NuScale CEO Touts SMR Nuclear Energy to Power AI Data Centers

NuScale Power, a provider of small modular reactors (SMRs), sees opportunity ahead for nuclear power in the AI data center market. But near-term revenues remain challenging.

Among the anecdotes to note from NuScale's Q3 of 2024 financial results:

• Revenue was $500,000, down from $7 million in Q3 of 2023.
• Net loss was $45.5 million, which was smaller than a $58.3 million net loss in Q3 of 2023.

Still, NuScale Power CEO John Hopkins insists the company is well-positioned for growing nuclear power demand -- especially as AI data centers seek new power sources.

In a prepared statement, Hopkins said: "NuScale’s SMR technology is ready for near-term deployment to support the growth of AI and other power-intensive technologies. We are the sole SMR technology approved by the U.S. Nuclear Regulatory Commission, have modules currently in production with supply chain partner Doosan Enerbility, and are seeing interest like never before.”

Hopkins continued, “We signed a contract with Fluor to proceed with RoPower’s FEED Phase 2 study for the Doicești SMR power plant in Romania, which will be the first of its kind in Europe.”

Worldwide interest in SMRs has grown amid generative AI's massive power consumption requirements. Still, it could take decades before the technology lives up to its promise. The evidence: Research from the University of Michigan shows that SMRs are economically viable and poised to start living up to their potential by 2050.