Environment

How GE Vernova plans to deploy small nuclear reactors across the developed world

Published

4 months ago

November 30, 2024

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GE Hitachi Nuclear Energy’s BWRX-300 small modular reactor incorporates proven components.

Courtesy: GE Verona

GE Vernova is aiming to deploy small nuclear reactors across the developed world over the next decade, staking out a leadership position in a budding technology that could play a central role in meeting surging electricity demand and reducing carbon dioxide emissions.

The company’s small modular reactor, or SMR, is designed to reduce the cost of building new nuclear plants, said Nicole Holmes, chief commercial officer at GE Vernova’s nuclear unit GE Hitachi.

GE Vernova is the spinoff of General Electric’s former energy business. The company’s stock has more than doubled since listing on the New York Stock Exchange last April, with investors seeing the Cambridge, Mass.-based company playing a key role in the future of the power industry through a portfolio of divisions that span nuclear, natural gas, wind and carbon capture.

The U.S. government wants to triple nuclear power by 2050 to shore up an electric grid that is under growing pressure from surging power demand. But large nuclear projects, in the U.S. at least, are notoriously plagued by multi-billion dollar budgets, cost overruns, delayed construction timelines and, sometimes, cancellations.

“Affordability has been the real challenge for nuclear through the many years,” Holmes told CNBC. “We’re beginning to crack that at this point.”

Simpler design

GE Vernova’s SMR, the BWRX-300, has a simpler design with fewer components and less concrete and steel compared to a larger nuclear plant, Holmes said. The reactor might cost somewhere in the range of $2 billion to $4 billion to build compared to $10 billion to $15 billion for a large nuclear plant, Holmes said.

The plant generates 300 megawatts of electricity, enough to power more than 200,000 U.S. households. The average reactor in the U.S. fleet has about 1,000 megawatts of power, enough for more than 700,000 homes. The smaller size offers more flexibility in terms of location, she said.

“You could put four of these on a site and get the same output as you would from a single large reactor,” the executive said. “You can have one started, deploying energy, making money while you build out others. It gives you a lot of optionality,” she said.

GE Vernova is targeting more than $2 billion in annual revenue from its small reactor business by the mid-2030s. That compares with total company revenue of $33.2 billion last year. GE Vernova sees demand for as many as 57 small reactors in total across its target markets in the U.S., Canada, the United Kingdom and Europe by 2035.

To hit that revenue target, GE Vernova would need to ship between three to four reactors per year, according to an October research note from Bank of America. The company could capture a 33% market share in its target markets, according to the bank.

“We’re underway building a strong order book in those target markets,” Holmes said. “A lot of the buyers in these early stages will be utilities.”

GE Vernova is also talking to major tech companies, which Holmes declined to name, that are showing a growing interest in nuclear power to meet electricity demand from their artificial intelligence data centers.

“We are in conversations with a lot of the big tech companies,” Holmes said. “I see a ton of interest from them in in new nuclear, and what it could do to meet some of their energy demands.”

North America deployments

GE Vernova signed a collaboration agreement in March 2023 with Ontario Power Generation, Tennessee Valley Authority and Synthos Green Energy in Poland to invest $500 million to kick start the BWRX-300 and launch the reactor at a commercial scale.

The goal is to create a standardized reactor design that can be deployed across GE Vernova’s target markets rather than building different nuclear plants at each site, Holmes said.

“We’re working on a plant that can be deployed in many, many places across many, many regulatory regimes and still be the same fundamental plant,” Holmes said. “They’re helping us with those requirements to make it the same,” she said of the collaboration partners.

GE Vernova is also seeing growing interest in expanding capacity at existing nuclear plants by adding small modular reactors, said Chief Financial Officer Kenneth Parks on the company’s Oct. 23 earnings call.

GE Vernova won the first commercial contract in North America to deploy a small modular reactor for Ontario Power in January 2023. Holmes described the project as the first commercial deployment of an SMR not only in North America, but also in the developed world.

The reactor is scheduled to come online in 2029 in Darlington on Lake Ontario about 60 miles east of Toronto. Ontario Power eventually plans to deploy three more BWRX-300 reactors at Darlington.

In the U.S., the Tennessee Valley Authority (TVA) is considering building a BWRX-300 at its Clinch River site a few miles from Oak Ridge National Laboratory.

TVA received the first early site permit in the nation from the Nuclear Regulatory Commission in 2019 for a small modular reactor at Clinch River. The power company has approved $350 million for the project so far, though its board has not made a final decision yet on whether to build a reactor.

TVA is pursuing small reactors because there is less financial risk tied to them compared to large 1,000 megawatt, or 1 gigawatt, size reactors, said Scott Hunnewell, vice president of TVA’s new nuclear program.

“If you have a gigawatt scale plant where your construction timeline starts at eight years and then gets longer, your interest expenses really start to accrue and really drive your cost up,” Hunnewell told CNBC. “The SMR just overall, it’s a smaller bite at the apple, a lot less risk associated with it.”

And TVA is already familiar with the boiling water technology of the BWRX-300, Hunnewell said. The power company operates three large GE boiling water reactors at its Browns Ferry site that use the same fuel that would power the BWRX-300.

