The SMR Race Is Narrowing Fast

A close look at the 10 small modular reactor companies the DOE selected for fast-track development, along with a few that didn’t make the list.

Schematic of Antares Nuclear’s design. Credit: Antares

Last Tuesday, the Department of Energy selected 10 companies that it aims to fast-track for the development of small modular reactors. The agency said the goal of the project is “to construct, operate, and achieve criticality of at least three test reactors using the DOE authorization process by July 4, 2026.”

That’s an ambitious goal, and in my view, it’s unlikely to be achieved. Nevertheless, the selection of the 10 companies is proof that the race to build and commercialize small modular reactors is narrowing fast. The stakes are enormous. The companies that succeed in getting their reactors into commercial operation over the next decade or so will be able to compete in the booming global power generation equipment sector, which is currently worth about $250 billion annually. And that market is expected to grow by about 5% per year through 2035. Further, all of these are US companies. By fast-tracking their growth, the DOE is helping assure that the United States leads the SMR race. That’s essential given the global competition in the nuclear sector, including from state-owned companies like Russia’s Rosatom and the China National Nuclear Corporation.

While the DOE selection and the Trump administration’s staunch backing for new reactors are key, obstacles abound. Yes, there’s loads of momentum for new nuclear here in the US and around the world. But I’ve been watching this sector for nearly two decades, and it’s clear that many hurdles remain. I wrote my first article on SMRs in 2008. That article included a mention of NuScale Power, which is now publicly traded under the ticker SMR. But NuScale still hasn’t built a commercial reactor. For more on why we need to be clear-eyed about the challenges, see my piece from last December, “Seven Reasons To Be Skeptical About SMRs (With Four Charts).”

Now let’s look at the companies that made the DOE’s list, as well as a few that didn’t.