Elementl gets Korean backing for small modular reactor push - Bloomberg

Nuclear energy firm Elementl Power is garnering support from South Korean investors as it aims to raise $750 million, driven by the growing electricity demand for artificial intelligence applications. A group led by DS Investment Partners has pledged up to $200 million to develop up to three of Elementl's nuclear projects, according to Bloomberg, citing sources familiar with the matter.

Samsung C&T Corp. is contributing capital and seeking engineering assistance as it enters a fundraising effort that will gauge private capital's willingness to invest in early-stage atomic power development. Elementl, based in Washington, is aiming to secure funds for the initial phases of large-scale utility implementation. In Meigs County, Ohio, a former coal mining region, the company is planning to deploy small modular reactors from GE Vernova Hitachi Nuclear Energy, which could generate up to 1.5 gigawatts of power.

Small modular reactors have yet to be implemented on a commercial scale in the United States. The rising demand for electricity from data centers is attracting new players into the market, although they face challenges in obtaining operating licenses and financing for construction. Elementl, established in 2022 and supported by Energy Impact Partners and T. Rowe Price Group, plans to utilize its latest fundraising to address pre-contract requirements.

The company's CEO, Chris Colbert, told Bloomberg that the goal is to pave the way for more conventional project financing in the future. This report, generated with AI assistance and reviewed by an editor, provides a detailed account of the situation.