Nuclear power startup NuScale Power LLC is competing against some of the biggest names in the business for a U.S. federal grant to develop the next generation of nuclear reactors -- and it is playing the safety card.
The smart money may be on Babcock & Wilcox Co, a long-time provider of reactors for U.S. submarines, in the competition to be one of two companies to split a $452 million grant, according to industry experts.
But NuScale is trumpeting the safety aspects of its new technology, and has found helpful supporters including U.S. engineering giant Fluor Corp, which bought a majority stake in the 5-year-old company last October.
Besides the money, winning a vote of confidence from the Department of Energy is perhaps worth more to NuScale, which was on the verge of collapse in early 2011 after finding out that its main backer, hedge fund manager Francisco Illarramendi, had been running a Ponzi scheme.
Then, only days after Illarramendi pleaded guilty, came the Japan earthquake and tsunami that crippled the Fukushima nuclear power plant and curtailed global demand for new reactors.
Until then, advocates had talked of a nuclear renaissance because of its low carbon footprint. But public reaction to the months of scary headlines out of Japan put many nuclear investment plans on hold.
Read more: http://www.reuters.com/article/2012/08/31/us-nuclear-smallmodular-nuscale-idUSBRE87U0RC20120831
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