Episode 3 of our Texas Nuclear Summit series, recorded on location in Houston at the summit hosted by the Texas Nuclear Alliance.

Brennan Moore sits down with John Arnold, Co-Founder & Co-Chair of Arnold Ventures, and Reed Clay, Founder & President of the Texas Nuclear Alliance, right after their panel at the summit.

They get into what nuclear can learn from the public backlash to data centers, why community buy-in has to start before a project arrives, where nuclear sits on the Gartner Hype Cycle, whether the US needs to build another large-scale reactor, the brownfield opportunity at Comanche Peak and South Texas Project, and how John thinks about allocating to nuclear today.

“...anyone with three traits is most exposed right now, and that’s long duration, cash burning, financing-dependent businesses.”
Brennan Moore, CFA and Andrew Meehan of Neutron Power Ventures break down the sell-off in nuclear stocks, which names have held up, and how the project-level SPV behind CoreWeave’s financing (“the box”) shows up in nuclear projects too.

Also in this episode

- Why this downturn could quickly filter the field of reactor developers into winners and losers

- Public vs private: where nuclear companies should raise right now, and where investors may find better value

- The pro rata rights dispute between Valar Atomics and early investor Day One Ventures, and why choosing aligned partners matters

- X-energy’s 960 MW joint development agreement with Amazon and AEP

- The Nuclear Company’s 6.6 GW AP1000 proposal in Kentucky, and EDF financing vs regulatory reform

- NRC renews the AP1000 design certification through 2066

- Kairos Power raises $643mm for Hermes 2

- Urenco’s enrichment expansion, and incumbents vs new entrants like General Matter

#NuclearEnergy #SMR #CleanTechInvesting #EnergyTransition #PublicMarkets #NuclearFinance

"We're building new nuclear by uprating our existing fleet."

Brennan Moore, CFA and Andrew Meehan of Neutron Power Ventures break down the week of the uprates: Amazon/Constellation, Google/Constellation, and Vistra's conditional loan from DOE's Office of Energy Dominance Financing (EDF), with a hyperscaler behind each one.

Also in this episode:

- Why uprates are the most efficient means of near-term nuclear deployment
- Korea's U.S. nuclear commitment (up to $120bn): six AP1000s and two APR1400s
- Why cost is nuclear's biggest hurdle in the West
- Why capital keeps flowing to early-stage advanced reactors in private markets
- BWRX-300 vs. first-of-a-kind advanced reactors on $/kW, plus TVA's Clinch River permit
- General Matter applies for an NRC license
- Community buy-in, Antares' NASA award, and momentum abroad