SMRs in North America: Projects, Timelines & Players

The SMR Boom in North America

For a few years now, SMRs (Small Modular Reactors) have been hailed as the future of nuclear energy, especially in Western countries, where the cost of building traditional nuclear reactors has kept increasing in recent decades.

In large part, this is linked to the limitations of large nuclear power plants:

• Difficulty in finding money out of government funding, due to the massive time lag between the start of the project and the date of first power production.
• It is not a good match for small countries or remote areas, and requires, to some extent, the entire power grid to be adapted to the nuclear power plant.
• When something goes wrong, instead of a localized incident, it can become a continent-wide disaster.

• The larger a power plant, the more energy it produces in just one place. This makes the cooling of the reactor extra difficult and extra dangerous if something goes wrong.

Each massive project is a custom experimental design, blocking the industry from developing any sort of standardization in its production process. Instead, the concept of small reactors (SMRs) or much smaller reactors (microreactors) has gained traction.

Source: IAEA

In contrast to traditional nuclear power plants, SMRs are more flexible and can be built on the site of former thermal power plants, where the zoning and grid connection already exist at the right scale.

Another advantage of SMRs is that they can be produced in series, like trucks or ships, instead of the unique custom designs usually favored by the industry. In theory, this should provide economies of scale and cost reduction.

Until recently, the West and North America in particular were laggards in nuclear energy, with countries like Russia and China responsible for most of the new nuclear power plant projects.

Source: The Economist

Thanks to SMR, this is quickly changing, and a long list of nuclear reactors has now popped up all over North America (as well as Europe). By 2050, leading companies in the industry expect North America to be the most important market for SMRs, so early success in the region might quickly compound in the decades following.

Source: GE Vernova

The Many Designs of SMRs

If all SMRs have a few common features, like size, lower power outputs, and modularity, they can vary widely in their concept and designs.

They can be organized into a few categories depending on the nuclear technology they use. The most common type is water-cooled reactors.

Source: NEA

As they are smaller, SMRs can also be used for industrial applications, with the heat they produce directly used by a large industrial facility instead of converting it to electricity. This opens a new market for nuclear energy, and can help to greatly decarbonize industrial activity like the production of chemicals or metallurgy.

Source: NEA

Scaled-Down Light-Water SMRs (PWR/BWR)

This is by far the most straightforward type of SMR. Instead of using the occasion of a redesign to introduce a new concept, this type reuses tried-and-tested technology, sometimes decades old, and adapts it to a smaller scale. They are generally water-cooled.

This approach has the advantage of not trying to reinvent the wheel and building on the accumulated experience of the nuclear industry. This should increase the safety, but also leverage the existing nuclear supply chain, and speed up approvals by the safety commissions and local authorities.

However, this also means that every limitation or flaw of past reactors will likely to some extent be shared by these designs as well.

Gen-IV: Molten-Salt, Helium-Gas & Liquid-Metal SMRs

Instead of using the pressurized water that has become common in nuclear reactors, this design uses molten salts or metals, which often contain the nuclear fuel as well.

These designs are newer and less proven.

It is also likely to be inherently safer in the long run, as these SMRs are much more meltdown-proof than traditional reactors.

Heat-Pipe ‘Solid-State’ Microreactors

This design uses high-temperature heat pipes (HTHPs) to passively remove heat from its solid-matrix core, removing entirely the need for moving water, salt, or molten metal to cool the reactor.

This allows for a compact design, high inherent safety, and high efficiency without the need for traditional coolant loops and pumps.

Thorium Fuel Cycles (MSR/HTGR)

Using thorium instead of uranium, these reactors use a fuel that is harder to turn into nuclear weapons. Thorium is also a safer fuel, with an out-of-control chain reaction very hard or even impossible to create. Lastly, it creates much less nuclear waste.

It is, however, an entirely different type of fuel, and the experience in producing and handling this fuel is overall lacking.

So, while the most innovative and promising, this type of design is also the one that will likely require the most R&D efforts and the longest to get approved.

Fast-Spectrum SMRs & Fuel-Cycle ‘Closing’

These nuclear reactors are designed so they can be powered by the nuclear waste of conventional reactors. This makes them especially interesting if nuclear energy keeps growing and the volume of waste is increasing.

By “closing the fuel cycle”, these reactors allow for a much more efficient use of the mined uranium.

However, these designs are also generally newer and less well understood, leading to more development costs and delayed approvals.

SMR Build-Up In Canada

Currently, Canada has 14 SMR projects, of which 8 are in the pre-investment stage. Among these 8 more advanced projects, X-Energy and GE Energy are the dominant companies.

