Two of the most significant government-led nuclear energy programs are illustrating how quickly the advanced nuclear field is expanding. The Nuclear Energy Launch Pad added reactor and fuel cycle technology projects to its development pipeline. The U.S. Army announced long-awaited Project Janus to move five reactor development projects forward on military installations. The programs cover different stages of commercialization, together representing the broad nuclear renaissance.
Key Takeaways
- The U.S. Army selected five developers to deploy reactors at five military installations under Project Janus.
- The Nuclear Energy Launch Pad announced a second round of inclusions, bringing a total of 17 projects across the nuclear value chain into the research and development program.
- Companies including BWX Technologies (BWXT) and Lightbridge (LTBR) offer wider exposure to these leading initiatives.
The U.S. Army Announces Project Janus
The U.S. Army announced the five vendors selected for Project Janus to deploy microreactors at military installations across the country:
- Antares Nuclear (private)
- BWX Technologies (BWXT)
- General Atomics (private)
- Radiant Industries (private)
- Westinghouse (49% owned by Cameco Corp. (CCJ))
These companies will be deploying microreactors on multiple military bases across the country to include locations in Kentucky, Texas, and New York. The U.S. Army will be awarding up to $2.2 billion across fiscal years 2027 through 2031, supplemented with private capital. The initial target is to have a reactor operating by September 2028, with projections for over 20 microreactors eventually being deployed across military installations.
Key Project Participants
The focus of the program is to assist commercial reactor developers through their first-of-a-kind and second-of-a-kind reactor deployments. Solving the design issues of the initial reactor versions and reactor iterations allows for a lower-risk entry point for commercial customers for third-of-a-kind and following deployments.
The VettaFi Nuclear Renaissance Index (NUKZX) offers multiple points of exposure to companies participating in this program.
BWX Technologies (BWXT) is working under Project Janus to deploy a 20 megawatt (MW) gas-cooled reactor. The BWXT Advanced Nuclear Reactor, or BANR, will be deployed at Fort Campbell in Kentucky.
The company has long been working with the U.S. government to supply fuel fabrication services for nuclear programs under the Department of Defense. BWXT additionally manufactures and fabricates unique components and systems for submarines and aircraft carrier reactor plants.
See more: Critical Momentum: The Nuclear Renaissance Heats Up
Westinghouse — which is 49% owned by Cameco Corp. (CCJ) — was also selected to participate in Project Janus. Westinghouse will develop and deploy the eVinci microreactor in New York. The design recently hit a major milestone as the pilot version of the heat-pipe-cooled reactor reached initial criticality just last week.
See more: Profiling Reactor Technology: Westinghouse and Oklo
The Nuclear Energy Launch Pad Dramatically Expands Industry Development
With Project Janus focused more on reactor developers iterating through their designs for commercialization, the Nuclear Energy Launch Pad (NELP) is more focused on broader research and development across the nuclear value chain. The project is led by the National Reactor Innovation Center at Idaho National Laboratory, but includes multiple sites across the country.
After initially announcing four private companies joining earlier this year, the list of projects was significantly expanded when thirteen new projects were recently added to the NELP. NUKZX constituents are included among the list of companies recently added and cover multiple segments of the nuclear industry.
Oklo (OKLO) is developing products and processes across multiple stages of the reactor development and nuclear fuel chain. Its advanced liquid sodium-cooled reactor designs could be involved in NELP projects, as could its used nuclear fuel reprocessing technology.
Advanced nuclear fuel developer Lightbridge (LTBR) was also announced as a new addition to the NELP. The company is developing an advanced metallic fuel intended to improve reactor performance in existing commercial plants, both in the U.S. and abroad.
NUKZX Offers Exposure Across the Entire Nuclear Value Chain
Many of the companies attracting attention in the nuclear industry remain private. However, public companies are finding their way into some of the leading federal nuclear programs and also serve support roles for some of the leading private companies.
Companies in the nuclear supply chain offer significant exposure across the public and private reactor development space. Nuclear manufacturers such as BWX Technologies (BWXT) and Curtiss-Wright (CW) offer investors nuclear exposure without the risk of investing in pre-revenue startup firms.
Similar risk-conscious exposure can be had by investing in companies that own fleets of reactors, such as Constellation Energy (CEG), or construction companies like Fluor (FLR). NUKZX, which serves as the underlying index for the Range Nuclear Renaissance Index ETF (NUKZ ), offers this potential exposure.
Related Research:
Profiling Reactor Technology: Westinghouse and Oklo
DOE’s $17.5B Loan Boosts Nuclear Supply Chain
Critical Momentum: The Nuclear Renaissance Heats Up
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