The Babcock & Wilcox Company (B&W) (NYSE:BWC) announced today that it is accelerating the ongoing search for additional equity partners for its mPower™ small modular reactor (SMR) program. The expanded process is being launched now to seek additional partners who are ready to fully participate in the mPower™ SMR licensing and other pre-construction activities needed to deploy the lead mPower Plant by 2022, consistent with the schedule for the mPower America Project with the U.S. Department of Energy (DOE).
“B&W, through the world-class team that we have assembled, has elevated the mPower program to a leadership position in the development of SMRs to meet domestic and global market demand,” said E. James Ferland, President and CEO of B&W. “mPower is uniquely positioned to shift the paradigm for new nuclear plant deployment and we are proud that mPower is leading this exciting global business opportunity. We are taking this next logical step in program development to bring additional equity partners on board to ensure the Generation mPower venture has adequate resources over the next several years to fully capture these opportunities.” Generation mPower LLC (GmP) is the joint development company formed by B&W and Bechtel in 2010. To date, B&W has invested more than $360 million in the mPower program.
“The Company is grateful that Congress, the U.S. Department of Energy and the nuclear industry – particularly the Tennessee Valley Authority (TVA) as our lead plant customer – have all recognized the vital role that this technology will play in our Nation’s future energy and national security policy. We also appreciate the critical funding we are receiving through the DOE’s Small Modular Reactor Licensing Technical Support Program. We look forward to continuing to work with the DOE and a broader set of GmP owners to ensure near-term deployment and successful commercialization of this important new clean energy technology,” Ferland said.