“GE Hitachi is a known quantity,” Hunnewell said.

GE Vernova, Ontario Power, TVA and Synthos Green Energy will share lessons learned as they deploy reactors to further streamline the construction process, Holmes said.

The collaboration will also potentially benefit companies that are not part of the team. TVA plans to share information with any utility that is interested in learning from the power company’s experience as it seeks to deploy small reactors, Hunnewell said.

Tech sector interest

While the primary customers for the BWRX-300 are utilities, the tech sector is playing an increasingly influential role in reviving nuclear power after a long period of reactor shutdowns in the U.S. due to poor economics in the face of cheap and plentiful natural gas.

Microsoft signed 20-year power purchase agreement with Constellation Energy, which will provide long-term financial support to revive the Three Mile Island nuclear plant outside Harrisburg, Pennsylvania. Amazon and Alphabet’s Google made investments in small nuclear reactors in October.

Holmes doesn’t see the tech companies actually building and operating their own nuclear plants, but instead supporting the deployment of new reactors by purchasing dedicated power from utilities.

“As utilities think about deploying additional capacity, these large tech companies could be an off taker and agree to power purchase prices that support deployment of these early units and early technologies,” Holmes said.

The growing power needs of tech companies’ artificial intelligence data centers will be a “tremendous demand driver” for small nuclear reactors, the executive added.

Environment

EcoFlow members can save up to 65% on power stations while supporting disaster relief during the 2025 Member’s Festival

Published

8 hours ago

April 4, 2025

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EcoFlow members can save up to 65% on power stations while supporting disaster relief during the 2025 Member's Festival

Portable power station specialist EcoFlow is kicking off its third annual Member’s Festival this month and is offering a unique new rewards program to those who become EcoFlow members. The 2025 EcoFlow Member’s Festival will offer savings of up to 65% for its participating customers, and a portion of those funds will be allocated toward rescue power solutions for communities around the globe through the company’s “Power for All” fund.

EcoFlow remains one of the industry leaders in portable power solutions and continues to trek forward in its vision to power a new tech-driven, eco-conscious future. Per its website:

Our mission from day one is to provide smart and eco-friendly energy solutions for individuals, families, and society at large. We are, were, and will continue to be a reliable and trusted energy companion for users around the world.

To achieve such goals, EcoFlow has continued to expand its portfolio of sustainable energy solutions to its community members, including portable power stations, solar generators, and mountable solar panels. While EcoFlow is doing plenty to support its growing customer base, it has expanded its reach by giving back to disaster-affected communities by helping bolster global disaster response efforts the best way it knows how– with portable power solutions.

EcoFlow and its members look to provide “Power for All”

Since 2023, EcoFlow has collaborated with organizations worldwide as part of its “Power for All” mission. This initiative aims to ensure access to reliable and timely power to disaster-affected communities across the globe, including rescue agencies, affected hospitals, and shelters, to support rescue and recovery efforts.

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This fund most recently provided aid for communities affected by the recent Los Angeles wildfires, assistance to the Special Forces Charitable Trust (SFCT) in North Carolina following severe hurricanes, and support for non-profits engaged in hurricane preparedness in Florida and the Gulf Coast. Per Jodi Burns, CEO of the Special Forces Charitable Trust:

In the wake of devastating storms in Western North Carolina, reliable power was a critical need for the families we serve. Thanks to EcoFlow’s generous donation of generators, we were able to provide immediate relief, ensuring these families and their communities had access to power when they needed it most. We are so impressed with EcoFlow’s commitment to disaster response through their ‘Power for All’ program. It has made a tangible impact, and we are deeply grateful for their support and partnership in helping these families recover and rebuild.

In 2024, the US experienced 27 weather and climate events, each causing losses exceeding $1 billion, marking the second-highest annual total on record, according to National Centers for Environmental Information. The increasing frequency and severity of natural disasters underscore the critical need for reliable and timely power solutions during emergencies, much like EcoFlow and its members are helping provide through the “Power For All” initiative.

To support new and existing EcoFlow members, the company is celebrating its third annual Member’s Festival throughout April to offer a do-not-miss discount on its products and donate a portion of all sales to the “Power for All” fund to provide rescue power to those in need in the future. Learn how it all works below.

Save big and give back during the 2025 Member’s Festival

As of April 1st, you can now sign up to become an EcoFlow member to participate in the company’s exclusive 2025 Member Festival.

As a member, you can earn “EcoFlow Power Points” by completing tasks like registration, referrals, and product purchases and tracking your individual efforts toward disaster preparedness and recovery.

Beginning April 4, EcoFlow members will also be able to take advantage of exclusive discounts of up to 65% off select portable power stations, including the DELTA Pro Ultra, DELTA Pro 3, DELTA 2 Max, DELTA 3 Plus, RIVER 3 Plus, and more. However, these sale prices only last through April 25, so you’ll want to move quickly!

Click here to learn more about EcoFlow’s “Power for All” campaign. To register for EcoFlow’s 2025 Member Festival in the US, visit the EcoFlow websi t e. To register as a member in Canada, visit here.

