Meta’s nuclear bet sparks new momentum in the market

Small modular reactor developers are moving to build momentum after a major nuclear energy agreement involving a large technology company. That deal, in which Meta (META) agreed to buy 1.2 gigawatts of future power, helped validate Oklo’s (OKLO) reactor concept and drew attention across the sector.

Following that announcement, Nano Nuclear and NuScale Power released updates outlining new partnerships and possible commercial uses for their reactor technologies.

Nano Nuclear has recently centered its efforts on a project at the University of Illinois. The project involves a full-scale deployment of the company’s Kronos reactor, a 15-megawatt high-temperature gas-cooled reactor. This type of reactor uses gas instead of water to transfer heat and operates at higher temperatures, which can improve efficiency.

The Illinois project is primarily intended for research and development of the Kronos design. While a power purchase agreement could be added later, the initial focus is testing and validation. Investors have debated whether the project will generate revenue, and more than one-third of the company’s publicly traded shares are currently sold short.

Nano has previously discussed the possibility of deploying multiple reactors as a fleet, but feasibility studies and investment decisions could take years. In its latest update, the company said it selected Ameresco as its engineering, procurement, and construction partner. Ameresco will work on all three Nano reactor designs: Kronos, Zeus, and Loki. The companies also plan to coordinate on government funding and incentive programs.

Ameresco has announced similar partnerships with other early-stage reactor developers, including Terrestrial Energy and Terra Innovatum. During a recent earnings call, Ameresco executives said they do not expect reactor deployments before 2026 or 2027 and suggested timelines could extend beyond that.

NuScale Power also reported new developments. The company released results from a study conducted with Oak Ridge National Laboratory. The study examined using heat and electricity from NuScale’s 77-megawatt nuclear power module to supply a chemical processing facility. The findings showed the arrangement could be economically viable.

NuScale has promoted several potential applications for its reactors, including training centers, desalination facilities, and industrial process heat. The company also has a preliminary agreement with the Tennessee Valley Authority for up to 6 gigawatts of new nuclear capacity, supported by funding tied to a Japan–U.S. trade framework.