X-Energy

X-Energy is looking to build the high-temperature gas reactor Xe-100 in Alberta, designed to produce 565°C heat and steam for Alberta’s industrial and oil and gas sectors. This would be Alberta’s first nuclear reactor.

Another Xe-100 is planned in Ontario, but there has been no significant news since the initial announcement in 2022.

GE Vernova Hitachi

GE Vernova Hitachi Nuclear, the builder of most of the conventional nuclear power plants operated in North America, is offering to Canada its BWRX-300 design to both Saskatchewan and Ontario.

GE Vernova’s Ontario project (Darlington New Nuclear Project) is expected to be the first operating commercial small modular reactor (SMR) in any G7 country. In total, it should result in the building of 4 SMRs, with an output larger than a conventional power plant when finished.

“Planning and licensing efforts are currently taking place for the next three SMRs and the provincial government provided CAD55 million in funding in March to support the development of the plans for these three units.”

Ontario Power Generation (OPG)

 Others

Westinghouse is also in discussions for its microreactor eVinci, also in Saskatchewan and Ontario.

Other projects have been discussed but are not yet confirmed to be built, notably with ARC Clean Technology, NuScale (SMR -8.11%), Terrestrial Energy (IMSR -9.08%),

SMR Build-Up In The USA

The same companies operating in Canada are also looking at the American market, with a few others equally important.

GE-Hitachi

GE-Hitachi is looking at building its BWRX-300 in Indiana, in a coalition led by the Tennessee Valley Authority (TVA) that submitted an application for USD800 million in funding from the US Department of Energy’s Generation III+ SMR program.

“The Tennessee Valley Authority (TVA), the coalition includes Bechtel, BWX Technologies, Duke Energy, Electric Power Research Institute, GE Hitachi Nuclear Energy (GEH), American Electric Power company Indiana Michigan Power, Oak Ridge Associated Universities, Sargent & Lundy, Scot Forge, other utilities and advanced nuclear project developers and the State of Tennessee.”

NuScale

The TVA is also supportive of NuScale, with the announcement in September 2025 of a 6GW deployment program of SMRs with the company. They would be deployed across 7 states, making it the largest SMR deployment program in U.S. history.

This comes together with the possibility for NuScale to ultimately deploy its SMR in Wisconsin in partnership with Dairyland Power.

X-Energy

Meanwhile, X-Energy is building an SMR for Dow Chemical in Texas, looking to deploy 12 of its Xe-100 in Washington State by 2030 (Cascade) in part to service Amazon data centers, and is at the pre-investment stage in Maryland.

“One year ago, we set out with Amazon to reimagine the way in which we advance new energy projects in the United States, and how we power technologies like AI that are driving our economy forward.

The scale of this work is historic, and we are privileged to have world-class partners like Amazon and Energy Northwest in this effort.”

Clay Sell, CEO of X-energy

Oklo

Sam Altman, of OpenAI fame, is closely linked to the SMR company Oklo, from which he stepped down as chairman of the board in April 2025. Oklo is developing SMRs that are powered by nuclear waste / reused fuel (fast reactor).

The company has been selected for three projects under the U.S. Department of Energy’s Reactor Pilot Program.

Currently, Oklo is developing its Aurora test reactor in Idaho, for which it has selected as constructor the US construction and engineering firm Kiewit Corporation as the constructor. Oklo aims for commercial operations of Aurora as soon as 2027 or 2028.

We’ve completed key pre-construction milestones, including site characterization work in Idaho, in partnership with the US Department of Energy and Idaho National Laboratory.

Kiewit brings the execution strength and project delivery experience that are essential as we move into this next phase.

Jacob DeWitte, co-founder and CEO of Oklo

The other major market for Oklo is, unsurprisingly, considering its connection to OpenAI, supplying power to data centers.

Oklo has already partnered with two undisclosed data center providers to deliver up to 750MW of power, which followed previous agreements with Equinix and Prometheus for 500MW and 100MW of nuclear power, respectively. In total, the company’s customer pipeline is approximately 2.1GW.

Kairos

Data Center might prove the key to fast deployment of SMR, as well as a powerful lobby to push the reactors to be approved faster by the regulators.

Google signed with Kairos for the deployment of up to 500 MW of 6-7 SMRs for its data center, with initial deployment starting in 2030.

Kairos is also looking to deploy its Hermes 2 demonstration plant in Tennessee, with construction started in May 2025, confirming the important role Tennessee and the TVA will play in deploying SMRs in the USA.

TerraPower

TerraPower’s flagship project is the demonstration nuclear plant using molten salt in Kemmerer, Wyoming. It is also a fast reactor, and the project saw groundbreaking in 2024.

The company backed by Bill Gates is also looking to produce medical isotopes for cancer treatment, notably extracting research-grade Actinium-225 from Thorium-229.

