It was great to see so many of you last night at our holiday party. 

1. Commercializing fusion energy 

 

Investments in fusion energy are heating up as evidenced by two big announcements this week:

• Commonwealth Fusion Systems (CFS) raised more than $1.8 billion in Series B funding and
• General Fusion raised $130 million to develop a commercial reactor.

What’s clear: Fusion has the potential to make a global impact – creating nearly limitless energy using elements like hydrogen.

• Fusion plants also have the benefits of being small and emissions-free.

Plug in: Last month, clean energy company Helion announced a fundraising round of $500 million in private investments for the construction of its fusion device, Polaris, in Everett, Washington.

2. Hydrogen investments key to global energy competitiveness 

 

Hydrogen has emerged as a promising energy solution, as many in government and industry are assessing countries’ net-zero goals, writes Rich Powell in a piece for the Washington Times.

• To preserve U.S. energy independence, we must compete in the energy transition, and hydrogen will be a key pillar.

What’s clear: American policymakers are creating a comprehensive framework to deploy hydrogen across sectors.

• Congress established at least four regional hydrogen hubs and $9.5 billion for hydrogen infrastructure development in the infrastructure bill.
• DOE’s first Energy Earthshot aims to reduce the price of one kilogram of hydrogen to $1 within one decade.

Plug in: ClearPath published a report this fall on the opportunities that hydrogen exports present.

3. 2021 brought huge momentum for CCUS

The International Energy Agency published an analysis on the unprecedented momentum behind CCUS in 2021, and how this differs from previous years.

• In 2021, more than 100 new CCUS facilities were announced, and the global project pipeline for CO2 capture capacity is on track to quadruple.

What IEA found: Growth in the project pipeline is stemming from:

• Increased recognition that CCUS is necessary to meet net-zero goals.
• Enhanced interest in cost-competitive, low-carbon hydrogen.
• An improved investment environment due to new policy incentives.

What’s different now?

• The commercial business model has shifted to industrial hubs rather than large individual facilities, which enables economies of scale and reduces risk.
• There is more durable policy in the U.S. (such as the 45Q tax credit) and globally.
• Increase in net-zero goals worldwide.

What’s clear: Carbon capture is critical to achieving net-zero emissions, and innovation will be key to accelerate commercialization and deployment of CCUS technologies.

4. Another milestone for Kairos
 

The NRC announced it can officially begin a detailed review of Kairos’ application for a construction permit for the Hermes reactor, a scaled down version of Kairos’ salt-cooled high temperature fast reactor.

• NRC staff estimates it will issue the Final Safety Evaluation Report and the Final Environmental Impact Statement by September of 2023.
• Once they receive the construction permit, Kairos can start construction of Hermes, which plans to be operational by 2026.

What’s clear: This is great news for Kairos and the nuclear industry and gets us one step closer to deploying a variety of advanced nuclear reactors.

5. ICYMI

• GE Hitachi Nuclear Energy announced it will build a small modular nuclear reactor with Ontario Power Generation.
• Rich Powell recently joined the Ruthless Podcast to talk about how Republicans are leading with clean energy innovation solutions to the climate challenge.
• How do we get rid of the CO₂ already in the atmosphere? Fortunately, there are multiple carbon dioxide removal (CDR) solutions.

6. Coming down the pipeline

• December 7, 2021 – The Global America Business Institute (GABI), Nuclear Innovation Alliance, Good Energy Collective, and The Atlantic Council Global Energy Center are hosting a webinar: The Future of the Versatile Test Reactor: A Key Player in the Nuclear Energy Innovation Ecosystem.