned in 2017 after expenses spiraled. The US Energy Department has solicited proposals to develop data centers at the Savannah River facility, potentially powered by small reactors. And Duke Energy Corp. is considering a large reactor at the W.S. Lee plant.
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