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Environment

Tesla loses another top talent: its long-time head of software

Published

8 hours ago

April 4, 2025

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Tesla loses another top talent: its long-time head of software

Tesla is losing another top talent: its long-time head of software, David Lau, has reportedly told co-workers that he is exiting the automaker.

Tesla changed how the entire auto industry looks at software.

Before Tesla, it was an afterthought; user interfaces were rudimentary, and you had to go to a dealership to get a software update on your systems.

When Tesla launched the Model S in 2012, it all changed. Your car would get better through software updates like your phone, the large center display was responsive with a UI that actually made sense and was closer to an iPad experience than a car.

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Tesla also integrated its software into its retail experience, service, and manufacturing.

David Lau deserves a lot of the credit for that.

He joined Tesla in 2012 as a senior manager of firmware engineering and quickly rose through the ranks. By 2014, he was promoted to director of firmware engineering and system integration, and in 2017, he became Vice President of software.

Lau listed the responsibilities of his team on his LinkedIn:

Vehicle Software:
- Firmware for the powertrain, traction/stability control, HV electronics, battery management, and body control systems
- UI software and underlying Embedded Linux platforms
- Navigation and routing
- iOS and Android Mobile apps
Distributed Systems:
- Server-side software and infrastructure that provides telemetry, diagnostics, over-the-air updates, and configuration/lifecycle management
- Data engineering and analytics platforms that power technical and business insights for an increasingly diverse set of customers across the company
- Diagnostic tools and fleet management, Manufacturing and Automation:
Automation controls (PLC, robot)
- Server-side manufacturing execution systems that power all of Tesla’s production operations
Product Security and Red Team for software, services, and systems across Tesla

Bloomberg reported today that Lau told his team he is leaving Tesla. The report didn’t include reasons for his stepping down.

Electrek’s Take

Twelve years at any company is a great run. At Tesla, it’s heroic. Congrats, David, on a great run. You undoubtedly had a significant impact on Tesla and software advancements in the broader auto industry.

He is another significant loss for Tesla, which has been losing a lot of top talent following a big wave of layoffs around this time last year.

I wonder who will take over. Michael Rizkalla, senior director of software engineering and vehicle firmware, is one of the most senior software engineers after Lau. He has been at Tesla for 7 years, and Tesla likes to promote within rather than hire outsiders.

There are also a lot of senior software execs working on AI at Tesla. Musk has been favoring them lately and he could fold Lau’s responsibilities under them.

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Environment

Kia’s EV3 is the best-selling retail EV in the UK right now

Published

9 hours ago

April 4, 2025

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Kia's EV3 is the best-selling retail EV in the UK right now

Kia’s electric SUVs are taking over. The EV3 is the best-selling retail EV in the UK this year, giving Kia its strongest sales start since it arrived 34 years ago. And it’s not just in the UK. Kia just had its best first quarter globally since it started selling cars in 1962.

Kia EV3 is the best-selling EV in the UK through March

In March, Kia sold a record nearly 20,000 vehicles in the UK, making it the fourth best-selling brand. It was also the second top-seller of electrified vehicles (EVs, PHEVs, and HEVs), accounting for over 55% of sales.

The EV3 remained the best-selling retail EV in the UK last month. Including the EV6, three-row EV9, and Niro EV, electric vehicles represented 21% of Kia’s UK sales in March.

Kia said the EV3 “started with a bang” in January, darting out as the UK’s most popular EV in retail sales. Through March, Kia’s electric SUV has held on to the crown. With the EV3 rolling out, Kia sold over 7,000 electric cars through March, nearly 50% more than in Q1 2024.

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The EV3 was the best-selling retail EV in the UK in the first quarter and the fourth best-selling EV overall, including commercial vehicles.

Starting at £33,005 ($42,500), Kia said it’s the “brand’s most affordable EV yet.” It’s available with two battery packs, 58.3 kWh or 81.48 kWh, good for 430 km (270 miles) and 599 km (375 miles) of WLTP range, respectively.

With new EVs on the way, this could be just the start. Kia is launching several new EVs in the UK this year, including the EV4 sedan (and hatchback) and EV5 SUV. It also confirmed that the first PV5 electric vans will be delivered to customers by the end of the year.

Electrek’s Take

Globally, Kia sold a record 772,351 vehicles in the first quarter, its best since it started selling cars in 1962. With the new EV4, the brand’s first electric sedan and hatchback, launching this year, Kia looks to build on its momentum in 2025.

Kia has also made it very clear that it wants to be a global leader in the electric van market with its new Platform Beyond Vehicle (PBV) business, starting with the PV5 later this year.

Earlier today, we learned Kia’s midsize electric SUV, the EV5, is the fourth best-selling EV in Australia through March, outselling every BYD vehicle (at least for now). The EV5 is rolling out to new markets this year, including Canada, the UK, South Korea, and Mexico. However, it will not arrive in the US.

For those in the US, there are still a few Kia EVs to look forward to. Kia is launching the EV4 globally, including in the US, later this year. Although no date has been set, Kia confirmed the EV3 is also coming. It’s expected to arrive in mid-2026.

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