Regulatory Progress and Engagement
Formal NRC licensing engagement began January 2025; ~10 topical reports and a similar number of white papers submitted to date. Management reports progressing through pre-submittal meetings (second-to-last meeting held) with construction permit phase expected to begin between June and September 2026. Company pursuing FOAK under Part 50 with planned alignment to Part 57 for accelerated commercialization.
Secured End-to-End Supply Chain
Downselected from 130 initially identified suppliers to 30 qualified suppliers under contract (≈77% reduction in candidate pool), including partnerships with Mersen, Ameresco and a Fortune 100 energy company. Procurement activities initiated to support first deployment and early follow-on builds.
Graphite Reactor Core Prototype Achieved
Successfully produced nuclear-grade graphite reactor core engineering prototype with Mersen. Two prototype pieces produced and validated within expected tolerances, confirming manufacturability and establishing production procedures and QC standards needed for repeatable manufacturing.
Commercial Interest and Pipeline
Approximately 200 units under nonbinding MOUs representing roughly $4 billion in potential pre-commercial commitments. Active site-level engagement and deeper technical discussions with hard-to-abate sectors (mining, data centers, industrial) and federal deployment channels.
Capital Position and FOAK Funding
Cash on hand reported as >$100 million as of December 31, 2025. Management estimates FOAK development cost at $70 million and states available cash fully funds FOAK, with confirmed supply-chain-driven cost visibility aligned or lower than the $70 million baseline.
Product and Deployment Design Advancements (SOLO Node)
Introduced 'SOLO node' configuration: multiple reactors decoupled from power conversion to generate 20 MW using 16 reactors, which management states reduces reactors-per-MW by ~20% versus prior single-reactor-per-turbine designs. This is presented as lowering cost per MW, reducing footprint and improving system efficiency.
Factory-Built, Scalable Commercial Strategy
Company remains asset-light (design/integration/deployment focus) and emphasizes factory-built, transportable, repeatable units to compress on-site timelines and enable global scale. Targeted FOAK deployment in 2027 and broader commercialization beginning in 2028.