The much-hyped development of small, modular nuclear power reactors was hit with another gut punch October 29, when a major player filed for bankruptcy. The comically named “Ultra Safe Nuclear Corporation” (USNC) had been promoting a 15-megawatt “micro modular reactor” which may now go the way of the dinosaur due to soaring costs. The bankruptcy of USNC, based in Oak Ridge, Tennessee, will slam the firm’s three subsidiaries: USNC-Power Ltd., which headed the micro reactor project; Global First Power Ltd. which led nuclear projects in Canada; and USNC-Technologies, which promotes research and development. USNC has reported that financial challenges contributed to the Chapter 11 filing. One particular blow was the recent death of Richard Hollis Helms, who’d made a $100 million investment and provided $25 million in loans. “The loss of our founding and largest investor was a factor, but by no means the sole reason” for the bankruptcy, the company told Power magazine. “The company had been struggling financially for some time.”
⸺ World Nuclear News, Oct. 30; Power, Oct. 29, 2024
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