Actinium-225 is a material in scarce global supply, which limits its usage for cancer treatment and leads it to cost as much as $29B per gram.

NuCube

NuCube will see Utah as the site for its test reactor, a micro-reactor using solid-state design. This test reactor is anticipated to be operational by 2026.

This design is focused on producing very high temperatures, with heat greater than 1000 degrees Celsius (1830 degrees Fahrenheit ).

“It is the only reactor that can compete with natural gas for high-temperature industrial customers.

The technology can deliver cost-competitive electricity and can also be operated independently from existing power grids, which could be transformative for rural areas in states such as Utah.”

Cristian Rabiti – NuCube Energy cofounder and CEO

Westinghouse

Focused on its microreactor eVinci, Westinghouse is preparing for a 2026 test at Idaho National Laboratory, with commercial deployments planned by 2029 (including in Canada).

Westinghouse is also a builder of conventional nuclear power plants, including its flagship design, the AP1000, with projects ongoing all over the world: 18 new reactors to be added to the already 6 running by the 2030s.

It is today a joint venture between the uranium miner Cameco (CCJ -3.13%) and utility company Brookfield Energy Partners (BEP -1.49%).

ARC

Besides Canada, ARC Clean Technology signed an MOU to support Nucleon Energy’s generation sites under development in Texas as well.

The company is also partnering with Deep Atomic to jointly explore deployment opportunities across North America. Deep Atomic is a Swiss company offering its MK60 light-water SMR design specifically to provide power and cooling for data centers. Each MK60 unit generates up to 60 MWe and provides an additional 60 MW of cooling capacity.

Conclusion

There is a true explosion of SMR projects all over North America. Active political support and friendly legislation have put a few states and organizations especially ahead, like Ontario and the TVA.

GE Vernova-Hitachi, X-Energy, NuScale, and Oklo are among the leading SMR producers when it comes to launching new designs as fast as possible. Westinghouse is also well positioned in the race, but with a focus on microreactors as well.

Many other companies are coming into the field as well, with unique features of their design maybe able to snatch a niche of this growing market, like for example the high-temperature applications for NuCube.

At the same time, the boom in SMR should not dismiss the legacy of traditional power plants. They too are experiencing a boom, with the need for low-carbon energy for industrial applications and AI data centers having revived back an industry almost left for dead in the aftermath of the Fukushima disaster.

So overall, it seems that the future of nuclear is bright, be it SMR or traditional reactors. This should help the industry as a whole, as the supply chain for both designs has significant overlap, and more production volume could help reduce cost through economies of scale.

Investing in SMRs & Nuclear Power

Brookfield Energy Partners – Westinghouse

Westinghouse Nuclear has been a pioneer in US nuclear energy since the beginning of the industry. It has recently been acquired jointly by uranium miner Cameco (49%) and the massive low-carbon utility BEP (51%), part of the even larger Brookfield investing corporation (BN), with $850B under management.

Westinghouse’s AP300 SMR design is a downsized version of its conventional AP1000 reactors.

Currently, 4 AP1000s are operating in China, with 6 more under construction in China and 2 in Georgia, USA (Georgia’s Vogtle project has also become infamous for delays and cost overruns), as well as a project for 3-6 reactors in Poland and 6 in India.

With a power capacity of 330MW of electricity (990MW of thermal energy), the AP300 SMR design is threading the line between conventional and “small” reactors, but still a 1/4^th of the larger AP1000, standing at 1,200MW.

Source: Westinghouse

Westinghouse is also entering the market of energy storage, with the production of massive heat batteries made of concrete. This type of battery could be powerful to either store nuclear heat when power demand is lower, or for storing surplus renewable energy during the day, or even in the summer for the incoming winter.

Besides nuclear, BEP is also a leader in renewable energy with almost 40 GW in generation capacity and looking at 10 GW of new projects per year until 2030, with a pipeline of more than 65GW in an advanced stage.

Around 75% of BEP’s total 200 GW pipeline is in developed markets, with the whole pipeline having an estimated enterprise value of ~$100B.

Source: Brookfield Renewable Partners

As it is not directly listed, to get a part of Westinghouse, investors will have to decide if they are more interested in exposure to the renewable energy activity of BEP or the uranium mining activity of Cameco.

(You can read more about BEP in the report dedicated to the company, and about Cameco in another report.)

Nevertheless, Westinghouse is a giant in nuclear energy, with a long history of setting the standard for the industry, notably the pressurized water design that would dominate the nuclear industry for decades.

It might do so again with the AP1000, the AP300 SMR, and the eVinci microreactor.

(You can find our dedicated reports on other companies mentioned in this article, notably NuScale and GE Vernova)

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